by 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 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Cancer biologics are medications derived from living organisms and designed to treat various types of cancers. These drugs work by either stimulating or suppressing the immune system to fight cancer. Some key advantages include targeted treatment approach, lower side effects compared to chemotherapy and ability to treat multiple cancer types.
Market key trends
One of the major trends in the cancer biologics market is the growing focus on development of next-generation and combination therapies. Companies are investing heavily in R&D to develop newer targeted biologics which can treat rare and hard to cure cancer types more effectively. For instance, Amgen’s Blincyto and Roche’s Kadcyla are some of the novel antibody drug conjugates recently approved to treat acute lymphoblastic leukemia and HER2-positive breast cancer respectively. Similarly, combination of immunotherapies with other treatment approaches like chemotherapy is gaining ground to improve clinical outcomes.
SWOT Analysis
Strength: Biologics offer targeted treatment with minimal side effects which is increasing its adoption. Advances in manufacturing and development of biosimilars are reducing costs.
Weakness: High development costs of biologics make the treatments expensive. Stringent regulations for approval delays market entry of new biologics.
Opportunity: Growing geriatric population ssceptible to cancer is driving the demand. Expanding applications in newer indications present new opportunities.
Threats: Patent expiries of major drugs allow entry of biosimilars, impacting revenues of innovator companies. Public awareness and access to healthcare is still limited in developing nations.
Key Takeaways
The global Cancer Biologics Market Demand is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing incidence of cancer worldwide. According to WHO, cancer burden is expected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.
Regional analysis: North America currently dominates the market owing to the availability of advanced healthcare facilities and favorable reimbursement policies. However, Asia Pacific is expected to grow at a high CAGR due to rising healthcare spending, large patient pool and increasing awareness.
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. Partnerships, new product launches and expanding manufacturing capabilities are some key strategies adopted by these players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
