May 06, 2020
As per the report titled ‘Cancer Biological Therapy Market Size By Product Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global cancer biological therapy market is estimated to surpass USD 108 billion by the year 2024.
Rising geriatric population who are at a higher risk of developing cancer is driving the growth of global cancer biological therapy market. The therapy boosts the immune system and has commendable specificity that aids in faster recovery, hence is widely preferred among the patients.
Increasing government funds to various pharmaceutical & biopharmaceutical companies and research institutes involved in R&D of cancer drugs will foster the market growth during the forecast period. Moreover, favorable regulatory framework which encourages discovery of biological therapy drugs and vaccines is further enhancing the industry outlook. However, severe side-effects associated with anti-cancer drug therapy may hinder the market growth over the projection period.
Based on the product, vaccines segment was worth USD 2 billion in 2017 and is expected to record substantial growth in the forthcoming years. Vaccines for cancer have high efficacy and ability to improve immunity by identifying and eliminating specific antigens. They create immunogenic response that lower the risk of acquiring cancer again and are highly effective in treatment of breast, bladder, and cervical cancer. These factors coupled with rising cases of breast cancer in developing nations such as India are bolstering the demand for vaccines.
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As per the regional analysis, cancer biological therapy market in India accounted for 18.3% revenue share in 2017 and is expected to grow exponentially during 2018-2024. Increasing number of cancer deaths in the region along with growing availability of efficient cancer biological therapy and rising awareness pertaining to cancer treatment among the rural population are supporting India market expansion.
Major players operating in global cancer biological therapy market are Amgen, AbbVie, Astellas, Bayer, AstraZeneca, Eisai, Celgene Corporation, Eli Lily and Company, F. Hoffmann-La Roche, Incyte, GlaxoSmithKline, Novartis, Merck, Pfizer, Otsuka, Seattle Genetics, Sanofi, Takeda Pharmaceuticals, and Spectrum Pharmaceuticals. These industry giants are undertaking several strategies such as collaboration and new product launches to improve their market stance. For instance, in November 2018, FDA approved the use of Venclexta, a BCL-2 inhibitor effective in the treatment of leukemia, which is commercialized by Abbvie and Genetech.