July 25, 2024

Pharmaceutical Segment Is The Largest Segment Driving The Growth Of Cancer Biologics Market

Market Overview:

Cancer biologics are drugs derived from living organisms to prevent and treat various types of cancers. These include monoclonal antibodies, cytokines, vaccines and cell therapies. They work by targeting specific molecules on cancer cells or immune cells to boost the body’s natural defenses against cancer.

Market key trends:

One of the key trends in the cancer biologics market is the increase in demand for personalized medicine. With growing focus on precision medicine, biologics are being developed that can target specific mutations in tumors. Several targeted therapies are already available that have significantly improved survival rates. Moreover, the pipeline for pipeline for novel biologic drug candidates is robust with many candidates in late-stage clinical trials. The approving of these drugs will further fuel the market growth during the forecast period. Advancements in cell and gene therapy is another trend where cells are being genetically modified to recognize and attack cancer cells. This is an emerging area that holds promise for effective treatment of both solid and blood cancers.

Market key trends:
The cancer biologics market has been witnessing increasing demand for biosimilar and biobetter drugs. Biosimilars are more cost-effective version of original biologics drugs and biobetters are enhanced version of existing biologics with improved efficacy. The patent expiry of major blockbuster biologics drugs and growing demand for cost-effective treatment options have boosted research and development of biosimilars and biobetters. Additionally, increasing adoption of targeted drug therapies over conventional chemotherapy for cancer treatment is another key trend in this market.

SWOT Analysis
Strength: Effective treatment with minimal side effects compared to other therapies. Increased survival and recovery rates.
Weakness: High development costs. Lengthy drug development and approval process.
Opportunity: Patent expiry of branded biologics. Growing cancer incidence rates worldwide.
Threats: Price controls and regulatory hurdles for market approval. Development of resistant cancer strains.

Key Takeaways

The global cancer biologics market size was valued at US$ 94.5 Bn in 2023 and is expected to reach over US$ 160 Bn by 2030, expanding at a CAGR of 7.7% during the forecast period. The rising prevalence of different cancer types and growing demand for biosimilars due to their cost-effectiveness are major factors driving the market.

In terms of regional analysis, North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to the growing cancer patient population, advanced healthcare infrastructure, and high adoption of novel cancer treatment options in the region.

Some of the prominent players operating in the cancer biologics market are 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. These companies have strong portfolios of biologics drugs and maintain long-standing dominance in the market through continuous R&D investments and new product launches.

Note:

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