Oncology Drug Pipeline Analysis Market Take Advantage And Grow – Read These Few Tips
Due to the introduction of innovative medicines with great efficacy, the oncology sector is seeing significant expansion, which is fueling the growth of the global oncology drug pipeline analysis market. The Food and Drug Administration (FDA) authorized 45 new molecular entities (NMEs) and biologic license applications (BLAs) in 2015, with 16 of them being cancer treatments. As a result, the discovery of new medications is a significant driver driving the global oncology drug pipeline analysis market forward.
Moreover, the global oncology drug pipeline analysis market is projected to rise in response to increased activities aimed at lowering cancer-related mortality. The World Health Assembly approved a resolution in 2017 called ‘Cancer Prevention and Control via an Integrated Approach,’ urging countries and the World Health Organization (WHO) to take steps to reduce cancer-related premature death. During the forecast period, such measures are projected to drive the global oncology drug pipeline analysis market forward.
Drivers
Novel cancer therapy techniques are a significant element driving the global oncology drug pipeline analysis market forward. Patients having a common genetic mutation are included in the new research, independent of the place or genesis of cancer in the body. Basket studies are beneficial when medication targets a specific genetic mutation at a specific place and is used to treat the same genetic mutation elsewhere. For instance, The FDA is presently reviewing Larotrectinib, a medication developed by Loxo Oncology, Inc., for the treatment of tyrosine kinase mutations in basket trials. In May 2018, this medication was authorized as an Investigational New Drug.
The newest advancement fueling the growth of the global oncology drug pipeline analysis market is combinational treatments. Avelumab in combination with chemotherapy, accompanied by maintenance treatment with the PARP inhibitor talazoparib, is being studied by Pfizer Inc. in individuals with a diagnosis of untreated ovarian cancer. This research is now undergoing clinical phase III trials, with results expected in May 2026.
Moreover, increased government funding for cancer research is projected to drive market expansion. The Food and Drug Administration (FDA) awarded approximately US$ 18 million for new clinical trial research in September 2018, with 33% of it going to uncommon cancers such as advanced pancreatic cancer, head and neck squamous cell carcinoma, and acute myeloid leukemia. To increase their share of the cancer drug pipeline market, key companies are focusing on acquisitions and partnerships. Merck & Co., Inc. purchased Viralytics Ltd, an oncolytic immunotherapies producer located in Australia, for US$ 394 million in February 2018 to improve Merck & Co.’s position in the immuno-oncology industry.
The rising occurrence of cancer necessitates the development of new medicines to treat it. Pharmaceutical firms are working hard to bring innovative, safe, and effective anticancer medicines to market, which will aid growth of the global oncology drug pipeline analysis market.
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Restraints
The global oncology drug pipeline analysis market is anticipated to be hampered by rising therapy costs. Pertuzumab-based therapy, which is utilized in the treatment of HER2 positive breast cancer, costs US$ 215,000 per patient, as per a research published in the National Center for Biotechnology Information (NCBI) in 2016.
Other challenges impeding the growth of the global oncology drug pipeline analysis market include the lack of patient involvement in research trials, a rise in clinical trial complexity, and resource restrictions. According to a study published in the Journal of Clinical Oncology in June 2012, the global rate of cancer patients enrolling in clinical trials is 3 percent to 5%, and the rate has not progressed after 1980.
Regional Insights
North America is projected to lead the oncology drug pipeline analysis market in terms of growth. Although cancer-related deaths have decreased in the U.S., cancer remains the country’s second leading cause of death, as per the American Cancer Society’s 2015 annual report. Owing to the increasing prevalence of cancer in North America, the oncology drug pipeline analysis market is projected to increase.
The global oncology drug pipeline analysis market is projected to develop rapidly in Asia Pacific. This is due to an increase in the frequency of different malignancies across the area, particularly in rising nations like China and India.
In addition, prominent firms are concentrating their efforts on developing production facilities in Asia Pacific. BeiGene Co. Ltd., a promotional biotechnology business, chose GE Healthcare’s KUBio bio manufacturing facility for large-scale manufacture of its cancer monoclonal antibodies in China in September 2018.
Competitive Landscape
Major companies contributing in the global oncology drug pipeline analysis market are AstraZeneca, AbbVie Inc., Novartis AG, Johnson & Johnson Services, Inc., Bristol-Myers Squibb Company, GlaxoSmithKline, F. Hoffmann-La Roche Ltd., Amgen Inc., Eli Lilly & Co., Sanofi, Merck & Co., Celgene Corporation, and Pfizer Inc.
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