Cancer biologics are medical products derived from living organisms that are used for targeted cancer therapy. They stimulate or restore the immune system's ability to fight cancer by blocking specific molecules involved in tumor growth and progression. Cancer biologics such as monoclonal antibodies and cytokines are increasingly being used to treat various types of cancers including breast cancer, lung cancer, and leukemia. They provide patient-specific treatment options with fewer side effects compared to chemotherapy.
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 key trends:
The popularity of targeted cancer therapies over traditional chemotherapy is a major factor driving the growth of the cancer biologics market. Cancer biologics target specific molecules involved in the growth, progression, and spread of cancer cells. This enhances their efficacy and safety profile compared to non-specific chemotherapeutic agents. As targeted therapies cause fewer side effects than chemotherapy, their adoption rate is rising among cancer patients. Regulatory approvals for new biologics and label expansion of existing drugs are further contributing to market growth. Innovation in antibody-drug conjugates and other targeted drug formats is also fueling the demand for cancer biologics.
Segment Analysis
The global cancer biologics market is segmented into monoclonal antibodies, vaccines, cell and gene therapy and others. Monoclonal antibodies segment dominates the market with over 60% share in 2023. Monoclonal antibodies are highly preferred biologic drugs for treatment of various cancers owing to their high target specificity and few side effects.
Key Takeaways
The Global Cancer Biologics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.
The North America region currently dominates the global cancer biologics market with over 40% share in 2023 owing to presence of advanced healthcare facilities and infrastructure for treatment of cancer. Also, growing incidence of cancer and availability of favorable reimbursement policies for cancer treatments are driving the market growth in the region.
Key players: 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. F. Hoffmann-La Roche Ltd. leads the global cancer biologics market with more than 15% share owing to its wide product portfolio of monoclonal antibodies used in treatment of various cancers like breast cancer and lung cancer.
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