May 22, 2024
Cancer Biologics Market

Growing Demand For Personalized Cancer Treatment To Accelerate Growth Of The Global Cancer Biologics Market

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 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview

Cancer biologics are used for targeted cancer treatment. They are monoclonal antibodies and cytokines that are made from living organisms or are living cells. They help fight cancer by targeting specific molecules on cancer cell surface or inside cancer cells. They are highly specific and can find cancer cells easily in the body. They work differently than chemotherapy which targets rapidly dividing normal and cancerous cells. Some key advantages of cancer biologics include reduced side effects compared to chemotherapy, high specificity to targets on cancer cells, ability to activate immune system against cancer cells.

Market key trends

One of the key trends in the cancer biologics market is the increasing demand for personalized cancer treatment. Due to the diverse nature of cancers depending on each individual’s genetics, more targeted treatment options are required. Several companies are investing in research to develop cancer biologics that can target specific gene mutations or proteins expressed on cancer cells of individual patients. This allows for development of highly personalized treatment regimens tailored to each patient’s tumor profile. This is expected to improve treatment outcomes and reduce systemic side effects significantly over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the cancer biologics market is moderate. High capital requirements for extensive R&D and clinical trials pose barriers for new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of many established players provides buyers with choice and competitive prices. However, high treatment costs reduce buyer power for many.

Bargaining power of suppliers: The bargaining power of suppliers is low. The industry players operating at a large scale have significant influence over suppliers of raw materials and resources.

Threat of new substitutes: The threat of new substitutes is low. Cancer biologics have few substitutes and biologics like vaccines provide an additional line of treatments.

Competitive rivalry: Intense as major players frequently introduce novel products and spend heavily on R&D and marketing to gain market share.

Key Takeaways

The global Cancer Biologics Market Demand is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing incidence of cancer globally. According to WHO, cancer burden has risen to nearly 10 million new cases in 2020 from 14.1 million new cases in 2012.

North America dominates the cancer biologics market owing to high awareness, advanced healthcare infrastructure and presence of prominent market players in the region. Asia Pacific is expected to witness the highest growth rate during the forecast period owing to developing healthcare systems, rising medical tourism and increasing disposable incomes 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. These players are focusing on expanding their product portfolios by frequent new launches. For instance, in 2021, Roche received FDA approval for Tecentriq in combination with chemotherapy for the initial treatment of adults with extensive-stage small cell lung cancer.

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