The Cancer Biologics Market is estimated to be valued at US$ 94.5 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The cancer biologics market is estimated to witness high growth owing to increasing prevalence of cancer. Cancer biologics are derived from living cells cultured in the laboratory and have been engineered to fight against cancer. They play a vital role in the treatment of various types of cancers such as lung cancer, breast cancer, prostate cancer, cervical cancer, leukemia, lymphoma and others.
Cancer biologics are used for the treatment of various types of cancers. They are produced from living organisms or contain components of living organisms. Cancer biologics target specific changes in cancer cells and have fewer side effects than other cancer treatments such as chemotherapy. They work by blocking the growth and spread of cancer by interfering with specific molecules involved in tumor growth and progression. Some examples of cancer biologics include monoclonal antibodies, vaccines, cell and gene therapy products.
Market key trends:
Increasing incidence of cancer across the globe is a major factor responsible for driving growth of the cancer biologics market. According to Globocan 2020, globally around 19.3 million new cancer cases and 10.0 million cancer deaths occurred in 2020. Rising demand for personalized medicine and targeted therapies is also driving the market growth. Technological advancements in areas of cell and gene therapy and their accelerating applications in cancer treatment is anticipated to offer lucrative growth opportunities. Growing focus on development of combination therapies involving cancer biologics with other classes of molecules is another factor expected to boost the market growth over the forecast period.
Threat of new entrants: The high R&D costs and regulatory requirements for approval pose significant entry barriers.
Bargaining power of buyers: Individual patients have little bargaining power but group purchasing organizations can negotiate pricing and play a key role.
Bargaining power of suppliers: A few large pharmaceutical companies dominate the supply side giving them some bargaining leverage over pricing.
Threat of new substitutes: Development of novel drug delivery systems and targeted therapies pose a threat of substitution over time.
Competitive rivalry: Competition is intense between major players to develop newer and better biologics through extensive R&D which drives innovation.
Strengths: Biologics have fewer side effects than traditional chemotherapies. Developments in targeted therapies have improved treatment outcomes.
Weaknesses: High development costs of biologics limit their widespread accessibility and affordability. Complex manufacturing processes increase production costs.
Opportunities: Rising incidence of cancer globally presents high market potential. Personalized medicines tailored to individual genomic profiles offer new opportunities.
Threats: Long regulatory approval timelines for biologics limit their timely access. Patent expiries of blockbuster drugs open up market for biosimilars posing pricing pressure.
The Global Cancer Biologics Market Demand is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing prevalence of cancer worldwide. North America currently dominates the market owing to high adoption of novel biologics and presence of major market players in the region. However, Asia Pacific region is anticipated to register fastest growth rate in the coming years led by expanding healthcare infrastructure and large patient pool in developing countries like India and China.
Key players operating in the cancer biologics market are 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.. Intense R&D by major players to develop advanced targeted therapies will define the competitive landscape in the coming years.