The Business Research Company’s Oncology Drugs Market – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 17, 2020 /EINPresswire.com/ — Manufacturers of oncology drugs are investing in 3D printing devices that mimic the human body to test new oncology drugs, hence reducing the time taken for approval and reducing clinical patient trials. These 3D printed devices are cheap to produce and can be fabricated quickly and easily, thus saving time and cutting costs. This method also allows personalization of medicine, as an individual patient’s tumor may be replicated to create the device, and different treatment methods may be tested on the device until the most effective treatment option is found. For example, Knight Cancer Institute is relying on San Diego based company, Organovo, that designs three dimensional human tissues for medical research applications, for discovering and testing new cancer drugs.
The global oncology drugs market size reached a value of nearly $167.9 billion in 2019, and is expected to decline to $149.9 billion in 2020 at a rate of –11%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The global oncology drugs market size is expected to grow to $284.5 billion in 2023 at a CAGR of 9.7%.
The rise in the number of cancer cases across the globe is likely to contribute to the growth of the cancer drugs market share during the forecast period. According to American Cancer Society, there were 17,62,450 new cases and 6,06,880 cancer deaths in 2019 in the USA. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost demand in the oncology drugs market over the forthcoming years.
The oncology drugs market consists of sales of oncology drugs and related services by entities (organizations, sole traders and partnerships) that produce oncology drugs to diagnose and treat all types of cancers. This industry includes establishments that produce drugs used in chemotherapy, surgery and radio therapies for treating pancreatic cancer, breast cancer, ovarian cancer, gastric cancer, kidney cancer, brain tumor, and other cancer types.
Drug manufacturers are investing in developing personalized cancer vaccines, and few have reached clinical trial phases. Pharmaceutical companies are combining genetic sequencing and precision medicine to create new drug therapies and cancer treatments that are designed to treat specific patients. For instance, in 2016, Merck, an American pharmaceutical company collaborated with Moderna Therapeutics, an American biotech company, pioneer of messenger RNA Therapeutics, to develop and commercialize novel messenger RNA (mRNA)-based personalized cancer vaccines. In 2019, Moderna announced the result from the ongoing Phase 1 clinical study in patients with both resected (adjuvant) and unresected (advanced) solid tumors. The results were positive when mRNA mRNA personalized cancer vaccine (PCV) mRNA-4157 was given alone or in combination with Merck’s pembrolizumab (KEYTRUDA®). Currently the vaccine is in phase 2 clinical trial.
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Source: EIN Presswire