by Cancer biologics are engineered drugs or substances that use living organisms or their components to treat malignancies and tumors. These include monoclonal antibodies, therapeutic vaccines, immunotoxins, interleukins, and other forms of targeted therapies. Cancer biologics target specific cancer cells while sparing healthy tissues, thereby offering reduced side effects and enhanced efficacy compared to chemotherapy. 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:
Increasing adoption of targeted therapies is expected to boost the cancer biologics market over the forecast period. Targeted cancer therapies are designed to specifically identify and attack cancer cells while doing very little damage to normal cells. They work by interrupting the growth and spread of cancer cells by blocking their division, limiting blood supply, and boosting the immune system’s ability to fight cancer. Unlike conventional chemotherapy, targeted therapies have minimal side effects which increases patient compliance to treatment. With rising incidence of cancer worldwide and limitations of existing therapies, targeted cancer biologics with their enhanced selectivity and specificity are likely to witness higher demand. This is expected to propel the growth of cancer biologics market over the coming years.
SWOT Analysis
Strength: Cancer biologics such as monoclonal antibodies can specifically target cancer cells with minimal effects on normal cells. This improves treatment efficacy and reduces side effects compared to conventional chemotherapy.
Weakness: High development costs and lengthy research and development processes make cancer biologics expensive compared to traditional small-molecule drugs. Additionally, developing resistance to biologics remains a challenge.
Opportunity: Personalized cancer treatment approaches are gaining traction, driving the demand for biomarker-based companion diagnostics. The increasing focus on immuno-oncology also presents opportunities for cancer biologics targeting immune checkpoints.
Threats: Biosimilars pose pricing pressures on leading biologics manufacturers. Strict regulatory requirements and the threat of patent litigations further threaten new market entrants.
Key Takeaways
The Global Cancer Biologics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.
North America dominates the global cancer biologics market currently and is expected to maintain its leading position over the forecast period. This can be attributed to rising cancer incidence, strong government support for research and drug development, and presence of leading biologics manufacturers 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. These players are focusing on developing novel targeted therapies and expanding their product portfolios through acquisitions and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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