Cancer Biologics Market is Estimated to Witness High Growth owing to Accelerated FDA Approvals

Cancer Biologics are medicinal drugs used to treat various types of cancers such as breast cancer, lung cancer, colorectal cancer, and others. Cancer Biologics help strengthen the body's immune system and target specific cancer cells. Monoclonal antibodies, tumor vaccines, and checkpoint inhibitors are some examples of Cancer Biologics. Advances in immunotherapy and rising R&D spending by biopharmaceutical companies are fueling the demand for Cancer Biologics.

The global Cancer Biologics market is estimated to be valued at US$ 123.7 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Accelerated FDA approvals for new Cancer Biologics is one of the major drivers propelling the Cancer Biologics market growth. The FDA approved 15 new drugs in 2021 for cancer treatment which is the highest number of approvals in recent years. These new drug approvals are expanding treatment options and improving survival rates of cancer patients. For instance, the FDA granted accelerated approval to Merck's Keytruda in combination with chemotherapy for the treatment of triple-negative breast cancer in February 2021. Similarly, Herceptin subcutaneous formulation for early breast cancer maintenance received FDA approval in December 2021.

Rising incidence and prevalence of various cancers globally also contributes to the increasing demand for Cancer Biologics. According to the World Health Organization, cancer accounted for nearly 10 million deaths worldwide in 2020. Lung, prostate, colorectal, and breast cancer are the most common types of cancers. The economic burden of cancer is anticipated to grow further owing to the aging population and growth of the middle class in developing countries. This will subsequently drive the adoption of advanced Cancer Biologics.

SWOT Analysis
Strength: Cancer Biologics are designed to treat cancer in a specific and targeted way. Biological therapies work with the body's immune system to fight cancer. They have shown some promising results in treating certain types of cancers. The success and adoption rates of newer Cancer Biologics have been increasing over time.
Weakness: Cancer Biologics tend to be highly expensive and cost prohibitive for many cancer patients globally. The R&D involved in developing new biologics also requires huge investments. Developing resistance to Cancer Biologics remains a challenge for sustaining long term clinical benefits.
Opportunity: Personalized medicines and companion diagnostics have opened up new opportunities to match specific Cancer Biologics to individual patient's tumor profiles. Growing awareness about immuno-oncology and newer molecular targets are expanding opportunities for next generation Cancer Biologics. Developing countries especially in Asia present considerable market opportunity owing to increasing healthcare investments.
Threats: Biosimilars threaten to erode sales of some blockbuster biologics soon facing patent expiries. Regulatory hurdles remain for approval and adoption of newer biologics in some regions. Side effects associated with certain biological therapies continue to impact patient compliance.

Key Takeaways
Cancer Biologics Market Size is expected to witness high growth driven by strong research pipelines and increasing adoption rates of newer biological therapies across major markets. The launch of novel targeted therapies and immunotherapies have boosted the market in recent years.

Regional analysis: North America currently dominates the Cancer Biologics market owing to the presence of major pharmaceutical players and significant healthcare investments for research. However, Asia Pacific region is expected to witness fastest growth during the forecast period supported by growing cancer incidence, rising awareness, and improving access to healthcare in large economies like China and India.

Key players: Key players operating in the Cancer Biologics market are F. Hoffmann-La Roche AG, AbbVie, Inc., Bristol-Myers Squibb Company, Novartis AG, Merck & Co., Inc., Eli Lilly and Company, Johnson & Johnson, Celgene Corporation, Amgen Inc., and Pfizer Inc. Leading players are investing heavily in developing next generation biological therapies through partnerships and mergers & acquisitions deals.