The global cancer therapeutics and biotherapeutics market comprises biologics such as monoclonal antibodies, vaccines and cell and gene therapies used in the treatment of various cancers including lung, breast, leukemia, lymphoma and colorectal cancers. Biotherapeutics help enhance the ability of the immune system to fight cancer cells and destroy tumors. The market has witnessed significant growth over the past few years owing to increasing prevalence of cancer worldwide. Rising healthcare expenditure, development of novel targeted therapies and companion diagnostics are some major factors supporting market growth.
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. Key players are focusing on launching novel therapies and expanding their product portfolios through acquisitions and collaborations.
The Global Cancer Therapeutics And Biotherapeutics Market Demand significantly owing to rising cancer prevalence globally. According to WHO, cancer burden rose to 19.3 million cases and 10 million cancer deaths in 2020. Furthermore, pandemic has led to disruptions in cancer screening, treatment and care, exacerbating cancer burden.
Key players are expanding their presence globally through strategic partnerships and collaborations to cater to rising demand. For instance, in 2022, Bristol Myers Squibb entered into partnership with Shattuck Labs to develop novel immunotherapies for cancer.
Market drivers
Increasing prevalence of cancer worldwide due to growing elderly population, rising risk factors like smoking, obesity and changing lifestyle is a major growth driver. According to WHO, cancer burden is expected to reach 28.4 million new cancer cases and 16.3 million cancer deaths by 2040. Furthermore, increasing awareness about early cancer detection and availability of advanced cancer therapies are supporting market growth. Government initiatives to promote cancer research and development are further expected to drive the global cancer therapeutics and biotherapeutics market during the forecast period.
Impact of Geopolitical Situation on Global Cancer Therapeutics And Biotherapeutics Market Growth
Geopolitical factors have a significant bearing on the growth trajectory of the Global Cancer Therapeutics And Biotherapeutics Market Size And Trends The ongoing Russia-Ukraine conflict has disrupted supply chains and logistics networks across Europe and global markets. Sanctions imposed on Russia by Western nations have made it difficult for oncology drug makers to access raw materials and ship products to Eastern European countries. This is adversely impacting the sales and availability of cancer drugs in the region.
At the same time, defense spending has gone up considerably for countries involved directly or indirectly in the conflict. Reduced healthcare budgets in these nations may limit the scope for oncology drug development and adoption of expensive biologic and targeted agents. Drug makers will need to devise innovative pricing models and access partnership programs to continue serving cancer patients in geopolitically volatile regions.
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