The Global Cancer Therapeutics And Biotherapeutics Market is Estimated to Witness High Growth Owing to Rising Incidence of Cancer

The global cancer therapeutics and biotherapeutics market comprises products such as targeted therapeutics, immunotherapies, hormone therapies, and other biotherapies used in the treatment of various types of cancers. Cancers therapies are continuously evolving owing to advances in scientific research and drug development. Cancer treatments involve biologics such as monoclonal antibodies, vaccines, and other immunotherapies that stimulate the body's immune system to destroy cancer 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. These players are focused on developing novel therapies through strategic partnerships and collaborations.

The Global Cancer Therapeutics And Biotherapeutics Market Share include introducing personalized therapies, neoadjuvant and adjuvant treatment approaches, increasing focus on combo therapies and immunotherapies. Additionally, expanding healthcare infrastructure and growing awareness about cancer treatments in developing regions offer lucrative growth prospects.

Globally, the increasing adoption of biologics and therapeutic innovations in emerging markets of Asia Pacific and Latin America will further drive the global expansion of the cancer therapeutics and biotherapeutics market during the forecast period.

Market Drivers

Global Cancer Therapeutics And Biotherapeutics Market Size And Trends augmenting the demand for effective cancer therapeutics and biotherapeutics. According to the National Cancer Institute, the global burden of cancer is expected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Moreover, increasing government funding for R&D activities to develop novel biologic treatments for cancer is also expected to fuel market growth over the next few years.

PEST Analysis

Political: Regulations related to drug approvals and pricing have been increasingly strict to ensure safety and affordability of therapeutics. Drugmakers need to adhere to evolving guidelines.

Economic: Growing healthcare expenditures per capita make cancer treatment more accessible. However, economic recession may dampen demand as treatment gets deferred.

Social: Greater awareness about cancer prevention and cure is aiding early detection. Aging populations prone to cancer are driving market growth. Social campaigns highlight importance of finding new treatment options.

Technological: Developments in fields like immunotherapy, precision medicine and targeted drug delivery are shifting treatment paradigms. Advance research is vital to create new generation of efficacious and affordable treatment strategies.

Geographical concentration

North America holds the dominant share of the global cancer therapeutics market by value owing to advanced healthcare infrastructure and high spending on cancer care. Presence of leading pharma players and government support for research also make North America a major region.

Fastest growing region

Asia Pacific region is projected to register the fastest growth over the forecast period supported by expanding healthcare sector, rising cancer incidence, growing investments in biopharma research and increasing focus of global players on emerging economies in the region.
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