Progress and technological advancement in the field of medical science have created several opportunities in the field of oncology and oncology drugs.
Science and technology has made a commendable progress in the last two decades owing to rise in research activities. Scientists and researchers are making remarkable breakthroughs in the field of medical science. Laboratory tests and experiments are on the rise as focus is on invention and discovery of new drugs or therapies for existing medical problems such as cancer and other long-term medical conditions.
The oncology drug market is growing owing to recent progress in biological therapies, which have widened the scale of therapeutic targets for the treatment of cancer. Immunotherapies have emerged as therapies that may find permanent cure for the various types of cancer. Monoclonal antibodies (mAbs) have been widely adopted in the last few years due to high efficacy. Another factor that has been instrumental in driving the oncology drug market is the increase in demand of biological and targeted drug therapies and the growing impact of biosimilar.
A recent market study report on the oncology drug market by Allied Market Research offers valuable insight about the market scenario such as market share, size, and growth.
Oncology and Heart Treatment
For a very long time there was no real cure for the different heart conditions such as a tumour, blockage, and other physical disorders. The oncologists could not treat the patient even after diagnosis, as there was no available treatment or therapy to cure it. Oncologists could not offer their services and this was a big hurdle for the medical fraternity to overcome.
A ray of light has emerged in the form of cardio-oncology that takes a different approach to solve the problem. The ultimate aim of the oncologists is to make sure the patients are cancer-free. Cardio toxic drugs are important to combat the fight against cancer. Further, it is crucial to maintain a healthy heart condition while fighting the war against cancer. Cardio-oncology ensures that the heart condition is not affected while the body is fighting cancer.
Ana Barac, director of cardio-oncology, Georgetown Hospital, reveals that doctors and researchers are still figuring out the synergy between cardiovascular risks, cancer and cancer-treatment effects. The demand for cardio-oncology is on the rise as more patients are opting for the treatment. The scope of cardio-oncology to grow is huge as it is still in the nascent stage and new avenues are yet to be explored thoroughly. However, the increase in demand for cardio-oncology therapy is driving the research and development activities.
Potential Breakthrough to Treat Lung Cancer
Traditional chemotherapy procedures are the only way patients try to fight cancer. Standard chemotherapy treatments have not helped significantly to cure cancer. Merck & Co developed a new cancer treatment termed as Keytruda, which were reportedly twice as effective than the conventional chemotherapy treatment. A study on 123 patients revealed that the new treatment is effective and much more reliable than the regular chemotherapy treatment. The tumour of 55% patients was reduced after undergoing the Keytruda plus two chemotherapy whereas tumour of only 29% patients was reduced after being treated with regular chemotherapy.
Chemotherapy has been the benchmark of care for patients with lung cancer. The new study and findings could potentially make the drug manufactured by Merck’s an essential part of the treatment procedure. The new drug treatment is approved for application in lung cancer patients who have failed to progress with chemotherapy. It has also received approval for use in head and neck cancers.
The oncology drug market is set to grow in the future as market trends depict that the number of patients diagnosed with cancer is on the rise. Technological advancement in the field of oncology is driving the market in the western countries such as US, Canada and Europe. The development of biosimilar has triggered the growth of the oncology market in Asia-Pacifica and LAMEA (Latin America, Middle East and Africa). With several new developments and progress in the field of medical science, oncology drug market is staring at a bright future.
The author, Snehal Chougule, is a keynote senior consultant on digital marketing at Allied Market Research. She has been recognized for developing a robust social network strategy for the company. Chougule has written several whitepapers, case studies, and articles. She is a visiting faculty member at various educational institutions and has expertise in life sciences and medical devices.