| Offering a snapshot of the European oncology market, Paljit Sohal at Frost & Sullivan explains the prospective benefits and challenges of this expanding sector
At the start of the 21st century, 10 million new cases of cancer were reported each year. According to Cancer World, about three million of these cases are tobacco-related; three million are due to diet-related reasons; and about 1.5 million cases are the result of infections. For many newer cases of cancer, causes are unknown and still under study. In 2005, the total market revenue for the European cancer market was estimated to be approximately US$11.03 billion. The market is expected to grow at a compound annual growth rate (CAGR) of nine per cent, representing revenues of US$20.21 billion in 2012.
CHALLENGES TO ONCOLOGY DEVELOPMENT
A major challenge facing the oncology market is the high cost of bringing a product to the market. A new drug is estimated to cost an average of US$124 million and take an average of 12.5 years to pass through clinical trials. These costs are attributed to the requirements of a large patient population and also to increasingly complex testing procedures, particularly toxicity testing. With oncology trials, it is more likely that only one or two patients are identified at each trial facility, and therefore staffing requirements while the trial is carried out, are high in relation to the number of trial participants. Patients are often reluctant to accept unconventional treatments when inflicted with a potentially lifethreatening disease, making patient recruitment difficult. |
