Biologics Are Fastest Growing Segment Fueling The Growth Of Cancer Biologics Market

 
Cancer Biologics Market 

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 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Cancer Biologics are monoclonal antibodies or proteins derived from living cells used to treat cancer. They work by precisely targeting specific cancer cells without harming normal cells. The biologics market is growing due to increasing demand for targeted and personalized therapy with fewer side effects compared to chemotherapy.

Market key trends:
The biologics segment is experiencing high growth and is expected to dominate the cancer biologics market during the forecast period. Within the biologics segment, monoclonal antibodies are widely used for treatment of various cancer types. Advances in antibody engineering technology have led to development of multi-specific antibodies that bind to two or more tumor-associated antigens or receptors, thereby improving therapeutic effectiveness. Emergence of biosimilars has also fueled competition and reduced treatment costs in the market. Regulatory pathways support faster approval times for biosimilars compared to innovative biologics.


Segment Analysis
The global cancer biologics market is segmented by product type, therapeutic application and end-user. By product type, the market is segmented into monoclonal antibodies, vaccines, cell and gene therapy and others. Among the segments, monoclonal antibodies segment dominates the market owing to wide usage of monoclonal antibodies such as bevacizumab, rituximab, trastuzumab and cetuximab in cancer treatment.

Key Takeaways
The Global Cancer Biologics Market Demand is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing prevalence of cancer and rising demand for targeted therapies.

The global cancer biologics market size is expected to reach US$ 94.5 Bn in 2023.

Regional analysis: North America dominates the global cancer biologics market followed by Europe. High healthcare spending and increasing adoption of targeted therapies drive the market growth in these regions. Asia Pacific is expected to witness fastest growth during the forecast period owing to large patient pool, rising healthcare expenditure and improving healthcare infrastructure in emerging economies like China and India.

Key players: Key players operating in the cancer biologics market are Roche Holdings AG, Bristol Myers Squibb, Merck & Co., Inc., Novartis AG, Johnson & Johnson, Pfizer Inc., Amgen Inc., AstraZeneca plc, Eli Lilly and Company and AbbVie Inc. Roche Holdings AG maintains its leading position in the market attributed to its wide portfolio of cancer biologics drugs like Avastin, Herceptin and Rituxan among others.

Read More:

https://www.marketwebjournal.com/cancer-biologics-market-demand-growth-and-market-share/

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