Global oncology market to hit $109 billion in 2020

Cancer, with a death toll exceeding that of AIDS (acquired immune deficiency syndrome), tuberculosis and malaria collectively, accounted for 8.3 million deaths in 2013.

With a skyrocketing incidence of 469.6 per 100,000 in the USA alone, the oncology market is poised to increase at a substantial compound annual growth rate (CAGR) of around 7% to $109 billion by 2020, according to a new report from Ace Business and Market Research Group (ABMRG). Targeted therapy class is the 'top dog' among all therapy segments with nearly ~3x the combined market of cytotoxic and hormonal therapy.

"Growth factors such as EGF (epidermal growth factors) and VEGF govern around half of the oncology therapy market, and have changed the landscape of pipeline and LCM (life cycle management) strategies, outstripping the orthodox indications approach," said ABMRG's analyst Hardik Sharma. Although in last two years, a plethora of targeted drugs has been launched and is in development, price pressures have started popping up due to high scrutiny from payers, physicians and governments.