Cancer Biologics Market is projected to Propelled by Rising Cancer Incidence Globally
Cancer Biologics Market is projected to Propelled by Rising Cancer Incidence Globally
The cancer biologics market comprises antibody-drug conjugates, immune checkpoint inhibitors, and other biologic therapies like monoclonal antibodies, targeted therapies, and vaccines.

The cancer biologics market comprises antibody-drug conjugates, immune checkpoint inhibitors, and other biologic therapies like monoclonal antibodies, targeted therapies, and vaccines. Cancer biologics exert their effect by modifying specific molecular pathways associated with tumor growth and progression. They offer improved efficacy and reduced side effects compared to conventional cancer therapies. The growing cancer burden worldwide due to lifestyle changes, increasing tobacco and alcohol consumption, environmental pollution is fueling the demand for effective targeted cancer therapies.

The global cancer biologics market is estimated to be valued at US$ 108.87 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2030.

Key Takeaways
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. Majority of these players are involved in developing monoclonal antibodies and cell and gene therapies for cancer treatment. Emerging biologics like chimeric antigen receptor T-cell (CAR-T) therapies are offering new opportunities for significant clinical benefits.

The key opportunities in the Cancer Biologics Market include a large patient pool undergoing cancer treatment, increasing demand for personalized medicine, new product approvals, and emerging economies providing growth opportunities. Cancer biologics market players are expanding globally with strategic collaborations and partnerships to strengthen their product portfolios and market presence.

Market Drivers
Rising cancer incidence - According to the WHO, cancer is among the leading causes of death worldwide with over 10 million cancer deaths in 2020. The rising global burden of cancer is expected to drive the demand for effective treatment options like cancer biologics.
Improved efficacy - Cancer biologics are designed to act through specific molecular pathways associated with tumor growth and metastasis. They demonstrate improved efficacy and less side effects compared to chemotherapy. This drives their adoption.

Market Restrain
High therapy cost - The R&D and manufacturing costs associated with biologics makes their pricing and accessibility a major challenge especially in low and middle-income countries. This restricts their widespread adoption.
Patent expirations - Patent expirations of major blockbuster biologics is likely to increase competition and reduce prices but also impact company revenues in the short-term. This acts as a key market restraint.

Segment Analysis
The cancer biologics market is dominated by the monoclonal antibody sub segment owing to its effectiveness in treating various types of cancers. Monoclonal antibodies work by targeting specific cancer cells while sparing the normal cells. They can be designed to detect or treat cancer and are widely used in certain types of cancers like blood cancers. Within monoclonal antibodies, the blockbuster drug segment comprising of drugs like Avastin, Keytruda, and Opdivo holds the major market share of over 30% accounting to their multi billion dollar revenue annually.

Regional Analysis
North America is currently the largest as well as the fastest growing regional market for cancer biologics. Higher healthcare spending, presence of advanced healthcare infrastructure, and increasing prevalence of cancer in the US and Canada are some of the major factors contributing to North America's large market share. Europe holds the second largest market share on account of growing awareness about cancer treatment options and rising healthcare budgets in countries like Germany, United Kingdom and France. However, Asia Pacific region is expected to show the highest growth rate during the forecast period owing to rising disposable income, increasing healthcare access and growing incidences of cancer due to changing lifestyle in countries like China and India.

 

Get more insights on this topic:

https://www.newsstatix.com/cancer-biologics-market-analysis/

What's your reaction?

Comments

https://www.timessquarereporter.com/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!

Facebook Conversations