LONDON--(BUSINESS WIRE)--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.
View Technavio’s entire oncology report library
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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