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Cancer biologics are complex medical drugs that harness the power of living organisms and biological processes to treat and prevent cancer. These biologics utilize monoclonal antibodies, therapeutic vaccines, and other biological therapies to target specific antigens andmolecules involved in cancer growth and progression. With the rising global cancer burden and increasing preference for targeted and personalized treatment approaches, the demand for innovative cancer biologics has significantly grown in recent years.
The global Cancer Biologics Market is estimated to be valued at US$ 174.8 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the cancer biologics market is the rising incidence and prevalence of various cancer types globally. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide and was responsible for nearly 10 million deaths in 2020. The four most common cancers globally are lung cancer, breast cancer, colorectal cancer, and prostate cancer. The high disease burden has increased the focus on development as well as adoption of advanced targeted therapies to improve clinical outcomes. Many biologics in late stage pipelines have demonstrated promising results for hard-to-treat cancers and this is expected to significantly drive their approvals and commercialization during the forecast period. Additionally, growing healthcare expenditures and increasing access to healthcare facilities particularly in developing nations will continue to boost the adoption of high-cost biologic drugs for cancer treatment.
Segment Analysis
The global cancer biologics market is segmented by drug class, application, end user, and geography. The drug class segment includes monoclonal antibodies, cancer vaccines, checkpoint inhibitors, interleukins and others. Among these, the monoclonal antibodies segment holds the largest market share as they are established and widely accepted treatment options for various cancer types. They target specific antigenic sites present on the surface of cancer cells and have high specificity and accuracy in destroying cancer cells.
Key Takeaways
Global Cancer Biologics Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the market. This is attributed to growing incidences of cancer, presence of advanced healthcare infrastructure, growing awareness about cancer biologics, and rising uptake of novel drugs in the region. Europe is expected to be the second largest market during the forecast period.
Key players operating in the cancer biologics market are Bristol Myers Squibb, F. Hoffmann-La Roche AG, Merck & Co., Inc., Novartis International AG, Johnson & Johnson, Amgen Inc., AbbVie, Inc., AstraZeneca PLC, Eli Lilly and Company, and Celgene Corporation. The market is consolidated in nature with top five players accounting for over 70% of the overall market share.
Get More Insights on this Topic- https://www.marketwebjournal.com/cancer-biologics-market-value-analysis-and-trends/
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