December 8, 2024
Cancer Biologics Market

Cancer Biologics Market Inspired by High Adoption of Cancer Biologics to Treat Various Types Of Cancer

Cancer biologics are drugs derived from living sources like bacteria, animals or other microorganisms. They are used for targeted therapy involving blockage of signals that help cancer cells to grow uncontrollably. These biologics include monoclonal antibodies and other therapies that enhance body’s immune response to fight cancer cells. Cancer biologics hold potential to transform cancer treatment landscape owing to their high selectivity and reduced side effects compared to traditional chemotherapy.

The global Cancer Biologics Market is estimated to be valued at US$ 142.4 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
High adoption of cancer biologics to treat various types of cancer

The key trend propelling the growth of cancer biologics market is the rising adoption of these biologics to treat various types of cancer. Compared to traditional chemotherapy, cancer biologics demonstrate higher selectivity by targeting specific molecules on cancer cell surface or inside cancer cells. This allows biologics to kill cancer cells more precisely while causing fewer side effects. For instance, monoclonal antibodies like Rituxan and Herceptin have significantly improved survival rates of patients suffering from Non-Hodgkin’s lymphoma and HER2-positive breast cancer respectively. Growing demand for personalized medicine is also driving the use of cancer biologics that can precisely target tumor biomarkers present in malignant cells. With rising R&D investments, the pipeline of cancer biologics is growing at a rapid pace which will further support the market growth over the forecast period.

SWOT Analysis
Strength: Cancer biologics target specific pathways involved in cancer growth and progression, resulting in fewer side effects compared to conventional chemotherapy. They can be customized based on a patient’s genetic makeup.

Weakness: Cancer biologics have high development costs and are expensive for patients. Their lengthy development period means only a few biologics reach the market each year. Treatment resistance can also develop over time.

Opportunity: Growing prevalence of cancer worldwide due to lifestyle changes and an aging population is driving demand. Personalized medicine approaches using biomarkers and companion diagnostics can help identify patients most likely to benefit.

Threats: Patent expiry of blockbuster biologics will increase competition from biosimilars. Stringent regulations and clinical trial requirements lengthen the product approval timeline.

Key Takeaways

Global Cancer Biologics Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

North America currently dominates due to established healthcare infrastructure and high adoption of biologics for cancer treatment. However, Asia Pacific is poised to grow at the fastest pace due to increasing healthcare expenditure, large patient populations, and improving access to novel therapeutics in countries such as China and India.

Key players operating in the cancer biologics market are F. Hoffmann-La Roche Ltd, Novartis AG, Merck & Co., Inc., Johnson & Johnson, GlaxoSmithKline plc, AbbVie Inc., Eli Lilly and Company, Amgen Inc., Bristol-Myers Squibb Company, and AstraZeneca. They are focusing on developing innovative biologics with novel mechanisms of action and personalized approaches through partnerships with biosimilars developers and contract manufacturers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

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