Global Cancer Biologics Market is Estimated To Witness High Growth...

Global Cancer Biologics Market is Estimated To Witness High Growth

Posted 2023-10-19 13:05:46

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

Market Overview:
The Cancer Biologics Market refers to the pharmaceutical products that are derived from living cells or organisms and used to treat various types of cancer. These biologics are designed to target specific molecules or pathways involved in cancer cell growth and progression. They offer several advantages over traditional chemotherapy and radiation therapy, such as higher efficacy, fewer side effects, and targeted action. Cancer biologics include monoclonal antibodies, immune checkpoint inhibitors, and cancer vaccines, among others. These products are used in the treatment of various types of cancer, including breast cancer, lung cancer, colorectal cancer, and leukemia, among others, and have revolutionized the field of cancer treatment.

Market Dynamics:
The growth of the Cancer Biologics Market is driven by two main factors. Firstly, the increasing prevalence of cancer globally is fueling the demand for effective treatment options. According to the World Health Organization (WHO), cancer is one of the leading causes of death worldwide, with an estimated 9.6 million deaths in 2018. The rising incidence of cancer, coupled with the growing aging population and lifestyle changes, is expected to drive the demand for cancer biologics in the coming years.