Immunotherapy Is Fastest Growing Segment Fueling The Growth Of Cancer Biologics Market
Immunotherapy Is Fastest Growing Segment Fueling The Growth Of Cancer Biologics Market
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%

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 drugs used for treating cancer that utilize living systems, especially the immune system, to fight cancer. They work with the body's natural defenses to target and kill cancer cells. Cancer biologics provide targeted treatment options with less harmful side effects than chemotherapy or radiation for some cancer patients.

 

Market key trends

 

The global cancer biologics market is witnessing robust growth due to rising demand for immunotherapies. Immunotherapy utilizes the body's own immune system to fight cancer by boosting the immune response or by correcting immune dysfunctions. Immunotherapies like checkpoint inhibitors, immune system modulators, monoclonal antibodies and cancer vaccines are fast becoming the standard of care for treating various types of cancer like lung cancer and melanoma. Their ability to produce long-lasting remission with minimal toxicity compared to chemotherapy has fueled their adoption in recent years.

 

Segment Analysis

 

The global cancer biologics market is segmented based on products, therapeutic area and end user. Based on products, the market is segmented into monoclonal antibodies, vaccines and cell & gene therapies. Among these, monoclonal antibodies segment currently dominates the market owing to the increasing number of approvals and launch of novel monoclonal antibody drugs. Some of the blockbuster monoclonal antibody drugs available in the market include Avastin, Herceptin, Rituxan and Opdivo.

 

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 prevalence of cancer worldwide. The global cancer biologics market size for 2023 is US$ 94.5 Bn.

 

Regional analysis: North America currently dominates the global cancer biologics market owing to the presence of advanced healthcare infrastructure and high adoption of novel biologics drugs in the region. Asia Pacific is expected to exhibit fastest growth during the forecast period attributed to the increasing healthcare spending and rising awareness regarding cancer biologics therapies.

 

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 players are focusing on developing novel biologics through partnerships and acquisitions to strengthen their product portfolio.

 

Get More Insights On This Topic: https://www.newsanalyticspro.com/growth-of-the-global-cancer-biologics-market-share-size-analysis/

 

 

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