Increasing strategic alliance will drive the market growth in the forecast period. Small and medium sized pharmaceutical and biotechnology vendors in the market face lack of funding to complete clinical trial and launch the drugs for the treatment of various bone cancer indications. Pharmaceutical players face challenges with the distribution of drugs in the regions where the vendor does not operate. To overcome such challenge, these pharmaceutical companies are entering into strategic alliance with local pharmaceutical vendors for manufacturing and distribution of drugs. Analysts have predicted that the bone cancer drugs market will register a CAGR of nearly 12 percent by 2023.
Growing Risk Factors
Growing risk factors associated with bone cancer will drive the market growth in the forecast period. The growing prevalence of specific cancers, where radiation therapy has been a dominant treatment, is further stimulating the market growth. Factors such as old age and the family history of bone cancer are common risk factors for the disease.
Preference of Surgery
The most preferred treatment options available to patients with bone cancer, is surgeries, due to their remissive nature. Surgery for bone cancer involves wide excision of the tumor, which includes removal of the tumor along with a part of healthy tissue around the tumor in all directions. The higher probability of recurrence of cancer tumors in the future reduces patient adherence to drug treatment landscape which poses a challenge to the market growth
The market appears to be concentrated and with the presence of few companies. Factors such as the growing risk factors and increasing strategic alliance, will provide considerable growth opportunities to bone cancer drugs manufactures. Amgenm, Bayer AG, Bristol-Myers Squibb Company, Merck & Co. Inc., and Pfizer Inc. are some of the major companies covered in this report.