CANCER is a grim sort of growth market. By 2030 there will be over 22m new cases a year, up from 14m in 2012, according to the International Agency for Research on Cancer. But as the world marks World Cancer Day, on February 4th, scientists are speaking of a revolution in the battle to beat it. Money managers’ ears have pricked up. Oncology investing is “hot”.

The most straightforward way to invest in treating cancer is through shares in companies that sell blockbuster drugs. Alternatively, biotech indices track a basket of companies, of which typically 40% are oncology-related. Big Pharma now buys rather than builds much of its innovation. So backing oncology startups can be an especially lucrative (if risky) approach. According to CB Insights, a research firm, equity investment in cancer-therapeutics startups has grown from $2bn in 2013 to $4.5bn in 2017. Take Juno Therapeutics, founded in Seattle in 2013 to develop immunotherapy drugs. It was acquired on January 22nd by Celgene, a Biotech giant, for a whopping $9bn.

Eric Schmidt of Cowen, an investment firm, believes that oncology offers “the highest returns on investment of any therapeutic category”. Three developments explain the frenzy. First, demand for cancer treatments is rising as prevalence increases and the world’s middle classes—who can afford insurance—expand. Between 2012 and 2016 the global costs of cancer-related treatments grew from $91bn to $113bn, according to IQVIA, a health-data firm. They are expected to rise to $147bn by 2021.

Second, scientific progress, particularly around manipulating genes and cells, has been astonishing. The pipeline of oncology drugs in clinical development has expanded by 45% over the past decade. Immuno-oncology (IO), whereby the patient’s own immune system is used to attack cancerous cells, is particularly in vogue. Goldman Sachs, a bank, values the IO market at around $140bn and, despite calling the field “overhyped”, predicts it could grow by another $100bn.

Third, cancer enjoys faster regulatory approvals than other diseases. As Christiana Bardon, of Burrage Capital, puts it, “patients are dying and they are dying now”, so regulatory hurdles are lower.