Global Cancer Biological Therapy Market size is expected to reach a valuation of approximately USD 82,276.8 million by the end of 2023, growing at around 4.7 % CAGR over the forecast period (2017-2023), says Market Research Future (MRFR). The cancer biological therapy market has been evolving exponentially, mainly due to the growing rate of cancer worldwide. The occurrences and the number of deaths caused by cancer have been rising continually. Many patients diagnosed with cancer are at an advanced stage and respond poorly to most chemotherapeutic agents. In such scenarios, biological therapy delivers favorable outcomes, which, in turn, increases the adoption of its adoption. Resultantly, biological therapy has garnered substantial market prominence over the past few years.
Also, there have been various innovative advances in the devices used during the therapy. These innovations were driven by continuous R&D efforts and funding by private as well as public organizations.
Cancer biological therapy market is expected to witness significant growth owing to rising investments made in the field of cancer research and growing advances in medical technology and diagnostic & surgical procedures provide a substantial impetus to the cancer biological therapy market growth. The prevalence of cancer is growing outrageously across the world, fueled by the changing lifestyle. While, WHO has been continuously updating with the growth rate of cancer cases, innovations transpired in the field of cancer therapies & treatments are too growing every year.
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Cancer biological therapy market is projected to grow swiftly due to biological therapy helps the immune system to fight cancer and show lesser side effects while delivering the same amount of favorable results in contrast with conventional cancer treatment methods like radiotherapy or chemotherapy. Also, biological therapy doesn’t show the risk of recurrence of cancer and organ failure that is usually associated with conventional therapies. Such advantages of the therapy cumulatively drive the market growth.
On the other hand, lack of awareness towards the benefits of biological therapy is a major factor acting as a growth impeder for the market. growing demand for advanced cancer therapies and the proliferation of cancer care facilities would support market growth throughout the assessment period.
Also, the increasing awareness alongside the rapid adoption & increasing demand for biological therapy in emerging economies would spur the growth of the market. Furthermore, the growing numbers of R&D, clinical trials, and new approvals would foster market growth.
Cancer Biological Therapy Market Segments
The Cancer Biological Therapy Market has been segmented into four major dynamics.
By Phase, the global cancer biological therapy market is segmented into Phase I, II, III.
By Type, the global cancer biological therapy market is segmented into Monoclonal Antibodies (Conjugated, & Bispecific Monoclonal Antibodies, Naked Monoclonal Antibodies, other), Colony Stimulating Factor, Cytokines (Interferon, Interleukins, others), and others (gene therapy, colony-stimulating factors, others).
By End-User, the global cancer biological therapy market is segmented into Cancer Research Centers, Hospitals & Clinics, Laboratories, and others.
By Regions, the global cancer biological therapy market is segmented into Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Cancer Biological Therapy Market Regional Analysis
North America is projected to remain dominant in the global cancer biological therapy market throughout the assessment period. The well-developed economy, early uptake of advanced technologies, and high per capita healthcare expenses are the key driving forces for the growth of the regional market.
North America and Europe are the key contributors to the overall cancer biological therapy market due to R&D initiatives. Besides, augmenting demand for biological cancer therapy in these region drives a considerable share of the growth. Europe is the world’s second-largest market for cancer biological therapy, where the resurging economy and well-proliferated healthcare sectors are the key growth drivers.
The cancer biological therapy market in the Asia Pacific region is growing rapidly. Increasing demand for new treatment methods, rapidly developing healthcare technology, large patient population, and high healthcare expenditure provide impetus to the regional market growth.
On the other hand, the cancer biologics therapy market in the Middle East & Africa region is projected to register average growth due to the poor social and economic conditions, especially in the African region. The rapidly proliferating healthcare sector in the Gulf province, the middle eastern countries, are likely to perceive spurting growth. Rising occurrences of cancer due to smoking, changing lifestyle, and excessive alcohol intake is driving the cancer biological therapy market in the MEA region.
Cancer Biological Therapy Market Competitive Landscape
The cancer biological therapy market appears highly competitive and fragmented due to several well-established players forming a competitive landscape. To drive market competition, players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch. Multinational companies acquire small yet promising companies from emerging markets. The market structure is rapidly changing due to the increasing strategic approaches between private practice centers and technology providers.
Cancer Biological Therapy Market Major Players
Players active in the global cancer biological therapy market include Celgene Corporation, Bristol-Myers Squibb, Amgen Inc., Novartis, and Pfizer Inc., EnGeneIC Ltd, F. Hoffmann-La Roche AG, Eli Lilly and Company, Merck & Co., Inc., among others.
Cancer Biological Therapy Industry, Innovation & Related News:
WPD Pharmaceuticals Inc. (Canada), a clinical-stage pharmaceutical company, announced the completion of exclusive sublicenses for two pancreatic cancer drug candidates, WP1122 and WP1732 – from a US-based, leading global pharmaceuticals company – Moleculin Biotech, Inc.
WPD is a biotechnology R&D company focusing on oncology, research & development of medicinal products involving biological compounds and small molecules. Moleculin is on the treatment of highly resistant cancers. Both the licensed drug candidates are considered as promising potential therapies for treating pancreatic cancer, among other highly resistant tumors.
The Acquisition is an important step for WPD to continue to demonstrate its ability to execute on the long-term strategy of developing novel cancer treatments. WPD is diligently focused on developing its portfolio of eight drugs across five different indications. The company also shared its plan to continue working with Moleculin to develop these drug candidates further to create improved treatments for pancreatic cancer and other highly resistant tumors.
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