December 31, 2018
WELLESLEY, Mass., Dec. 31, 2018 – Stemming from the rising prevalence of cancer with population increase, healthcare spending, availability of healthcare reimbursements and the development of innovative therapeutic options, the global market for cancer therapeutics with an emphasis on metastases and recurrence is at a point of considerable growth, according to the report “Global Cancer Therapeutics Market: Emphasis on Recurrent and Metastatic Divisions.”
According to BCC Research, the global cancer therapeutics market is expected to grow from $128.1 billion in 2018 to $182.0 billion by 2023 at a compound annual growth rate (CAGR) of 7.3% during the forecast period.
Major market players include: AbbVie, Inc. (ABBV), Amgen, Inc. (AMGN), Array BioPharma Inc. (ARRY), AstraZeneca (AZNCF), Astellas Pharma Inc. (ALPMF), Bayer AG (BAYZF), Bristol-Myers Squibb Co. (BMY), Biogen Inc. (BIIB), Celgene Corp. (CELG) and many others.
“Developed regions of the globe, namely North America and Europe, continue to dominate the cancer therapeutics market with higher rates of utilization, partly driven by access to medicine, while developing regions represent the opportunity for higher growth potential owing to large untapped populations suffering from cancer,” the report states. “Access to medicine and the high cost of cancer therapeutics remain the biggest barriers to penetration of cancer therapeutics in developing markets.”
Factors Hindering Growth of the Global Cancer Therapeutics Market
Even as the global market for cancer therapeutics has seen significant growth in recent years, there remain a few critical factors limiting growth. These factors include: the uncertainty of clinical trials and risk of failure, patient expiries and a highly competitive market booming with proprietary technologies.
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Global Cancer Therapeutics Market: Emphasis on Recurrent and Metastatic Divisions( PHM177B )
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