Global Cancer Biological Therapy Market Information; By Phases (Phase I, Phases II and Phases III); by Type (Monoclonal Antibodies, Interferon’s, Interleukins, Cancer growth inhibitors, and others); by End-Users – Forecast to 2023
Cancer biological therapy is the treatment that used for different kind of cancers. Normally it is understood that the immune system can identify and terminate the foreign cells or abnormal cells to prevent the tumor formation. Nevertheless, the immune system is abided by cancerous cells; cancer cells can rapidly grow to form tumors which immune system cannot identify. To destroy such cells, biological therapies reinstate or upsurge the immune system activity to attack cancer cells. Cancer biological therapy is one of the most advanced technologies and will help cancer patients all around the globe
The Global Cancer Biological Therapy Market is expected to reach $ 82,276.8 million by the end of 2023, this market is projected to growing at a CAGR of ~ 4.7 % during 2017-2023.
The global cancer biological therapy market is significant growth owing to the rising cancer survival rate, growing demand for advanced therapies, growth of cancer healthcare facilities in emerging countries, and changing lifestyle. Moreover, increasing smoking population in the Middle East & Africa are the major factor that driving the cancer biological therapy market in this region. However, high cost of cancer biological therapy restrain the growth of market. There are different type of cancer biological therapy such as monoclonal antibodies, interferons, interleukins, cancer growth inhibitors, gene therapy, and many more.
Companies are looking forward toward the cancer biological therapy market, as there are huge opportunities and gaps between the market supply and demand of effective treatments. Thus, companies are showing more interest in research and development activities for introducing best treatment that meets the requirement of market. The development has been made by Merck in 2016, company announce that U.S. FDA Filing Acceptance of New Drug Application (NDA) for MK-1293, an Investigational Follow-On Biologic Insulin Glargine.
The FDA acceptance of Merck’s follow-on biologic application is an important milestone, and brings them closer to offering another treatment option for people in the U.S. with diabetes. Also, in 2015, Eli Lilly And Co says FDA approves Portrazza (necitumumab) for Specific Type of Lung Cancer. Main outcome measure, or primary endpoint, was overall survival. Labeling for Portrazza contains Boxed Warnings regarding cardiopulmonary arrest and hypomagnesemia.
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Key players of Global Cancer Biological Therapy Market:
Key players profiled in the report are
- Amgen Inc.,
- Bristol-Myers Squibb,
- Celgene Corporation,
- ELI Lilly and Company,
- Hoffmann-La Roche AG,
- EnGeneIC Ltd,
- Merck & Co. Inc.,
- Pfizer Inc.
Global Cancer Biological Therapy Market – Regional Analysis
The market of cancer biological therapy is much higher in the Americas region owing to high prevalence of chronic diseases, increasing development in cancer biological treatment and furthermore major America is the global leader in the healthcare and life sciences sector. The government has more focus towards research and development for introducing the best treatment for their population.
Europe is the second-largest market for cancer biological therapy. This is due to increasing number of patients suffering with cancer which is leading demand for the cancer biological therapy. As per the Associations of European Cancer League, 3 million new cancer cases occur in 38 European countries. Breast cancer and prostate cancer has been diagnosed within one third of European population
The Asia-Pacific cancer biological therapy market has been analysed as significantly growing market in the coming near years and it is estimated that the market will have high demand in this region. This high growth is mainly attributed due to increasing R&D funding by the developing countries such as China and India for the development of healthcare sector.
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The various others factors which influence the growth of the market include growing incidence of cancer, aging population, Increasing demand for advanced therapies, patent expiry of leading drugs, government initiatives and increasing public awareness about various diseases and treatment options.
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