Cancer Biologics Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Cancer12/18/2023 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 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview Cancer biologics are a type of immunotherapy drug used to treat cancer. They help boost, direct, or restore the body's natural defenses against cancer. Some cancer biologics work by blocking the signals cancer cells use to grow and spread. Others help mobilize the body's immune system to fight cancer. Cancer biologics provide targeted treatment options to patients and cause fewer side effects than traditional chemotherapy. Market key trends The rising prevalence of cancer across the globe is a key factor boosting the growth of the cancer biologics market. According to the World Cancer Research Fund International, in 2020 around 19.3 million new cases and 10 million cancer deaths were reported worldwide. Furthermore, high investments in research and development of innovative cancer biologics, growing regulatory approvals for cancer biologics, and increasing awareness about targeted therapies are also propelling the market growth. For instance, between 2018 and 2020, the US FDA approved over 20 new cancer drugs which included several cancer biologics. The growing popularity of combination therapies which involve use of cancer biologics along with other drugs is another trend fueling the cancer biologics market growth over the forecast period. Porter's Analysis Threat of new entrants: Entry barriers in the cancer biologics market are high due to requirements for large R&D investments and getting regulatory approvals. Bargaining power of buyers: Presence of many drug manufacturers limits the bargaining power of buyers in this market. Bargaining power of suppliers: Suppliers of raw materials have low bargaining power due to availability of substitute materials. Threat of new substitutes: Threat of new substitutes is moderate as new targeted therapeutics and combination therapies are emerging. Competitive rivalry: Intense as major players compete on the basis of product portfolio and development of innovative therapies. SWOT Analysis Strengths: Huge market size and high growth rate due to rising cancer incidence. Advances in R&D of targeted therapies. Weaknesses: High manufacturing costs. Risk of drug failure and long development cycles. Dependency on reimbursement policies. Opportunities: Emerging markets to offer new opportunities. Combination therapies to drive market growth. Threats: Stringent regulations for drug approval. Patent expirations impact sales of major drugs. Key Takeaways The global Cancer Biologics Market Demand is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing incidence of cancer globally. As per WHO, cancer burden is projected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Regionally, North America commands the largest share in the cancer biologics market due to new product approvals and presence of major market players in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period driven by increasing healthcare spending and massive patient pool. 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. Major players focus on partnership and collaboration for drug development and commercialization. Get More Insights On This Topic: https://www.pressreleasebulletin.com/new-avenue-for-cancer-biologics-market-trends-share-analysis/
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