by Cancer therapeutics and biotherapeutics provide targeted approaches for cancer treatment with minimal side effects. These therapeutics include monoclonal antibodies, vaccines, cell therapies and gene therapies that boost the body’s immune system to identify and destroy cancer cells. Targeted therapies that block the growth and spread of cancer by interfering with specific molecules involved in tumor growth and progression have gained traction.
The Global Cancer Therapeutics And Biotherapeutics Market is estimated to be valued at US$ 194.11 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Cancer Therapeutics And Biotherapeutics are Amgen Inc., Bristol-Myers Squibb, Celgene Corporation, ELI Lilly and Company, Hoffmann-La Roche AG, EnGeneIC Ltd, Merck & Co Inc., Novartis, Pfizer Inc., Johnson & Johnson, AstraZeneca, Bristol-Myers Squibb, Biogen IDEC, Sanofi, Novartis AG, Roche, Schering-Plough, Gilead Sciences, and Takeda Pharmaceutical Company.
Rising prevalence of cancer and increasing demand for Global Cancer Therapeutics And Biotherapeutics Market Demand Advancements in cancer immunotherapy through checkpoint inhibitors, T-cell therapies and oncolytic virus therapies are driving innovations in treatment.
Market Drivers
Growing geriatric population: Aging population is more prone to develop cancer which is a major risk factor driving the growth of cancer therapeutics market.
Increasing demand for personalized medicine: Precision medicine approach aims to provide customized treatment based on individual tumor profiles and genetics which is expected to boost the market growth over the forecast period.
Current challenges in the Global Cancer Therapeutics And Biotherapeutics Market:
High cost of cancer treatment: Global Cancer Therapeutics And Biotherapeutics Market Size And Trends which involves high hospitalization charges. These costs put a financial burden on patients especially those from low income countries where health insurance is limited.
Rise in cancer cases: Globally cancer cases have been rising at an alarming rate owing to changing lifestyles, increased use of tobacco and alcohol consumption. This has increased the demand for cancer treatments which is challenging for the healthcare systems to meet.
Side effects of chemotherapy: Chemotherapy causes harmful side effects like nausea, hair loss, fatigue etc. which impacts the quality of life of patients undergoing treatment. Managing these side effects poses a challenge.
Lack of awareness: In developing nations, lack of awareness about cancer screening and preventive measures results in late detection of cancer cases. This reduces the treatment outcomes.
Drug resistance issues: Frequent use of same class of cancer drugs increases the risk of cancer cells developing resistance against them over time. This limits the effectiveness of drugs and demands constant development of novel therapies.
SWOT Analysis
Strength: Rapid growth in development of newer cancer therapies like immunotherapy, targeted therapy and personalized medicine. Significant investments in R&D.
Weakness: High attrition rates and failure of drug candidates in clinical trials. Long approval timeline for new drugs.
Opportunity: Rising demand for effective biologics and bio similar drugs. Growing preference for monoclonal antibodies and cell & gene therapies.
Threats: Patent expiry of blockbuster drugs. Increased regulatory stringency delaying product approvals. Emergence of low-cost biosimilars.
In terms of value, North America holds the largest share in the global cancer therapeutics and biotherapeutics market owing to high healthcare expenditure, presence of major market players and rising incidence of cancer. Asia Pacific is estimated to be the fastest growing regional market supported by improving access to healthcare facilities, increasing disposable incomes and expansion of healthcare infrastructure in countries such as China and India.
The markets in Western Europe and Japan are comparatively mature. However, these regions continue to contribute significantly to the global market value supported by rise in aging population and preference for advanced diagnostic and treatment methods. Emerging economies of Latin America, Middle East and Africa offer lucrative growth opportunities for players due to growing medical needs of large patient populations and ongoing government initiatives to strengthen their healthcare systems.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
