WELLESLEY, Mass., Nov. 16, 2017 (GLOBE NEWSWIRE) -- The promise of alternative therapies and a better understanding of the genetic basis of cancers are driving the market for metastatic cancer therapies, which could reach $172.6 billion by 2022. A new report by BCC Research studies the industry’s prospects by major cancer type and geographic region.
A recurrent cancer is one that has returned (either to the same or another place in the body) after a period during which it could not be detected. A metastasis is the spread of cancer cells from the original tumor to another part of the body. Metastatic cancer is challenging to treat because it often spreads to multiple sites. Significant treatment advances, with more on the horizon, will propel growth of this market by 7.4% from approximately $121 billion in 2017, according to the report Therapies for Resistant and Recurrent Metastatic Cancer.
The largest markets are treatments for lung, breast, colorectal and prostate cancers. These four types of cancer represent 43.5% of the total market, with lung cancer alone accounting for 13.0%.
Highlights of BCC Research’s Analysis
- The fastest-growing therapeutic markets by type of cancer are lung and cervical, each with a compound annual growth rate (CAGR) of 7.6%.
- Treatments for breast and kidney cancers have the slowest projected growth, with CAGRs of 6.7% and 6.8%, respectively.
- Ongoing clinical trials in immunotherapy offer a new and promising means of stimulating the immune system and providing a personalized treatment option for metastatic cancer.
“The latest developments and recent advances in cell biology have provided a greater understanding of mechanisms of how and where the original cancer forms and why metastasis takes place,” said Paul Taylor, BCC research analyst. “Nevertheless, metastatic cancers are challenging to treat because they often spread to more than one site, requiring a more complex treatment approach compared with cancer in a single location. Despite the difficulties in treating metastatic cancer, there are currently significant advances available to patients and even more improvements on the horizon.”
Reimbursement Challenges for New Products
Without third-party payment of a substantial portion of treatment costs, physicians and patients may not be able to afford them. Third-party payors are often reluctant to reimburse healthcare providers for new and innovative technologies or drugs. Because the decision by a payor to reimburse may depend on many factors and is often made on a case-by-case basis, obtaining such approvals is lengthy and costly.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.