The Global Cancer Therapeutics And Biotherapeutics Market will grow at highest pace owing to innovations

The global cancer therapeutics and biotherapeutics market involves drugs that are used for the treatment of various cancers such as lung cancer, breast cancer, prostate cancer, colorectal cancer, gastric cancer and others. These drugs comprise monoclonal antibodies, vaccines, cell and gene therapy and various other biological formulations that are produced from living cells and are used as a treatment to boost, restore or replace functions that are missing or damaged. Cancer therapeutics constitute drugs such as selective kinase inhibitors, alkylating agents, chemotherapy and others that directly target different molecular pathways and cell signaling responsible for tumor growth and metastasis.

The 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. Rising incidence of various cancers coupled with increasing healthcare expenditure for cancer treatment is fueling the demand for efficient cancer drugs globally. Moreover, ongoing research and development activities for development of targeted therapies and personalized medicines are expected to have a positive impact on the market growth over the forecast period.

The Global Cancer Therapeutics And Biotherapeutics Market Demand According to WHO, cancer remains one of the leading causes of mortality worldwide, accounting for nearly 10 million deaths in 2020. Factors such as rising geriatric population, growing consumption of tobacco, changes in lifestyle and diet are contributing to the increase in cancer burden. This growing prevalence creates lucrative opportunities for manufacturers of cancer drugs to introduce novel targeted therapies with improved efficacy and better patient outcomes.

Technological advancements in biotherapeutics and targeted drug delivery are further boosting the market growth. Development of advanced techniques such as nanotechnology and immune-oncology has enabled localized and precise delivery of biotherapeutic agents at tumor sites to enhance therapeutic effectiveness. Moreover, use of biomarker-driven patient selection and companion diagnostics aids in delivering personalized treatment regimens thereby increasing treatment success rates.

Market Trends

Increase in partnerships and mergers - Players in the market are engaging in strategic collaborations with biotech companies and research institutes to develop pipeline candidates at faster pace. Rise in partnership deals between large pharmaceutical companies and small biotechs is a key trend.

Growing demand for biosimilars - Global Cancer Therapeutics And Biotherapeutics Market Size And Trends  benefits to reference biologics at lower costs than original biologics. Increasing patent expiration of biologic drugs and need to reduce healthcare costs is fueling the demand for biosimilars.

The global cancer therapeutics and biotherapeutics market involves drugs that are used for the treatment of various cancers such as lung cancer, breast cancer, prostate cancer, colorectal cancer, gastric cancer and others. These drugs comprise monoclonal antibodies, vaccines, cell and gene therapy and various other biological formulations that are produced from living cells and are used as a treatment to boost, restore or replace functions that are missing or damaged. Cancer therapeutics constitute drugs such as selective kinase inhibitors, alkylating agents, chemotherapy and others that directly target different molecular pathways and cell signaling responsible for tumor growth and metastasis.
The 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. Rising incidence of various cancers coupled with increasing healthcare expenditure for cancer treatment is fueling the demand for efficient cancer drugs globally. Moreover, ongoing research and development activities for development of targeted therapies and personalized medicines are expected to have a positive impact on the market growth over the forecast period.

The Global Cancer Therapeutics And Biotherapeutics Market Demand According to WHO, cancer remains one of the leading causes of mortality worldwide, accounting for nearly 10 million deaths in 2020. Factors such as rising geriatric population, growing consumption of tobacco, changes in lifestyle and diet are contributing to the increase in cancer burden. This growing prevalence creates lucrative opportunities for manufacturers of cancer drugs to introduce novel targeted therapies with improved efficacy and better patient outcomes.

Technological advancements in biotherapeutics and targeted drug delivery are further boosting the market growth. Development of advanced techniques such as nanotechnology and immune-oncology has enabled localized and precise delivery of biotherapeutic agents at tumor sites to enhance therapeutic effectiveness. Moreover, use of biomarker-driven patient selection and companion diagnostics aids in delivering personalized treatment regimens thereby increasing treatment success rates.

Market Trends

Increase in partnerships and mergers - Players in the market are engaging in strategic collaborations with biotech companies and research institutes to develop pipeline candidates at faster pace. Rise in partnership deals between large pharmaceutical companies and small biotechs is a key trend.

Growing demand for biosimilars - Global Cancer Therapeutics And Biotherapeutics Market Size And Trends  benefits to reference biologics at lower costs than original biologics. Increasing patent expiration of biologic drugs and need to reduce healthcare costs is fueling the demand for biosimilars.

Market Opportunities

Asia Pacific offers high growth potential - Asia Pacific presents lucrative opportunities for cancer therapeutics manufacturers owing to rising healthcare expenditure, surge in medical tourism and growing incidences of cancer.

Immuno-oncology drugs - Immuno-oncology is a promising field with potential to treat advanced cancer types. Ongoing clinical trials for immune checkpoint inhibitors and cell therapies hold significant scope.

Impact of COVID-19 on the Global Cancer Therapeutics and Biotherapeutics Market
The COVID-19 pandemic has negatively impacted the global cancer therapeutics and biotherapeutics market. During the initial lockdown phases, visits for cancer screening and treatment declined substantially due to travel restrictions and reallocation of healthcare resources towards COVID-19 patients. There was also disruptions in clinical trials and new product development during this period. However, as restrictions eased in 2021 and healthcare systems adapted, cancer care delivery resumed though continues to operate at lower capacities compared to pre-pandemic levels. Telehealth and home-based care models adopted during the pandemic are expected to provide lasting benefits going forward by improving accessibility while reducing costs. Nevertheless, the full impact of delayed cancer diagnoses and interrupted treatment courses on long-term patient outcomes remains to be seen. As the pandemic continues to evolve, investments in digital technologies, decentralized clinical trials and supply chain resilience will be crucial for the market to cope with future disruptions while meeting increasing cancer burden globally in the coming years.

In North America particularly, the cancer therapeutics and biotherapeutics market faced immediate impact due to COVID-19. The declining patient volumes, supply chain disturbances and postponed clinical trials affected the annual market value in 2020. However, as healthcare infrastructure adapted through large-scale vaccination drives and streamlined treatments, the market in the region has started recovering faster than others. Its concentration of major market players further enables North America to effectively counter business disruptions through innovation and adaptability. The region is estimated to account for the largest share of the global cancer therapeutics and biotherapeutics market again by 2024.

Asia Pacific is projected as the fastest growing region in the global cancer therapeutics and biotherapeutics market between 2024-2031. This is driven by rising access to advanced treatment options led by growing healthcare spends, expansion of healthcare facilities and increasing R&D investments by global pharmaceutical companies looking to tap the region's massive patient populations. While near-term growth was tempered by the pandemic, countries like China and India have demonstrated resilience through strong rebound backed by government initiatives and domestic capacity building. If current socio-economic trends sustain, Asia Pacific is expected to contribute over a third of the global cancer therapeutics and biotherapeutics market value by the end of the forecast period.
Get More Insights On, Global Cancer Therapeutics And Biotherapeutics Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)