The cancer biological therapy market has witnessed the impact of rising incidences of cancer and a growing number of geriatric populations globally. Older people in the age group of 50 or more possess a high vulnerability to cancer.
The cancer biological therapy market has witnessed the impact of rising incidences of cancer and a growing number of geriatric populations globally. Older people in the age group of 50 or more possess a high vulnerability to cancer.
As per the World Cancer Research Fund, nearly 18 million cancer cases were reported globally in 2018. Also, breast and lung cancers with the contribution of nearly 12.3% of the total number of fresh cases reported in the same year, were the most common cancers across the globe. The surging number of cases will boost the high adoption of biological therapy to treat cancer.
The therapies are extensively utilized to enhance the immune system and possess tremendous capability that helps in faster recovery. According to a Global Market Insights, Inc., report, global cancer biological therapy market size will surpass US$108 billion by 2024. Mentioned below are some factors fostering the industry expansion.
R&D funding to fuel the advent of biological therapy
Extensive funding in R&D activities undertaken by various biopharmaceutical, pharmaceutical firms as well as research institutes, indulged in developing biologic cancer drugs would augment cancer biological therapy businesses. Substantial funding by governments in developed regions such as the UK has tremendously supported ongoing drug discovery efforts by major pharma companies.
Such investments and support would also enhance the operational capabilities of these firms and research institutes involved in introducing robust cancer therapy, drugs, and vaccines. Key industry players are eyeing on generating lucrative revenue by receiving FDA approvals for novel drug development.
For example, Roche and Abbvie in November 2018 received FDA approval for BCL-2 inhibitor Venclexta which is highly effective in treating leukemia. Additionally, the presence of favorable government policies and regulations favoring drug discovery activities shall significantly propel industry expansion.
Robust demand for vaccines to treat cancer
The annual valuation of vaccines segment in cancer biological treatment market was over US$2 billion in 2017 and is anticipated to grow considerably in the upcoming years. Highly efficient vaccines that are utilized in cancer treatment possess the ability to recognize and destroy specific antigens and enhances immunity. The utilization of these vaccines reduces the risk of getting cancer in the future by creating a robust immune system.
These vaccines are widely applicable in the treatment of breast, bladder, and cervical cancer. The rising incidences of breast cancer in emerging countries like India and extensive applications of vaccines in treating cancer would enhance the market reach.
To access sample pages of this report titled, “Cancer Biological Therapy Market Size By Product (Monoclonal Antibodies {Naked Monoclonal Antibodies, Conjugated Monoclonal Antibodies, Bispecific Monoclonal Antibodies}, Vaccines {Preventive Vaccines, Therapeutic Vaccines}, Cancer Growth Blockers {Tyrosine Kinase Inhibitors, Proteasome Inhibitors, mTOR Inhibitors}, Blood Cell Growth Factors {Lenograstim, Filgrastim}, Cytokine {Interferon, Interleukin}), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast 2024” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/676
High mortality and morbidity rate in Asia Pacific
India cancer biological therapy industry held a revenue share of 18.3% in 2017 and is poised to expand significantly in the coming years. As per the WHO, the mortality and morbidity rate in India is majorly driven by cancer. However, the availability of robust biological therapy for cancer in the region would enhance the survival rate in cancer patients. Growing awareness about cancer treatment among people living in rural India will foster cancer biological industry outlook in the region.
Leading companies providing cancer biological therapies are AstraZeneca, Bayer, Takeda Pharmaceuticals, Otsuka, Celgene Corporation, Sanofi, F. Hoffmann-La Roche, GlaxoSmithKline, Incyte, Merck, Pfizer, ELI Lilly and Company, Novartis, Seattle Genetics, Amgen, and AbbVie. These firms are focusing on implementing strategies including geographic expansions, acquisition, mergers, and new product development to achieve competitive advantage and strengthen their global market presence.
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