The global Cancer Biologics Market Growth Accelerated by Rise in Adoption of Targeted Therapies

 

Cancer Biologics Market

Cancer biologics are sophisticated drugs derived from living cells or organisms used to treat various types of cancers such as lung cancer, blood cancer, breast cancer and others. They work by interfering with specific molecules that are involved in the growth, progression and spread of cancerous tumor cells and are also known as biological therapy or biological response modifier. Some common types of cancer biologics include monoclonal antibodies, interleukins, interferons and other growth factors or enzymes. They are often used in conjunction with other treatments like chemotherapy, radiation therapy or surgery.

 

The global cancer biologics market is estimated to be valued at US$ 94.5 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

 

The cancer biologics market is witnessing high growth owing to increasing cancer incidence across the globe. Cancer is one of the leading causes of death worldwide and according to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Of the various factors driving market growth, increasing cancer incidence is a major driver. Research has shown cancer rates could further increase by 50% to 15 million new cases by 2020. The role of cancer biologics is also increasing as the traditional chemotherapy and radiotherapy have limitations and side-effects. Cancer biologics provide targeted treatment approach and minimal side-effects. Many biotech companies are developing novel targeted cancer therapies which is also boosting the market growth. For instance, Merck & Co. is developing anti-CD30 monoclonal antibody ADCETRIS to treat Hodgkin lymphoma and systemic anaplastic large cell lymphoma. However, high cost of biologics development and sales is a major challenge for market players.

 

SWOT Analysis

Strength: Cancer biologics market offers targeted therapies that treat cancer cells precisely without harming normal cells. Biologics improve survival rates and reduce side effects for various types of cancers like breast cancer, blood cancer, lung cancer. They help boost immune system's ability to fight cancer cells. Development of novel biologics has expanded treatment options available to oncologists and patients.

Weakness: High costs associated with R&D and production of biologics makes cancer treatment expensive. Stringent regulatory processes for approval delays market entry of novel biologics. Many patients in developing nations cannot afford costly biologic therapies.

Opportunity: Increasing prevalence of cancer worldwide provides scope for market growth. Growing geriatric population prone to developing cancer fuels demand. Growing focus on personalized medicines opens opportunities. Partnerships between pharma companies and research institutes can expedite new drug development.

Threats: Expiry of patents reduces revenue of leading drug makers. Biosimilars pose pricing pressure on innovator biologics. Uncertainty over reimbursement policies restrains market potential in some regions. Adverse drug reactions hamper revenue of certain biologic drugs.

 

Key Takeaways

The Global Cancer Biologics Market Share is expected to witness high growth. The market size is projected to reach US$ 94.5 Billion by 2023 from US$ 73.8 Billion in 2018, at a CAGR of 4.1% during the forecast period. Biologics are revolutionizing cancer treatment with their high tumor targeting potential and lower toxicity.

 

Regional analysis: North America currently dominates the global cancer biologics market owing to availability of advanced healthcare facilities and presence of major pharmaceutical companies. However, Asia Pacific region is expected to witness fastest growth during the forecast period with growing healthcare expenditure and improving access to novel cancer therapies in China, India and other Asian countries.

 

Key players: Key players operating in the Cancer Biologics market are F. Hoffmann-La Roche Ltd., Amgen, Inc., Pfizer, Inc., GSK plc., Bristol-Myers Squibb Company, Abbott, AstraZeneca, Eli Lilly and Company, Gilead Sciences, Inc., and Johnson & Johnson Services, Inc. These leading companies are investing heavily in R&D to develop innovative biologic drugs with novel mechanisms of action. Partnerships and acquisitions have helped them strengthen product pipelines.

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