by Cancer Biologics are biological entities used as therapeutic agents in the treatment of cancer such as monoclonal antibodies, cytokines, and cancer vaccines. Monoclonal antibodies are largely used as Cancer Biologics and are specifically designed to target specific tumor cell receptors or antigens. They help in targeting specific cancer cells by blocking their growth and limiting the spread of tumor. For instance, bevacizumab, trastuzumab, rituximab are some of the widely used monoclonal antibodies in cancer treatment. The global Cancer Biologics market is mainly driven by the rising prevalence of cancer worldwide and increasing R&D in monoclonal antibody development for treatment of various cancers.
The global Cancer Biologics market is estimated to be valued at US$ 124.2 billion in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Monoclonal Antibody Development (as referred in heading): Monoclonal antibodies have emerged as the most promising therapeutic option in clinical oncology for treatment of various cancers. Continuous research and development in monoclonal antibodies is expected to fuel the Cancer Biologics market growth. For instance, in 2021, the FDA approved fam-trastuzumab deruxtecan-nxki, a HER2-directed antibody-drug conjugate, for the treatment of solid tumors with HER2 mutations.
Rising prevalence of cancer worldwide (second driver): According to WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020.The increasing incidence of cancer globally due to changing lifestyle and growing geriatric population is expected to boost demand for advanced treatment options including Cancer Biologics.
Segment Analysis
The Cancer Biologics market is segmented into monoclonal antibodies, cytokine/immunotherapy and vaccines. Monoclonal antibodies segment dominates the market in terms of revenue and is projected to witness a CAGR of 4.2% during the forecast period. It is the leading segment due to increasing use of monoclonal antibodies for treating various types of cancers such as breast cancer, lung cancer, colorectal cancer, lymphoma and others.
PEST Analysis
Political: Government focus on research and development for novel cancer therapeutics through funding is positively influencing the market growth. Some countries also provide insurance coverage for expensive cancer drugs which is fueling the adoption.
Economic: Rising healthcare spending, increasing per capita income and growing focus on cancer care is propelling the market growth. However, high treatment costs of biologics may limit certain population from access.
Social: Increasing incidence of cancer worldwide due to changing lifestyle, tobacco use, obesity, unhealthy diet is driving the demand for effective therapeutics. Growing cancer awareness is also boosting the market.
Technological: Significant investments in research and development of advanced cancer therapeutics using antibody drug conjugates, CAR T-cell therapy and others is expected to support the market growth going forward.
Key Takeaways
Cancer Biologics Market Size is expected to witness high growth over the forecast period due to rising cancer prevalence, increasing approval of novel biologics and large scale pipeline of emerging therapies.
Regional analysis: North America region accounts for the largest share in the Cancer Biologics market due to growing cancer research, availability of advanced healthcare facilities and favorable reimbursement policies. Asia Pacific is projected to witness fastest growth owing to rising healthcare spending, expanding private healthcare industry and growing focus on cancer care.
Key players: Key players operating in the Cancer Biologics market are F. Hoffmann-La Roche Ltd., Novartis International AG, Bristol Myers Squibb, Eli Lilly & Company, Amgen Inc., Merck & Co., GlaxoSmithKline Plc., Johnson & Johnson, AbbVie, Sanofi SA. F. Hoffmann-La Roche Ltd and Amgen Inc. are the leading players in the market due to strong oncology portfolio and significant sales from blockbuster oncology drugs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
