TARGETED CANCER THERAPIES MARKET ANALYSIS

Increased cost of therapy is a major constraint factor in the targeted cancer therapies market

Targeted therapy drugs are very expensive, costs more than US$ 14,000 per patient in the initial stage of treatment. For instance, According to the study published in the Journal of Clinical Oncology, in 2017, the drugs used in targeted therapy treatment are expensive and the total treatment by drug is approximately US$5,000 to US$10,000 monthly which totals over US$100,000 annually. According to the American Institute of Cancer Research (AICR), in U.S., cancer treatment costs more than any other disease, accounted for around US$ 895 billion a year and is expected to hinder the growth of the market during the forecast period.

Various insurance companies cover the targeted therapy drugs that are taken orally according to the prescription. However, drugs that are given intravenously are covered in a different way by insurance plans, wherein patient end up paying more money. According to report published Pharmaceutical Research and Manufacturers of America, in 2019, cancer medicines costs approximately 20% of total cancer treatment. Rising cost of targeted oral anticancer medicines is a major factor in rising overall cost of targeted cancer therapies.