Published On : January 2018
Now a day, the prevalence of various types of cancer is found to be increasing across the world. According to the World Cancer Research Fund International, in 2015, cancer was responsible for 8.8 million deaths, and is the second leading cause of death across the globe. Osteosarcoma is yet another kind, contributing to 36% of all types of bone cancer.
Osteosarcoma is the cancer which produce immature bone by developing the cancerous cells usually at the end of the long bones, often around knee. Now a days, in children and teens, osteosarcoma is regarded as one of the most common type of cancers. It develops when the cells that grow new bone form a cancerous tumor. There are various symptoms of osteosarcoma cancer but sudden facture is the first symptom of these type of cancer, as affected bones are not strong enough to hold the weight of body.
The osteosarcoma market has been on the rise over the past few years. Based on the MRFR analysis, the market is projected to reach USD 136.76 million by 2023 at a healthy CAGR of around 6.40%. The global market was valued at USD 82.43 million in 2016. The rising prevalence of osteosarcoma and the continuous demand for effective treatment is likely to boost the osteosarcoma market in the coming future.
What would be the impact of the mergers and acquisitions over market?
Over the last few years, the companies are focusing more toward mergers, acquisitions and collaboration activities in order to improve the quality of drugs and introduce better treatment for osteosarcoma. Companies like Pfizer, Hikma Pharmaceuticals PLC, Baxter and many more seems to be involved in mergers, acquisitions, and collaborations. These collaborations help companies to enhance the technology and also increase the product portfolio in their list, which increase the market share and their presence around the world.
Prevalence of osteosarcoma cancer has increased to a great extent, mainly in children and teens. Thus, the increasing population of these patients have generated demand for better treatment, which helps them to get effective outcomes. Also increasing footfall of patients suffering with osteosarcoma cancer create the challenge for doctors in handling and providing better treatment which lead the demands for better drugs in coming future.
Mergers, acquisitions, and collaborations have improved the research and development process owing to different technologies coming together to create potent treatment options. These strategies also help in the development of new drugs for better treatment, which also increasing the global network of the players. Mergers and acquisition help to enhance the revenue through a gain in market share and also generate tax gain. Many companies want to enter the new market, but due to lack of knowledge about the new market and less research and development activities, companies may face challenge. Thus, the only strategy of these companies entering into the merger, acquisition and collaboration in order to access the new market in more effective and profitable way. These activity help companies to minimize the cost of operation and production, gain the higher competitiveness, financial leverage, in achieving administrative benefits, and help in positioning the products.
Where is the market heading to?
Currently, market of osteosarcoma cancer showing moderate growth owing to the involvement of companies for introducing better and effective treatment. Also many government bodies are also increase the spending on oncology medicine and research for getting better results. According to the IMS Institute for Healthcare Informatics, the global spending on oncology medicines was USD 100 billion in 2014, which rose to USD 107 billion in 2015. It also stated that the spending is expected to rise to nearly 150 billion by 2020. The increasing number of patients who are getting treatment from a long time and a rise in the price of the old medication, is a cause of concern for government bodies for providing better treatment in effective cost, thus these bodies increase the expenditure on oncology medicine.
Companies like Baxter, Advaxis Inc., Hikma Pharmaceuticals PLC, Bellicum Pharmaceuticals, Inc. and Hikma Pharmaceuticals PLC are focusing on research & development, partnership & acquisition part for developing a new pipeline and introducing better and advanced treatment drugs for the osteosarcoma cancer. For instance, in February, 2017, Baxter and ScinoPharm entered into a strategic partnership for generic oncology injectable. Also, in Aug, 2016, Advaxis Inc. entered into an agreement with Amgen Inc. for the development and commercialization of ADXS-NEO; a novel, preclinical investigational cancer immunotherapy treatment. These moves of companies play an important role for introducing advance and effective treatment.
Who has the ability to hinder the market growth?
Cost of treatment is always a concern for the end users. The cost of treatment depends upon the type of treatment, duration of treatment at clinic or hospital. It seems that the cost of treatment is increasing from last few years and this growth will continue in coming future owing to the demand of better treatment for osteosarcoma cancer. It has also been noticed that most of the countries do not have the insurance benefits for osteosarcoma cancer, which further increase the financial burden on the patients. However, most of the patients suffering with osteosarcoma are unable to diagnose it in its early stage as in the initial phase of the disease, osteosarcoma may present itself as an unremarkable, slowly progressing bony swelling.
Then, what’s the future?
It is observed that the demand for better treatment is high from the developing nations of Asia Pacific such as India, China, and other owing to increasing awareness regarding healthcare, government support to improve the infrastructure of healthcare in their countries, and changing lifestyle. Additionally, increasing prevalence of osteosarcoma and huge population may boost the growth of the Asia Pacific osteosarcoma market.