February 24, 2024
Cancer Biologics Market

Cancer Immunotherapy Market Driven by Increasing Demand for Targeted Therapies

Cancer immunotherapies help enhance the body’s natural defenses to fight cancer growth and progression. Monoclonal antibodies are commonly used in cancer immunotherapy to target specific proteins on tumor cells and immune cells to boost anti-cancer activities. Targeted therapies are preferred over traditional chemotherapy as they cause fewer side effects and higher survival rates. The growing preference for personalized treatments and favorable reimbursement policies are fueling the demand for cancer immunotherapies globally.

The global Cancer Biologics Market is estimated to be valued at US$ 94.5 Bn 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:

Adoption of Combination Therapies

Combining immune checkpoint inhibitors with other therapeutic agents is gaining acceptance to improve patient outcomes. Targeted combinations of monoclonal antibodies with immune checkpoint inhibitors, cancer vaccines, and other biologics are showing enhanced efficacy. Ongoing clinical trials are evaluating various combination regimens of existing drugs to determine optimal therapeutic strategies. Biopharma players are developing fixed-dose combination products to facilitate combination therapies for improved response rates against different cancer types. This trend is expected to strengthen over the forecast period as combination regimens become the standard of care.

Porter’s Analysis

Threat of new entrants: Low barriers to entry in terms of regulation and capital requirement however incumbents have significant advantages in terms of brand, access to distribution channels and R&D capabilities.

Bargaining power of buyers: Buyers have moderate bargaining power as cancer biologics market has large number of products but they lack negotiating powers on prices due to treatment criticality.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and technologies required however regional presence of global suppliers mitigate their powers.

Threat of new substitutes: Low threat as cancer biologics have limited substitutes and are core to treatment relative to other alternative therapies.

Competitive rivalry: High competition due to large number of prominent global and local players focusing on innovation and market penetration.

Key Takeaways

The Global Cancer Biologics Market Share is expected to witness high growth. The market size for 2023 is US$ 94.5 Bn signifying a CAGR of 4.1% over the forecast period of 2023 to 2030.

Regional analysis: North America region currently dominate the cancer biologics market led by the US market. Availability of advanced healthcare facilities, high healthcare spending and presence of majority of key industry players driving the regional market. Asia Pacific region expected to witness fastest growth over forecast period supported by rising healthcare expenditure, demand for quality cancer care and emergence of regional pharma players in the region.

Key players: 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. Companies are focusing on development of novel and targeted biologics through heavy investments in R&D along with partnerships and acquisitions for wider product reach.

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