The oncology therapeutics market has been forecast to experience a compound annual growth rate (CAGR) of 5.7% during the forecast period through to 2017, to reach a value of $48.9 billion.
The rise in the oncology therapeutics market has been continuing since 2010 when it was valued at $33.3 billion, increasing from $12.8 billion in 2002 to $33.3 billion at a CAGR of 12.7% during the period to 2010.
The modest growth in the market can be attributed to patent expiries for major drugs, including Taxotere (docetaxel) and Eloxatin (oxaliplatin), and the presence of strong targeted therapies in many therapeutic indications including breast cancer, colorectal cancer and NHL.
The other major indications that have the presence of targeted therapeutics are expected to witness increased competition due to the launch of new targeted therapeutic.
The American Cancer Society estimates that over 1.6 million people in the United States are expected to be diagnosed with cancer in 2012. This is an increase of approximately 33% from the estimated number of new cancer diagnoses in 2000.
Despite continuous advances every year in the field of cancer research, there remains a significant unmet medical need in the treatment of cancer, as the overall five-year survival rate for a cancer patient diagnosed between 2001 and 2007 still averages only 67%.
Novel therapies will generate revenue of $2,979m by 2018 for the oncology therapeutics market, which will grow at a CAGR of 113% during the period through to 2018.
For more information on the oncology therapeutics market, see the latest research: Oncology Therapeutics Market Report
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