by The global Cancer Biologic Market is estimated to be valued at US$ 94.5 billion in 2022 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Cancer Biologic Market refers to the use of biological products in the treatment and management of various types of cancer. These products include monoclonal antibodies, therapeutic vaccines, cytokines, and other biologics. They are designed to target specific cancer cells and activate the body’s immune system to fight against cancer. The market is driven by the increasing prevalence of cancer worldwide, coupled with advancements in biotechnology and research & development activities.
B) Market Dynamics:
The two primary drivers of the Cancer Biologic Market are increasing cancer prevalence and advancements in biotechnology.
1. Increasing Cancer Prevalence: The global burden of cancer is on the rise, with millions of new cases being diagnosed each year. According to the World Health Organization (WHO), cancer is the second leading cause of death globally, accounting for an estimated 9.6 million deaths in 2018. The growing prevalence of cancer is driving the demand for more effective and targeted treatment options, thereby fueling the growth of the Cancer Biologic Market.
2. Advancements in Biotechnology: The field of biotechnology has witnessed significant advancements in recent years, leading to the development of targeted therapies and personalized medicine for cancer treatment. Biologic drugs have shown promising results in clinical trials and have the potential to revolutionize cancer treatment by offering improved efficacy and reduced side effects. These advancements are driving the adoption of biologic therapies, thereby boosting the growth of the Cancer Biologic Market.
C) Segment Analysis:
The Cancer Biologic Market can be segmented based on product type, cancer type, and end-user.
In terms of product type, the monoclonal antibodies segment dominates the market due to their high specificity and efficacy in targeting cancer cells. This segment is expected to witness significant growth during the forecast period.
In terms of cancer type, the breast cancer segment is expected to dominate the market due to the high prevalence of this cancer type worldwide. Other dominant cancer types include lung cancer, colorectal cancer, and prostate cancer.
In terms of end-user, the hospitals and clinics segment holds the largest market share due to the availability of advanced infrastructure and skilled healthcare professionals.
D) PEST Analysis:
Political: Governments worldwide are increasing their focus on cancer prevention and treatment. They are implementing various initiatives and policies to improve access to cancer care and promote research and development in the field.
Economic: The economic impact of cancer is significant, with high healthcare costs and productivity losses. Governments and healthcare organizations are investing in cancer biologics to reduce the economic burden of the disease.
Social: The increasing awareness about cancer and its early detection, coupled with the rising acceptance of biologic therapies, is driving the demand for cancer biologics.
Technological: Technological advancements in the field of biotechnology, genomics, and immunotherapy are enabling the development of more effective and targeted cancer biologics.
E) Key Takeaways:
1. The global Cancer Biologic Market Insights is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period, due to increasing cancer prevalence and advancements in biotechnology.
2. The Asia Pacific region is expected to be the fastest-growing and dominating region in the Cancer Biologic Market, driven by the increasing healthcare expenditure, growing patient population, and rising adoption of biologic therapies.
3. Key players operating in the global Cancer Biologic Market include Merck & Co., Inc., Novartis International AG, F. Hoffmann-La Roche AG, Eli Lilly and Company, Bristol-Myers Squibb Company, Amgen Inc., Pfizer Inc., Sanofi S.A., Bayer AG, EnGeneIC Ltd, and GlaxoSmithKline PLC. These companies are focusing on research and development activities, collaborations, and mergers & acquisitions to strengthen their market position and expand their product portfolio.
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