Rapid Proliferation of Oncology Centers
Posted by preefacto on July 16th, 2019
Global sales of oncology small molecule drugs were valued at ~US$ 63 Bn in 2018, in line with the widespread prevalence of cancer and subsequent need for oral, easily absorbable, and effective medicines. North America, spearheaded by the U.S., is anticipated to remain the leading as well as high growth market for oncology small molecule drugs during the foreseeable period. With high treatment seeking rate and favorable reimbursement scenarios for cancer treatment, the US is estimated to witness revenues worth ~US$ 30 Bn in 2019.
Read Report Summary: https://www.factmr.com/report/3747/oncology-small-molecule-drugs-market
According to the Fact.MR study, the oncology small molecule drugs market will continue to remain consolidated with top five players, including Novartis Ag, Astrazeneca, Genentech, Pfizer, and Abbvie, accounting for ~47% market value share. These players are emphasizing strong regional presence, robust R&D, new launches, and diverse offerings to stay ahead of the competition in oncology small molecule drugs market, which compels companies to enter strategic collaborations with recognized biopharma companies. For instance, recently in June 2019, Pfizer announced the decision to buy the oncology specialist Array BioPharma, marking an important acquisition beefing up the former’s oncology offerings with two marketed drugs - BRAF inhibitor Braftovi, and MEK inhibitor Mektovi. These two drugs have been approved as a part of the combination treatment for melanoma, and have delivered proven positive results in case of colon cancer.
Mid-level players, such as Roche, Bayer, Genzyme Corporation (Sanofi), and Eli Lilly and Company, are focusing on penetration into developing economies, looking at their market attractiveness. Development of novel treatment options to appeal a wider patient pool will be a priority strategy adopted by prominent players in this category. The market entrants, on the other hand, are likely to remain focused on expansion of the manufacturing capacities to better their foothold in local and regional markets. Amid the growing competition in the oncology small molecule drugs market, partakers are vying to squeeze profit margins by developing low-cost variants, with an objective to firm up in developing regions.
High prevalence of cancer, coupled with the notable preference for more effective drugs that can easily enter and get absorbed in the cells is primarily boosting sales of oncology small molecule drugs. Increasing awareness about the availability of novel and easily absorbable drugs for cancer treatment is providing an impetus to oncology small molecule drugs sales.
Modulating the immune system via a small-molecule approach offers several unique benefits that are complementary to, and potentially synergistic with, biologic modalities. An increasing number of biopharma companies are thus utilizing ‘selective targeting small molecules’ that accurately exploit the vulnerabilities in cancer cells. Such a pragmatic approach towards cancer is likely to create a plethora of opportunities in terms of new product developments in the oncology small molecule drugs market. While small molecules account for ~70% of the newly developed molecular entities (NME), as approved by the FDA in 2018, it is highly likely that industry giants will refocus their oncology drug development strategies around the use of these small molecules. Subsequent approvals of oncology small molecule drugs are also creating a steady stream of opportunities in the market. For instance, Pfizer’s Daurismo (glasdegib) received an approval for the treatment of newly diagnosed acute myeloid leukemia (AML) in adult patients.
Growing traction for targeted therapy as a vital type of cancer treatment continues to expand the bandwidth of opportunities for the manufacturers of oncology small molecule drugs. Development, quicker regulatory approval, and subsequent adoption of small molecule drugs to block the process that aids cancer cells multiply and spread, continue to uplift the oncology small molecule drugs market. Furthermore, growing FDA approvals of oncology small molecule drugs, such as larotrectinib (Vitrakvi) as a type of targeted therapy that aims a specific genetic change known as NTRK fusion, continue to add gains into the market.
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