The global cancer therapeutics and biotherapeutics market includes products such as monoclonal antibodies, vaccines, and other biologic therapies to treat cancer. Cancer therapeutics and biotherapeutics help inhibit growth and proliferation of cancerous cells thereby providing relief to cancer patients. The demand for cancer therapeutics and biotherapeutics is growing owing to increasing prevalence of various forms of cancers. Targeted cancer therapeutics offer promising results by selectively targeting cancer cells with minimal toxicity to healthy cells.
The 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 2024 to 2031.
Key Takeaways
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. The prevalence of various cancer types has increased significantly in recent years. Biologics such as monoclonal antibodies and vaccines offer promising results with targeted treatment against cancer cells.
The Global Cancer Therapeutics And Biotherapeutics Market Demand According to WHO, cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. The increase in healthcare expenditure and demand for advanced treatment therapies are further contributing to market growth.
Global expansion of key players into emerging markets and rise of biosimilars will provide opportunities for market growth during the forecast period. Strategic collaborations between biotech and pharma companies are leading to new product approvals and further research on improving the efficacy of existing drugs.
Market Key Trends
One of the key trends in the Global Cancer Therapeutics And Biotherapeutics Market Size And Trends is the increasing popularity of combination therapies. Combining cancer drugs that work through different mechanisms shows improved treatment outcomes compared to monotherapies. Research is also ongoing in developing combination therapies of small molecule drugs, targeted therapies and immunotherapies to achieve better clinical responses. With ongoing advancements, combination regimens are expected to become the standard of care for several types of cancers.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in biotechnology and new targeted therapies offering opportunities.
Bargaining power of buyers: Large buyers like governments and healthcare payers have significant negotiating power to demand lower prices.
Bargaining power of suppliers: Presence of few major players controlling key technologies leads to some dependence of smaller players on suppliers.
Threat of new substitutes: Constant innovation and advancement in cancer treatment offers viable options that can displace existing therapies.
Competitive rivalry: Fierce competition among major players and influx of generic drugs intensifying price wars and competition.
Geographical Regions
North America accounts for the largest share in the global cancer therapeutics and biotherapeutics market, primarily due to high healthcare spending, presence of major market players, and rising cancer prevalence in the region.
Asia Pacific is poised to grow at the fastest rate during the forecast period, driven by increased healthcare investments, large patient pools, and rising awareness about cancer treatment. Large untapped markets in countries like China and India offer huge opportunities.
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1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it