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 used to treat cancer by targeting specific factors that contribute to growth and progression of cancer cells. These biologics include monoclonal antibodies, cytokines, vaccines and cancer genes. Monoclonal antibodies are the majorly used cancer biologics approved by FDA for various types of cancers including breast cancer, lung cancer, lymphoma and others. They work by targeting specific proteins expressed on cancer cells.
Market Dynamics:
The Cancer Biologics market is driven by increasing prevalence of cancer worldwide. According to World Cancer Research Fund, in 2020, around 19.3 million new cancer cases were reported and around 10 million cancer deaths occurred globally. Moreover, rising geriatric population who are more prone to develop cancer is another major driver. However, high prices of biologics compared to conventional drugs may hinder market growth. Furthermore, ongoing R&D activities to develop novel targeted biologics with better efficacy and safety is expected to create lucrative opportunities over the forecast period.
SWOT Analysis
Strength: Cancer biologics have high specificity and selectivity for cancer cells. They have minimal side effects compared to conventional cancer drugs. Growing clinical evidence for efficacy of cancer biologics is increasing their adoption rate.
Weakness: High development cost of cancer biologics limits their applications. Safety concerns over long-term side effects hampers revenue growth.
Opportunity: Growing prevalence of cancer worldwide presents lucrative opportunities. Emerging biosimilars market offers cost-effective treatment options boosting market revenues.
Threats: Stiff competition from generic drugs suppress market profit margins. Stringent regulations delays new product launches.
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 cancer incidence rates globally. Rising geriatric population susceptible to developing cancer widens market outreach.
Regional analysis The North America dominates the global cancer biologics market and is estimated to continue its dominance over the forecast period. This is attributed to growing cancer patient base, well-developed healthcare infrastructure, and increasing adoption of high-priced cancer therapies in the region. Asia Pacific exhibits fastest growth supported by increasing healthcare spending, rising awareness about cancer treatment.
Key players operating in the Cancer Biologics 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. Key players focus on expanding their product portfolio through mergers and acquisitions to strengthen market position.
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