The global Cancer Biologics market is primarily driven by the increasing prevalence of cancer across the globe. Cancer Biologics such as monoclonal antibodies target specific proteins expressed in cancer cells and are highly effective at treating various cancers such as breast cancer, lung cancer, and colorectal cancer. The development of targeted therapies has revolutionized cancer treatment by enhancing treatment efficacy and reducing overall toxicity in comparison to conventional chemotherapy. Monoclonal antibodies act as precision weapons that can identify cancer cells and either attack them directly or help other parts of the immune system find and eliminate tumors. With rising demands for effective and personalized treatment options, the market for Cancer Biologics is projected to grow substantially in the coming years.
The global Cancer Biologics Market is estimated to be valued at US$ 142.8 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 key trends
Increasing approvals for biosimilar drugs is one of the major trends witnessed in the global Cancer Biologics market. The patents of blockbuster biologics drugs are expected to expire in the coming years. This will lead to commercial availability and launch of biosimilar versions of original biologics in the market. Approval of biosimilars leads to cost reduction for cancer treatment and makes biologic drugs available at affordable prices. For instance, in November 2019, Mylan N.V. received the U.S. Food and Drug Administration (FDA) approval for Ogivri, a biosimilar referencing Trastuzumab, to treat HER2-overexpressing breast cancer and metastatic gastric cancer or gastroesophageal junction adenocarcinoma. Similarly, Samsung Bioepis’ Ontruzant, a biosimilar referencing Trastuzumab was approved by the European Commission in February 2019. Such increasing approvals of biosimilars are contributing to market growth.
Porter’s Analysis
Threat of new entrants: Cancer Biologics Market Size requires large capital investments for R&D and obtaining regulatory approvals, lowering the threat of new entrants.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of potential substitutes and importance of healthcare cost containment.
Bargaining power of suppliers: Leading biotech and pharmaceutical companies developing Cancer Biologics have significant bargaining power over buyers.
Threat of new substitutes: Ongoing advancements in targeted therapies, immunotherapies, and personalized medicine pose a significant threat of substitution.
Competitive rivalry: The market is highly competitive with the presence of global key players and rapid advancement in biologics development.
Key Takeaways
The global Cancer Biologics market is expected to witness high growth.
Regional analysis: North America dominated the Cancer Biologics market in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to the rising prevalence of cancer, presence of advanced healthcare infrastructure, and growing adoption of targeted therapies in this region.
Key players related content comprised: Key players operating in the Cancer Biologics market are Roche, Novartis, Eli Lilly & Company, Sanofi, Merck & Co, Bristol-Myers Squibb, AbbVie, Amgen, Johnson & Johnson, and GlaxoSmithKline.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it