Deaths related to cancer dropped by 27 percent in the past quarter-century, meaning that 2.6 million fewer people died due to cancer during that time period, according to a report by the American Cancer Society.
Researchers noted that for most of the 20th century, overall cancer deaths were rising, mainly driven by lung cancer in men. The significant decline in deaths is due to innovative technology that biotechnology companies have developed. These technologies are intended to perform various tasks such as assist in early detection, suppress pain, or even eradicate cancer cells.
Despite the decreasing number of cancer-related deaths, researchers suggest that the market is still expected to see strong demand. According to data compiled by GBI Research, the global oncology market revenue is forecast to grow from USD 118.6 Billion to USD 241.0 Billion in 2023 and at a CAGR of 10.66 percent.
Cancer develops due to etiologic factors such as age, chronic inflammation, gender, obesity, and heritable cancer syndromes. Due to these factors, the market is still expected to see continued demand for the technology needed to combat cancer.
Most common forms of cancer are breast, colorectal, lung, prostate, and hematological. Patients commonly seek forms of cancer therapy like chemotherapy and radiotherapy for treatment.
However, the industry has been shifting towards targeted therapies such as mAbs and cell therapies. Targeted therapies are associated with less toxicity and as a result, they can be administered to patients more frequently. Previous forms of therapy were limited to the elderly and those who have co-morbidities, but targeted therapies allow these groups to intake more of the therapy.
“There is still a long way to go. A reduction in cancer mortality does not mean it is zero or even close to zero. Cancer is still one of the leading causes of death among Americans,” said Noel Weiss, professor of epidemiology at the University of Washington, who wasn’t involved with the study.
SourcingLink.net, Inc. announced breaking news after the market close yesterday that, “based in San Francisco, is a pioneering biotech company focused on oncology. The company is developing its proprietary autologous immune-therapy approach in oncology.
SNET envisions developing its strategic goals for the most effective therapies with a durable response and minimum adverse effects. The company believes that its autologous immune-therapy as a monotherapy and/or when combined with other therapies such as chemos, Immune Check Point Inhibitors, radiation and/or immuno-therapies will be a “game changer.”
The National Cancer Institute in 2018 estimated 1,736,350 new cases of cancer in the US and 609,640 people died as a result of cancer. According to a 2018 report by WHO, cancer is the second leading cause of death in the world. Cancer, according to the report was responsible for an estimated 9.6 million deaths in 2018.
The global growth in oncology drug market according to the IMS is expected to be between 7.5-10.5 percent through 2020 and the market is projected to reach $150 billion. Subject to regulatory approval, SourcingLink.net expects to capture the market share through commercialization of its products and/or through strategic partnerships with the big pharmas.