Cancer Biologics Market Growth Accelerated by Rising Cancer Incidence Rates
Cancer Biologics Market |
Cancer biologics are complex medical drugs that harness the power of living organisms and biological processes to treat and prevent cancer. These biologics utilize monoclonal antibodies, therapeutic vaccines, and other biological therapies to target specific antigens andmolecules involved in cancer growth and progression. With the rising global cancer burden and increasing preference for targeted and personalized treatment approaches, the demand for innovative cancer biologics has significantly grown in recent years.
The global
Cancer Biologics Market is estimated to be valued at US$ 174.8 billion 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 key trends:
One of the key trends driving the growth of the cancer biologics market is the
rising incidence and prevalence of various cancer types globally. According to
the World Health Organization (WHO), cancer is the second leading cause of
death worldwide and was responsible for nearly 10 million deaths in 2020. The
four most common cancers globally are lung cancer, breast cancer, colorectal
cancer, and prostate cancer. The high disease burden has increased the focus on
development as well as adoption of advanced targeted therapies to improve
clinical outcomes. Many biologics in late stage pipelines have demonstrated
promising results for hard-to-treat cancers and this is expected to
significantly drive their approvals and commercialization during the forecast
period. Additionally, growing healthcare expenditures and increasing access to
healthcare facilities particularly in developing nations will continue to boost
the adoption of high-cost biologic drugs for cancer treatment.
Segment
Analysis
The global cancer biologics market is segmented by drug class, application, end
user, and geography. The drug class segment includes monoclonal antibodies,
cancer vaccines, checkpoint inhibitors, interleukins and others. Among these,
the monoclonal antibodies segment holds the largest market share as they are
established and widely accepted treatment options for various cancer types.
They target specific antigenic sites present on the surface of cancer cells and
have high specificity and accuracy in destroying cancer cells.
Key Takeaways
Global
Cancer Biologics Market Size is expected to witness high growth over
the forecast period of 2023 to 2030.
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