There is a growing need for the treatment or prevention of tropical diseases. Neglected tropical diseases are a significant cause of death and morbidity among affected communities worldwide. According to BCC Research, the total global addressable market for these diseases (see Table) was $1.4 billion in 2015. This market is projected to grow at a compound annual growth rate (CAGR) of 14.1% to surpass $2.6 billion by 2021. BCC Research’s study, Global Markets for Neglected Tropical Disease Treatments, found that some indications (such as the Ebola and Zika viruses) are resulting in double-digit sales growth, whereas others face declining investment.
The Chinese cancer intervention market is large, rapidly growing, and dominated by drug and equipment suppliers from outside of China. These are all important considerations for pharmaceutical companies in North America, Europe, and other developed regions that are seeking strong growth and high profits, reports BCC Research in a recent study, The Chinese Market for Cancer Intervention.
At the Internet of Things World 2017 conference held this month, self-healthcare emerged as one of the top 10 key areas that will drive growth in the Internet of Things. Self-healthcare was ranked with the likes of agriculture 2.0, smart cars, and energy grids. The use of over-the-counter (OTC) medications for self-treatment is on the rise. Major contributing factors include marketing of drugs in mass media, lack of time in people’s busy lives for appointments, and rising costs of health insurance. The National Library of Medicine states on its Web site that, although considered safe, there are risks associated with taking OTC medicines. Nonetheless, the market for these products is booming.
The global market for drugs that fall under the Breakthrough Therapy Designation (BTD) is forecast to grow from $48.8 billion in 2017 to $99.2 billion by 2022, according to a comprehensive market analysis by BCC Research. In 2012, the US FDA launched the BTD pathway to expedite the approval of drug candidates that are intended to treat serious or life-threatening diseases and that outperform existing therapies. The European Medicines Agency introduced a similar fast-track program, called PRIME (PRIority MEdicines), in March 2016.
“Our analysis of the breakthrough drug market shows that companies have an opportunity to leapfrog the lengthy drug approval process by up to three years, generating hundreds of millions of dollars in revenue and maximizing the length of time their drug is on the market before their patent expires,” says Kevin Fitzgerald, BCC Research Editorial Director.
OPPORTUNITY AND CHALLENGES OF A BREAKTHROUGH STATUS
With a stream of product approvals in recent years, the global immunotherapy market has hit its stride. In particular, immunotherapy for cancer is a hot area of research. According to BCC Research, the global cancer immunotherapy market should reach $96.5 billion in 2021, up from $73.0 billion in 2016, reflecting a compound annual growth rate (CAGR) of 5.7%. A surge in the use of checkpoint inhibitors, immunomodulatory therapies, and the development of next-generation oncolytic virotherapies are driving this growth.
BCC Research reports that an expanding population of patients with prostate cancer, the increasing demand for treatment, and emerging technologies are contributing to growth of the global prostate cancer market. Valued at $47.2 billion in 2016, this market is estimated to reach $65.1 billion by 2021 at a compound annual growth rate of 6.6%.
The battle cry against multidrug-resistant bacteria is loud and clear. Voices calling for novel antifungal agents are also rising, as fungi bolster the ranks of microbial infectious agents that are becoming increasingly drug resistant. Fungal infections are on the rise, many with lethal consequences. New proprietary research by BCC Research predicts that innovative antifungal drugs in development, along with a growing number of people with weakened immune systems and FDA fast-track provisions, are aiding growth in the global market for antifungal drugs. BCC Research expects the global market for antifungal drugs to reach $16.1 billion in 2021, up from $13.1 billion in 2016.
China is one of the world’s largest and fastest-growing drug markets. At a five-year compound annual growth rate (CAGR) of 14.0%, BCC Research predicts that the Chinese drug market will reach $424.3 billion by 2021. At this pace, China is likely to overtake the United States to become the world’s largest consumer of drugs by 2025.
The global erythropoietin biosimilars market has been expanding rapidly in the past decade. This acceleration has primarily been the result of patent expiries of major erythropoietin biologics in the European market coupled with a demand for cheaper erythropoietin agents in the Asia-Pacific, South American, Middle Eastern, and African markets. BCC Research projects that over the next five years, the global market for erythropoietin biosimilars will continue to enjoy healthy gains while the global market for erythropoietin biologics (i.e., patented products) will shrink substantially.