Cancer biologics are medications that use specific monoclonal antibodies or proteins to treat cancer by helping the body's immune system destroy cancer cells. Some of the common cancer biologics available in the market include monoclonal antibodies, checkpoint inhibitor antibodies, vaccines, and other cell therapies. These biologics have minimal side effects as compared to chemotherapy and radiation and are useful in treating various cancer types such as breast cancer, lung cancer, leukemia, melanoma, and lymphoma.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to treat major cancer types represents a major market opportunity for cancer biologics. Cancer biologics can potentially treat several types of cancers which have limited treatment options available. For instance, cancers like pancreatic cancer, triple negative breast cancer, small cell lung cancer, and refractory cancers have limited chemotherapy options and have poor survival rates. Cancer biologics offer the promise of more targeted and effective treatment for such hard-to-treat cancers. Their ability to specifically target cancer cells makes them suitable for treating cancers that are difficult to operate or cure through surgeries and conventional chemotherapy drugs. This potential to treat previously untreatable cancer types will substantially drive the demand for cancer biologics in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirement and presence of established players. There are high costs involved in R&D of new biologics.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of substitute treatment options. However, increasing patient awareness and demand for quality care increases their influence.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to availability of substitutes and established supply relationships of key players.
Threat of new substitutes: The threat of new substitutes is high due to continued innovation in drug development for cancer treatment.
Competitive rivalry: The competition is high among established players to gain market share through continuous innovation and broad product portfolio.
SWOT Analysis
Strengths: Rising cancer incidence, increasing demand for targeted therapies and biologics, growing R&D investment.
Weaknesses: High treatment costs, safety concerns regarding biologics.
Opportunities: Growing geriatric population, in vitro collaborations, emergence of developing markets.
Threats: Patent expiries of blockbuster drugs, stringent regulations.
Key Takeaways
The Global Cancer Biologics Market Share is expected to witness high growth due to rising prevalence of cancer worldwide. 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.
Regional analysis reveals that North America dominates the market currently due to established healthcare infrastructure and increasing healthcare expenditure. Asia Pacific is expected to register fastest growth over the forecast period owing to growing geriatric population, rising disposable incomes and improving access to healthcare in countries like China, Japan and India.
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. The market is characterized by new product launches, collaborations for shared expertise and patents and regional expansion strategies adopted by these players.
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https://www.trendingwebwire.com/cancer-biologics-market-size-share-growth-outlook-2023/
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