According to a report from the IMS Institute for Healthcare Informatics published Tuesday, worldwide spending on cancer medicines reached $100 billion in 2014.

The report said that this figure indicates an increase of 10.3% from 2013. Also, the report noted that spending on cancer drugs was $75 billion five years ago.

The $100 billion represents 10.8% of all drugs spending globally. It includes supportive care drugs to address things like nausea and anemia. IMS found that the spending was driven by expensive newer treatments in developed markets.

IMS found that the Medicines that target a specific protein or genetic mutation now account for almost half of total US cancer drug spending.

IMS forecasted that More cancer drugs are about to enter the market, which looks set to drive further increases in spending. Cancer medicines worldwide have seen a compound average growth rate of 6.5% in the past five years.

But IMS anticipated it to be between 6 and 8% through 2018. The spending will rise to $117 billion to $147 billion in 2018.

Waves of similar drugs developed by Bristol-Myers Squibb, Merck, Roche, AstraZeneca and others will create competition that could help moderate costs.

Murray Aitken, executive director of IMS Institute for Healthcare Informatics, which compiled the report said, "We're in for a period of intense competition among alternative treatments, which is a different dynamic than we've seen in the past where the progress has been a little slower and individual drugs had a little more time".

The US accounted for 42.2% of total spending, followed by the top-five European markets, comprised of Germany, France, Britain, Spain and Italy.

Oncology spending rose to 14.75 of total drug spending, up from 13.3% in 2010 in the big-five European markets, while US oncology spending increased to 11.3% of the total from 10.7% over the same period.