Higher Incidence of Cancer and Autoimmune Diseases to Drive the Global Oncology Market Through 2020, According to Technavio

LONDON--()--Technavio research analysts are expecting positive growth for the global oncology market over the next four years. Between 2016 and 2020, many segments of the oncology market including oncology biosimilars, immunotherapy drugs and solid tumor testing will see an increase in revenue.

Technavio’s market research analyst estimate the global oncology biosimilars market to grow at an impressive CAGR of around 31% during the forecast period. The growing need for cost-effective treatment methodologies will aid in the steady growth of this market during the forecast period. The high cost of branded biologic oncological drugs will compel patients to shift toward biosimilars as they are highly cost-effective. Since biosimilars cost 10%-30% lower than their parent counterparts, there is the presence of unmet medical needs for such products. This enables domestic manufacturers to market generic versions of the biologic compounds at a lower price, which in turn results in market growth.

In terms of geography, the EMEA region will be the largest market for oncology biosimilars driven by factors such as the presence of well-defined regulatory guidelines, increasing geriatric population, and the patent expiries of biologics. Also, the presence of a strong generic culture in this region will spur the prospects for market growth until the end of 2020.

Aside from the oncology biosimilars, the second most sought after market in oncology is the global immunotherapy drugs market which will grow at a steady CAGR of close to 12% by 2020. Due to a rise in cancer and a number of autoimmune diseases, the need for immunotherapy drugs is on the rise. During 2015, the mAbs segment dominated this market and accounted for an impressive market share of nearly 61%. “The development of new drugs and the entry of new molecules like zanolimumab, elotuzumab, obinutuzumab, and onartuzumab into the market will aid in the growth of this market segment during the forecast period,” says Barath Palada, a lead analyst at Technavio for healthcare and life sciences research.

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In recent times, it has been observed that there is an increase towards preventative testing and consumers are opting for tests that help in the early detection of cancer. Solid tumor screening or testing is a medical procedure that helps in the early detection of cancer. The testing procedure involves testing of samples such as urine, blood, and other bodily substances. As part of the healthcare reforms in the US, the government has also introduced many reimbursement policies for sample testing. The introduction of such effective reimbursement policies will propel the adoption of these tests in terms of the volume of the insured patients. Technavio’s market research analysts have estimated the solid tumor testing market in the US to grow at a CAGR of over 11% by 2020.

Some of the key vendors for the oncology market include Biocon, Celltrion, and Dr Reddy's Laboratories for oncology biosimilars, AbbVie, Amgen, and Merck for immunotherapy drugs and Abbott Molecular, Beckman Coulter, and Roche Diagnostics for solid tumor testing.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio research analysts forecast positive growth for the oncology market from 2016-2020, naming oncology biosimilars and immunotherapy drugs segment as some of the fastest-growing industries.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com