May 21, 2024
Cancer Biologics Market

Cancer Biologics Market to Grow Significantly due to Rising Prevalence of Cancer Globally

Cancer biologics are biopharmaceutical drugs used for treating various types of cancer including lung cancer, breast cancer, prostate cancer, colorectal cancer, and lymphoma among others. Cancer biologics work by targeting specific molecules that help cancer grow and develop. They include monoclonal antibodies, interleukins, interferons, granulocyte colony-stimulating factors, and others. The biologics market is driven by the increasing demand for targeted therapies over conventional chemotherapy drugs to ensure fewer side effects and better efficacy.

The global cancer biologics market is estimated to be valued at US$ 108.87 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2030.

Key Takeaways
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.

Key players: F. Hoffmann-La Roche Ltd., Amgen, Inc., and Pfizer, Inc. are the major players in the cancer biologics market. Roche dominates the market with its prominent biosimilars portfolio including Avastin and Herceptin brands.

Key opportunities: Rise in prevalence of cancer globally has opened doors for new molecular entity launches in cancer biologics over next few years. Substantial drug pipeline of major companies offers business opportunities.

Global expansion: Major players are expanding their global footprint through acquisitions and partnerships. Regional and local markets witness entry of international brands through licensing agreements.

Market drivers: Increasing incidences of various cancers along with rising geriatric population at higher risk of cancer are key factors fueling the demand for cancer biologics. Growing health insurance coverage and public healthcare funding aid market growth.

PEST Analysis
Political: The governments of various countries are introducing various initiatives and funding for cancer research and treatment. For instance, the government of the US is focusing on creating awareness through programs like National Breast and Cervical Cancer Early Detection Program.

Economic: The rising incidence of cancer combined with increasing healthcare expenditure is fueling the demand for cancer biologics. Moreover, favorable reimbursement policies and the launch of affordable biosimilars are also supporting the market growth.

Social: Growing cancer awareness campaigns by government and nonprofit organizations are encouraging people to seek early diagnosis and treatment. Additionally, the rising adoption of unhealthy lifestyles leading to various chronic diseases including cancer is also propelling the demand.

Technological: Advancements in fields like genomics, proteomics and personalized medicine have enabled the development of novel biologics with improved efficacy and fewer side effects. Moreover, AI and machine learning technologies are assisting in drug discovery and clinical trial processes.

In terms of value, North America dominates the cancer biologics market due to the rising prevalence of cancer, growing geriatric population, availability of advanced healthcare facilities, and favorable reimbursement policies in the region. Europe represents the second largest market on account of increasing healthcare investments and government support for cancer research.

Asia Pacific is poised to be the fastest growing regional market over the forecast period owing to the improving access to diagnosis and treatment, rising awareness about cancer, and increasing healthcare expenditure in emerging economies like China and India. Additional factors such as growing penetration of biologics and expansion of key market players in Asian countries will further support the regional market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it