Cancer therapeutics involves drugs that stop or slow the growth of cancer cells while biotherapeutics utilizes body's natural defense mechanism to identify and destroy cancer cells. Rising incidences of cancer coupled with growing awareness about prevention and treatment has amplified the need for efficient cancer therapeutics and biotherapeutics. Rising emphasis on precision medicine has also boosted the innovation in cancer therapies over the past few years offering patients with more customizable and effective treatment options.
Global cancer therapeutics and biotherapeutics market is estimated to be valued at US$ 194.11 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the global cancer therapeutics and biotherapeutics market are Amgen Inc., Bristol-Myers Squibb, Celgene Corporation, ELI Lilly and Company, Hoffmann-La Roche AG, EnGeneIC Ltd, Merck & Co Inc., Novartis, Pfizer Inc., Johnson & Johnson, AstraZeneca, Bristol-Myers Squibb, Biogen IDEC, Sanofi, Novartis AG, Roche, Schering-Plough, Gilead Sciences, and Takeda Pharmaceutical Company. These players are focusing on new product launches, collaborations, and geographical expansion to strengthen their market presence.
Key opportunities: Growing healthcare expenditure, rising R&D funding for cancer research, increasing demand Global Cancer Therapeutics And Biotherapeutics Market Demand and potential opportunities in developing countries offer immense growth prospects in the global cancer therapeutics and biotherapeutics market over the forecast period.
Global Expansion: Key players are expanding their business operations in high growth markets such as Asia Pacific and Latin America through strategic partnerships and collaborations. Growing demand from emerging countries is prompting companies to enhance their global footprint which will further create lucrative opportunities over the next few years.
Market drivers: Rising prevalence of cancer due to changing lifestyle habits and growing elderly population is a key driver augmenting the demand for efficient cancer therapeutics and biotherapeutics globally. According to WHO, cancer burden is expected to grow by over 70% in next two decades. Another major driver is the advancement in biotechnology that is leading to development of novel targeted drugs and immunotherapies for cancer treatment.
Market restrain: High costs associated with cancer diagnosis and therapeutics is one of the major challenges restraining the market growth. Other restraints include lengthy drug approval process, toxicity issues with chemotherapy, and limited success rate of late stage clinical trials. Managing drug resistance after periodical use is also a key concern area.
Segment Analysis
The Global Cancer Therapeutics And Biotherapeutics Market Size And Trends is dominated by pharmaceutical companies that specialize in oncology drugs. The market is segmented into immunotherapy, targeted therapy, chemotherapy, and hormonal therapy sub segments. Immunotherapy dominates the market currently due to advances in checkpoint inhibitors and CAR T-therapy drugs that are proving highly effective against certain cancers. Immunotherapy harnesses the body's own immune system to help recognize and destroy cancer cells and is expected to witness strong growth during the forecast period.
Global Analysis
North America currently dominates the global cancer therapeutics and biotherapeutics market due to high healthcare expenditure and favorable reimbursement policies for cancer drugs in the United States. The region is expected to continue its dominance during the forecast period. Asia Pacific is projected to be the fastest growing regional market owing to rising healthcare standards, increasing prevalence of cancer, and growing focus of key players to expand in emerging countries. Key players are focusing on strategic collaborations, mergers, and acquisitions to strengthen their product portfolio and global presence with an aim to capitalize on growth opportunities in developing markets.
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