Cancer Biologics Market to Reach US$ 94.5 Bn by 2022, with a CAGR of 7.7%: Coherent Market Insights
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Cancer Biologics Market |
Market
Overview:
The global cancer biologics market is projected to be valued at US$ 94.5 Bn in 2022, and is anticipated
to grow at a CAGR of 7.7% over the
forecast period of 2023-2031. Cancer biologics refer to targeted therapies that
use substances derived from living organisms to treat various types of cancers.
These biologics offer several advantages over conventional chemotherapy, such
as enhanced efficacy, reduced side effects, and personalized treatment options
based on genetic makeup. Rising prevalence of cancer worldwide, along with
increasing advancements in biotechnology and personalized medicine, are driving
the demand for cancer biologics in the market.
Market Key Trends:
Among the key trends observed in the cancer biologics market, immunotherapy has
gained significant prominence. Immunotherapy is a form of cancer treatment that
stimulates the patient's immune system to fight against cancer cells. It has
shown promising results in the treatment of various cancers, including lung
cancer, breast cancer, and melanoma. The development of immune checkpoint inhibitors
and CAR-T cell therapies has revolutionized cancer treatment, offering improved
response rates and long-lasting remissions. Moreover, ongoing research and
development efforts in the field of cancer immuno-oncology are expected to
further fuel market growth in the coming years.
Segment Analysis:
The cancer biologics market can be segmented based on type, application, and
region. In terms of type, the market can be divided into monoclonal antibodies,
vaccines, cell therapies, and others. Monoclonal antibodies dominate the
segment, accounting for the largest market share. This can be attributed to
their high specificity in targeting cancer cells and fewer side effects
compared to traditional chemotherapy drugs. Monoclonal antibodies such as
trastuzumab, rituximab, and bevacizumab have been widely used in the treatment
of various cancers, further driving the dominance of this segment.
Key Takeaways:
The global Cancer
Biologics Market is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period
of 2023-2031. This growth can be attributed to several factors. Firstly, the
rising incidence of cancer worldwide is driving the demand for effective
treatment options, including biologic therapies. Additionally, advancements in
biotechnology and genetic engineering have led to the development of novel and
more targeted biologics, further fueling market growth.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the cancer biologics market. This can
be attributed to the presence of well-established healthcare infrastructure,
increasing R&D investments, and favorable reimbursement policies.
Furthermore, the high prevalence of cancer in the region and the growing
adoption of biologic therapies contribute to the region's dominance. Europe and
Asia Pacific are also expected to witness significant growth in the market due
to improving healthcare facilities and increasing awareness about cancer
treatment options.
Key players operating in the cancer biologics market include Merck & Co.,
Inc., Novartis International AG, F. Hoffmann-La Roche AG, Eli Lilly and
Company, Bristol-Myers Squibb Company, Amgen Inc., Pfizer Inc., Sanofi S.A.,
Bayer AG, EnGeneIC Ltd, and GlaxoSmithKline PLC. These companies focus on
strategic collaborations, acquisitions, and product launches to strengthen
their market position. For instance, in 2020, Eli Lilly and Company received
FDA approval for its biologic therapy, Retevmo, for the treatment of certain
types of cancer. Such initiatives by key players contribute to the overall
growth and development of the cancer biologics market.
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More : https://www.rapidwebwire.com/cancer-biologics-market-high-prevalence-of-cancer-driving-market-growth/
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