The cancer biologics market is estimated to be valued at US$ 94.5 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cancer biologics are substances derived from living organisms that help in inhibiting or removing cancer cells from the human body without harming normal cells. Some key products in this market are monoclonal antibodies, growth factors, recombinant proteins, immunotherapy agents etc. Monoclonal antibodies like Rituximab and Bevacizumab are mainly used for treatment of breast cancer, lung cancer and colorectal cancer. Growth factors like erythropoietin help increase red blood cell count in cancer patients undergoing chemotherapy. Recombinant proteins are also utilized as substitutes for hormones depleted during cancer treatment.

Market Dynamics:
The growth of the cancer biologics market is majorly driven by the rising incidences of various cancer types globally. 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. Moreover, increasing adoption of targeted therapy over conventional chemotherapy due to better efficacy and fewer side effects is propelling the demand for cancer biologics. Monoclonal antibodies in particular have replaced chemotherapy as the standard of care for treating various cancers. Further, ongoing research and development activities for developing novel biologic compounds for cancer treatment also contributes to market growth. However, high cost of biologic drugs remains a major hindrance for widespread adoption, especially in price-sensitive developing regions.

SWOT Analysis

Strength:
- Cancer biologics such as monoclonal antibodies have proved highly effective for cancer treatment, improving survival rates and quality of life for patients.
- Rising investments by pharmaceutical companies in research and development of advanced cancer biologics is leading to continual pipeline of new therapies.
- Increasing role of targeted therapies and immunotherapies have transformed cancer treatment landscape, improving patient outcomes compared to traditional chemotherapy.

Weakness:
- High development costs and regulatory requirements associated with cancer biologics makes these therapies highly expensive for patients as well as healthcare systems.
- Many cancer biologics have side effects that reduce patient compliance and alternative treatment options are still limited for certain cancer types.

Opportunity:
- Growing prevalence of cancer worldwide due to aging population and changing lifestyle factors is enlarging the patient pool for cancer biologics.
- Emerging economies in Asia Pacific and Latin America present lucrative markets for cancer biologics manufacturers due to growing healthcare infrastructure and rising disposable incomes.

Threats:
- Competition from emerging biosimilars poses pricing pressures on leading biologics brands once they lose exclusivity.
- Stringent regulations around safety, efficacy and manufacturing of biologics increases compliance costs for companies.

Key Takeaways

The Global Cancer Biologics Market Demand is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing incidence of cancer globally. The market size for 2023 is US$ 94.5 Bn.

Regional analysis - North America dominates the global cancer biologics market currently, owing to favorable regulatory environment and presence of leading pharmaceutical companies. However, Asia Pacific region is emerging as the fastest growing market attributed to rising healthcare spending and large patient population.

Key players - Roche Holdings AG, Bristol Myers Squibb, Merck & Co., Inc., Novartis AG, Johnson & Johnson, Pfizer Inc., Amgen Inc., AstraZeneca plc, Eli Lilly and Company and AbbVie Inc. are playing a leading role in the global cancer biologics market. These companies are focusing on expansion in emerging markets through partnerships and introduction of novel targeted therapies.

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