by The global cancer therapeutics and biotherapeutics market comprises various therapy forms aimed at treating and managing cancer, including immunotherapies, targeted therapies, chemotherapy, and others. Advancements in biotherapeutics and targeted therapies have improved the treatment outcomes of various cancer types significantly. Biotherapeutics such as monoclonal antibodies work by targeting specific molecules involved in tumor growth and progression.
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 market 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. Key players are focused on developing and commercializing novel targeted therapies and immunotherapies to expand their product portfolio.
The Global Cancer Therapeutics And Biotherapeutics Market Demand significant growth opportunities in the market. Furthermore, synergistic collaborations between pharmaceutical companies and biotech startups focused on oncology drug development will further drive innovations.
Globally, the market is expected to witness high growth in the Asia Pacific region owing to large patient pools, increasing healthcare expenditure, and rising focus of global market players on expanding operations in emerging APAC countries.
Market Drivers
The increasing Global Cancer Therapeutics And Biotherapeutics Market Size And Trends factor driving the demand for advanced cancer biotherapeutics and targeted therapies. According to the World Health Organization (WHO), cancer burden is expected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Additionally, favorable reimbursement policies and financial assistance programs for high-cost cancer treatments in developed countries augment the adoption of novel biotherapies and targeted therapies.
PEST Analysis
Political: Government policies related to healthcare spending and reimbursement have a significant impact on the cancer therapeutics and biotherapeutics market. Regulations related to drug approvals also influence market dynamics.
Economic: Changes in economic conditions influence healthcare spending and pricing of cancer drugs which further impacts market revenue. Affordability of treatments is a key factor.
Social: Rising awareness about cancer and availability of new treatment options are driving demand. Social stigma around certain cancers is also decreasing.
Technological: Advances in fields of genomics, targeted therapies, and personalized medicine are leading to development of novel biologics and cell and gene therapies. Artificial intelligence and big data analytics are also benefiting R&D.
The market in terms of value is highly concentrated in developed regions like North America and Europe owing to high healthcare spending, advanced healthcare infrastructure, and presence of major market players in these regions. The US market holds the largest share attributing to factors like rising cancer burden, favorable regulatory framework, and high adoption rates of novel therapies.
The cancer therapeutics and biotherapeutics market is experiencing fastest growth in Asia Pacific due to improving access to healthcare facilities, rising healthcare expenditures, growing middle-class population which is able to afford premium treatments, and increasing incidences of cancer in the region. Expanding collaboration between domestic and international pharmaceutical players is also supporting regional market growth. Countries like China, Japan and India are emerging as lucrative markets.
*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
