The driving factors for the growth of the European cancer therapeutics market include the ease in regulatory approval for novel cancer therapy in Europe, an increase in healthcare spending for cancer, rising prevalence of cancer, and strong R&D initiatives from key players.
- According to the Global Cancer Observatory, the number of new incident cancer cases for the year 2018 was 4.2 million and the deaths exceeded 1.94 million in Europe. There are also other factors attributed to the rising incidence of cancer in Europe, i.e., unhealthy lifestyles and inappropriate diet, obesity, and lack of physical activity. Thus, the growing incidence and prevalence of cancer are likely to drive the growth of the cancer therapeutics market in Europe during the forecast period.
- The direct cost of cancer has also increased, and thus, the cost of cancer drugs as a share of direct health costs has doubled. The increase in the cost of cancer treatment, along with drug prices, has resulted in the growth of the overall market. In addition, the heavy investments made in R&D activities have enhanced the development of cancer therapeutics. Furthermore, favorable government regulations for cancer therapeutics and surge in cancer prevalence have boosted the market growth.
Key Market Trends
Target Therapy is Expected to be the Largest Segment Over the Forecast Period
The major factors driving the growth of the target therapy segment are the increase in R&D and the rising prevalence of various types of cancers. Targeted therapy is also gaining importance due to its specificity toward cancer cells while sparing the toxicity to off-target cells. Breast cancer is the most prevalent cancer in the region, and the increasing incidence of this cancer and effective treatment of the targeted therapy in breast cancer patients are boosting the segment growth. As per a recent 2018 study presented at 11th European Breast Cancer Conference, extensive surgery involving mastectomy and removal of several lymph nodes can be safely avoided for more women with some types of breast cancer, if they receive targeted drugs before surgery. Therefore, owing to the rising approval from regulatory bodies and an increase in the prevalence of all types of cancer, the segment is expected to witness a high growth rate over the forecast period.
There are several big pharmaceutical companies present in the market that have started programs to help patients who are suffering from chronic diseases. Thus, there are many hospitals that are found collaborating with the pharmaceutical companies for the treatment and therapy of cancer. With such collaborations, the pharmaceutical companies are able to engage in larger studies that are aimed to speed up the pace of discovery of cancer therapeutics.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support