May 18, 2024
Cancer Biologics Market

Cancer Biologics Market Witness High Growth Due to Rising Incidences of Various Cancer Types

The cancer biologics market involves biologics or biological agents that are used in the treatment of cancer. These biologics help to improve survival and quality of life for cancer patients. Cancer biologics include monoclonal antibodies, vaccines, interleukins, and other cytokines and growth factors. They work by targeting specific molecules involved in tumor growth and progression or by enhancing the body’s natural defenses against cancer. Therapeutic cancer biologics are gaining prominence over conventional chemotherapies due to associated advantages such as targeted approach, improved tolerability and fewer side effects.

The global cancer biologics market is estimated to be valued at US$ 108.87 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period of 2024 to 2030.

Key Takeaways
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. Growing demand for targeted therapies and rise in healthcare expenditure are fueling market growth. Emerging technologies like biosimilars, antibody-drug conjugates, and bispecific antibodies are expected to gain traction in the cancer biologics space.

Increasing investments in R&D of novel biologics and rising prevalence of various cancer types present significant opportunities for players in this market. Growing importance of combination therapies and pipeline products with novel mechanisms of action also bode well. Technological advancements are enabling development of advanced targeted therapies with improved efficacy and safety profiles. Immunotherapy is gaining prominence with better understanding of cancer immunology.

Market Drivers
A key driver for this market is the rising global burden of cancer. 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. Increasing life expectancy and lifestyle changes are contributing to high incidences of cancer. High treatment costs of cancer also drive adoption of cost-effective biologics over conventional chemotherapy. Furthermore, advancements in fields like cancer genomics and proteomics are supporting development of novel biomarker-guided treatment methods. This is expected to have a positive impact on market revenue growth over the forecast period.

Current challenges in Cancer Biologics Market
The cancer biologics market is facing various challenges which are hindering the growth of the market. Some of the major challenges are:
– High treatment costs associated with biologics therapies. Cancer treatment requires long term and repetitive treatments which make it unaffordable for many.
– Limited patient access and care. Developing regions lack proper healthcare infrastructure and medical facilities to provide cancer treatments.
– Stringent regulations. Bringing a new biologic molecule to the market requires rigorous clinical trials and approval process increasing costs and time to market.
– Adverse side effects of immunotherapies. Biologic therapies often cause immune related side effects and toxicities like diarrhea, rashes which impacts quality of life.

SWOT Analysis
Strengths: Rapid technological advancements in precision medicine and targeted therapies are improving treatment outcomes of cancer patients.
Weaknesses: High R&D costs and risks associated with drug development make return on investment uncertain. Supply chain challenges also impact timely availability of products.
Opportunities: Growing geriatric population and rising cancer incidence rates globally indicate immense market potential. Collaborations for drug discovery offer opportunities for growth.
Threats: Patent expiration of blockbuster drugs increases competition. Stringent regulations delay product approvals impacting revenue streams.

Geographical regions
North America region currently holds the largest share in cancer biologics market both in terms of value and volume. This is attributed to availability of advanced healthcare facilities, focus on R&D activities and presence of major market players in the region. Asia Pacific region is expected to grow at the fastest CAGR during forecast period owing to rising incidences of cancer, growing healthcare expenditure, increasing awareness and expansion of healthcare services in countries like India and China.

The United States represents the largest geographical region and generated the highest revenue for cancer biologics market globally in terms of value and volume followed by major European countries including Germany, U.K., France and Italy. China and Japan are emerging as high potential markets in Asia Pacific region.

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