A new report finds that early cancer diagnosis, treatment duration and effectiveness of therapies have improved alongside increased levels of spending on cancer drugs. The global spending on oncology medicines broke the $100 billion threshold in 2014, the IMS report.

Share on Pinterest The cost of the global oncology market reached $100 billion in 2014 – an increase of $75 billion from 2009.

“The increased prevalence of most cancers, earlier treatment initiation, new medicines and improved outcomes are all contributing to the greater demand for oncology therapeutics around the world,” says Murray Aitken, IMS Health senior vice president and executive director of the IMS Institute for Healthcare Informatics, who produced the new report.

One of the report’s key findings is that the cost of the global oncology market reached $100 billion in 2014 – an increase of $75 billion from 2009.

However, within the US, there has only been a modest increase of spending compared with the five largest European countries. Between 2010 and 2014, oncology grew from 13.3% of total drug spending to 14.7% in these European countries, compared with a rise from 10.7% of total drug spending to 11.3% in the US during the same period.

Another main finding is that clinical outcomes are improving for all major cancers. According to the report, 5-year survival rates have risen thanks to continuous improvements in detection and treatment. Two thirds of Americans diagnosed with cancer live for at least 5 years nowadays, compared with just over half in 1990.

The report predicts that these increases in survival will increase substantially thanks to new developments in “immuno-oncologic” and combination treatments, and suggests that biomarker-driven drugs and diagnostics will have a transformative effect on oncology.

“Innovative therapeutic classes, combination therapies and the use of biomarkers will change the landscape over the next several years,” Aitken says, “holding out the promise of substantial improvements in survival with lower toxicity for cancer patients.”