Innovative therapies will boost cancer treatment market during next five years
Cancer remains the second-leading cause of death in the industrialized world and worldwide. As life expectancy continues to increase, so will cases of cancer. Cancer continues to be underserved by effective therapeutic agents. Further, many of the available agents act systemically and therefore have side effects that range from uncomfortable to life-threatening. Recently, products have begun to emerge in this market that are specifically targeted to cancer cells or act in collaboration with the body�s immune response to combat the disease. This marks a dynamic change in the way cancer is treated, and such innovative therapies will transform the cancer market during the next decade.
According to a soon-to-be-released study from Business Communications Co. Inc. (www.bccresearch.com) RB-152: New Developments in Cancer Therapeutics, the worldwide cancer drug market approached $14.8 billion in 2000. Growing at an AAGR (average annual rate) of 12.5%, this market is expected to exceed $26.7 billion in 2005.
The Between 2000 and 2005, an estimated 134 new drugs (including innovative products as well as new formulations and/or indications for existing drugs) to treat cancer will be introduced, which are expected to generate a 75% increase in worldwide cancer drug sales.
Established product lines currently constitute nearly 90% of the market with estimated sales of $13.2 billion in 2000. This segment will grow at an AAGR of 6.6% through the period to reach $18.2 billion in 2005.
The treatment of cancer entered a sea change in the late 1990s with the introduction of innovative therapies such a monoclonal antibodies that specifically target cancer cells rather than acting systemically. For the next several years, at least, these new directed therapies will be used in conjunction with older approaches such as cytotoxic agents, biological response modifiers and hormones. The introduction of innovative products such as angiogenesis inhibitors, cancer vaccines and gene therapy, as well as new monoclonal antibody products and improvements in existing agents, will result in tremendous growth in the cancer therapeutics market throughout the forecast period. The market for innovative therapies is currently estimated at $1.5 billion and, with an AAGR of 40.2%, is likely to total $8.6 billion in 2005. Indeed the entire market could nearly double in size from 2000 to 2005.
