Cancer Drug The Hotspot For Global Oncology And Drug Development Research

The global cancer drug market is expected to rise with the CAGR of about 7% during the forecast period. Novel approaches in oncology include delivery of the gene of interest and expression of antigens within a host, development of targeted therapies, immunotherapies and early diagnosis of cancer. As per the Pharmaceutical Research and Manufacturers of America (PhRMA), there are about 7,000 pipeline medicines globally (as of 2017). Of which, 836 medicines have been recorded for cancer. Development of new and novel apporaches that have the capability to provide an immunological response to the infectious diseases is the primary area of focus in the research field. According to the, american association for cancer research (AACR), there have been revolutionary advances in the research and  treatment  of cancer approvals of therapeutics for the treatmet of patients on the basis of biomarkers rather than the site of origin of tumor, the approvals of the first CAR T-cell immunotherapy and the approvals of the next-gen companion disgnostic test for identifying the right targeted therapeutic have provided a major impetus to the growth of cancer drug market.

Full Report Available cancer drug Market Forecast 2019-2026 report at http://www.briskinsights.com/report/cancer-drug-market

Growth in appraisal and funding for cancer research to promote growth in the market

Drug approvals from regulatory bodies and funding for clinical trials is an important growth factor in the global cancer drug market. The cancer research funding has helped in advancing the platforms for antigen and also helped in identification of new cancer antigens. As per the U.S. Department of Health and Human Services, a total of $5.9 billion research funding was granted to the national cancer institute in 2017 for cancer research and the development of treatment and cure of various types of cancer including breast cancer, cervical cancer, brain, CNS, and other diseases. Further, as per the National Cancer Institute (NIH), in FY17 a total of $1.8 billion was authorized for the “Cancer Moonshot Initiative” over a seven-year time span for cancer research. In 2017 the University of Manchester raised funds up to $43.7 million to develop a new center for cancer biomarkers to develop methods for the ailment of cancer through individual, personalized treatments. Similarly, in 2016 the French National Cancer Institute had an annual funding of $111 million provided primarily by the French National Institute of Health and Medical Research. In addition to this, rise in the FDA approvals in number of clinical trial for oncology is also adding growth in the cancer drug market. For instance, as per the American Society of Clinical Oncology (ASCO), there were about 18 new cancer therapies and 13 new uses of cancer therapies approved by FDA from November 2016 to October 2017. This number of cancer therapies approved by FDA in the year 2015-2016 was 15. This is expected to contribute to the growth of global cancer drug market during the forecast period.