The global market for oncology drugs swelled to $107 billion in the year 2015, fueled by a steady surge of innovation and new therapies that flooded the market, a new study issued by the IMS Institute for Healthcare Informatics revealed. More than 70 new cancer treatments have launched in the last five years, and more than 20 tumor types now have new adversaries because of them.
The study, called Global Oncology Trend Report: A Review of 2015 and Outlook to 2020, indicated an 11.5% increase in growth in global spending on oncology therapeutics and supportive care drugs in constant dollars, which are adjusted for inflation. The growth was calculated using ex-manufacturer prices, and doesn’t reflect off-invoice discounts, rebates or patient access programs.
Projected annual global growth in the oncology drug market is forecasted at 7.5 – 10.5% through 2020, which would translate to $150 billion. Utilization of new products, especially immunotherapies, is hoped to drive much of the growth.
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