The global cancer biologics market consists of monoclonal antibodies, blood and blood forming agents, gene therapies, immunotherapies, and vaccines. Rising global incidence of cancer and advancements in biologics and targeted therapy have boosted the demand for these therapeutics. Monoclonal antibodies such as Rituxan, Herceptin, Avastin, and Erbitux have revolutionized the treatment of cancer. They treat various cancers including non-Hodgkin’s lymphoma, breast cancer, colorectal cancer, and lung cancer.
The global cancer biologics Market is estimated to be valued at US$ 94.5 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid Advancements in Precision Medicine: Precision medicine is becoming an important driver for the cancer biologics market due to its ability to target cancer tumors with increased accuracy. Advancements in precision medicine allow for identification of specific tumor characteristics, biomarkers, and genetics which help physicians determine appropriate treatment options. This has enabled development of targeted therapies and companion diagnostics that are more effective for individual patients. Precision medicine ensures that the right treatment is delivered to the right patient at the right time and helps reduce trial and error associated with traditional one-size-fits-all approach.
Need for More Effective Targeted Therapies: Despite major breakthroughs, cancer still remains a leading cause of death worldwide. While precision therapies have improved outcomes for many patients, there remains significant unmet need for more targeted and effective treatment options especially for advanced and metastatic cancers. This is driving increased R&D investments by biotech and pharmaceutical companies in novel drug formulations, combination therapies, and cell and gene therapy approaches. Rapid product approvals and commercialization of innovative biologics will contribute significantly to market growth over the forecast period.
Segment Analysis
The cancer biologics market is dominated by the oncology segment, which accounts for over 83% revenue share. The oncology segment deals with drugs used for treating various types of cancers such as lung cancer, breast cancer, blood cancer, prostate cancer, skin cancer, ovarian cancer, cervical cancer, colorectal cancer, kidney cancer, liver cancer, multiple myeloma and others. Lung cancer sub-segment within the oncology segment dominates the market owing to the high prevalence of lung cancer worldwide.
PEST Analysis
Political: Governments around the world are increasing funding for cancer research which is positively impacting the growth of the cancer biologics market. Various initiatives are being taken to increase awareness about cancer.
Economic: Rise in healthcare expenditure and increasing per capita income is facilitating the demand for expensive cancer biologics drugs globally.
Social: Growing cases of cancer worldwide due to changing lifestyle and increased adoption of toxic habits such as smoking and drinking is a major factor driving the market.
Technological: Advances in biologics development and manufacturing processes are providing scope for development of novel combination therapies and targeted drugs with better efficacy and safety profile. Continuous R&D is also helping in development of biosimilars.
Key Takeaways
The Global Cancer Biologics Market Size is expected to witness high growth driven by rising cancer prevalence, rapidly growing geriatric population, increasing approval of novel biologics drugs and growing awareness. The global Cancer Biologics Market is estimated to be valued at US$ 94.5 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.
North America dominates the market currently owing to high healthcare spending and presence of major players. The Asia Pacific region is expected to grow at the fastest pace during the forecast period supported by expansion of healthcare infrastructure, growing disposable income, and increasing focus of key players towards emerging countries in the region.
Key players operating in the cancer biologics market are F. Hoffmann-La Roche Ltd., Amgen, Inc., Pfizer, Inc., GSK plc., Bristol-Myers Squibb Company, Abbott, AstraZeneca, Eli Lilly and Company, Gilead Sciences, Inc., and Johnson & Johnson Services, Inc. Roche dominates the market owing to its wide product portfolio and global brand presence. Other players are focusing on new product launches and acquisition strategies to strengthen their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
