Cancer Drug Market Just Touched $100 Billion Globally!

Global spending on cancer medicines -- including therapeutic treatments and supportive care - has reached $100 billion in 2014 and is expected to grow by 50% and reach $147 billion by 2018. The report has been published by IMS Institute for Healthcare Informatics, a global information and technology services company and part of drug data provider IMS Health.

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According to the report, earlier diagnosis, longer treatment duration and increased effectiveness of drug therapies are contributing to rising levels of spending on medicines for cancer care. Oncology spending remains concentrated among the US and five largest European countries, which together account for 66 percent of the total market.
 

Findings showed that the rising prevalence of cancer and greater patient access to treatments in pharmerging nations continues to grow and now accounts for 13 percent of the market. Targeted therapies, which take aim at specific drivers of cancer, now account for almost half of total spending. Murray Aitken, senior vice president at IMS Health said, "The increased prevalence of most cancers, earlier treatment initiation, new medicines and improved outcomes are all contributing to the greater demand for oncology therapeutics around the world."

Forty-five new drugs for cancer hit the market between 2010 and 2014, including 10 last year alone. Two of those are so-called immunotherapies -- a hot new class that harnesses the immune system to fight cancer and cost around 12,500 dollars a month. Innovative therapeutic classes, combination therapies and the use of biomarkers will change the landscape over the next several years, holding out the promise of substantial improvements in survival with lower toxicity for cancer patients, he added.

The study is a comprehensive review and updated perspective on the current and future clinical landscape, marketplace dynamics for oncology-related pharmaceuticals, and patient access to medicines and their value.