July 12, 2024

Innovative Therapies To Drive The Growth Of Cancer Biologics Market

Market Overview:

Cancer biologics are therapeutic agents derived from living organisms and manufactured through biotechnology to cure or treat various types of cancer. These include monoclonal antibodies, interleukins, interferons, genetically engineered proteins and hormones. They help boost the immune systems as well as improve quality and duration of life for cancer patients. Cancer biologics are tailored therapies capable of exploiting specific weaknesses in cancer cells. They have fewer side effects than traditional chemotherapy drugs and provide an alternative mode of treatment for cancer cases that have become resistant to chemotherapy.

Market key trends:

Rise in prevalence of cancer across the globe is driving the demand for advanced treatment options like cancer biologics. According to the World Health Organization, cancer burden rose to 19.3 million new cases and 10 million cancer deaths in 2020. Increasing R&D investments by players in developing novel biologic cancer therapies is another key trend in the market. Growing clinical trials evaluating safety and efficacy of combination therapies for hard-to-treat cancers also presents lucrative opportunities over the forecast period. Furthermore, improving regulatory frameworks and rising awareness about biologics are expected to accelerate the adoption of these targeted therapies among patients and healthcare professionals.

Porter’s Analysis

Threat of new entrants: Low cost of production for pharmaceutical companies prevent new companies from entering the market. Strict regulations by regulatory authorities for approval of new drugs pose high entry barriers.

Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power over suppliers due to their large market share and ability to negotiate bulk purchase prices.

Bargaining power of suppliers: Suppliers have little power in the market due large number of suppliers and differentiated products offered by companies.

Threat of new substitutes: Limited threat of substitute exist as biologics drugs target specific genes and pathways within cancer cells.

Competitive rivalry: Intense competition exist among existing players to develop novel biologics through continuous research and clinical trials.

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. North America dominates the global cancer biologics market with highest market share currently. Increasing regulatory approvals of novel cancer biologics in the US and Canada is driving market growth.

The Asia Pacific region is expected to be the fastest growing market during the forecast period attributed to large patient pool, rising healthcare spending, and increasing awareness about cancer treatment. Key players like Roche, Novartis and Amgen are focusing on expanding their presence in emerging Asia Pacific markets through acquisitions and partnerships with local pharmaceutical companies.

Key players operating in the cancer biologics market include 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. Continuous investment in R&D is the core strategy of top players to develop new biologic drugs with novel mechanisms of action and higher survival benefits.

Note:

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