Rise in prevalence of cancer, need for more targeted treatment and demand for novel therapies in oncology are few factors that are expected to support the growth in the cancer biological therapy market in the near future
Reports and Insights (R&I) has published a new report titled, “Cancer Biological Therapy Market: Opportunity Analysis and Future Assessment 2022-2030”
In 2020, the global cancer biological therapy market was acccounted for more than US$ 54.0 Bn and expected to grow at a significant CAGR of 5.1% during the forecast period and expected to reach to the value of more than US$ XX Bn in 2030.
Global cancer biological therapy market, By Type (Monoclonal Antibodies, Vaccines, Cancer Growth Blockers, & Blood Cell Growth Factors) By Application (Hospitals, Diagnostic Laboratories, Research & Academic Laboratories, Pharmaceutical & Biotechnology Companies) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
As per the report, cancer has become one of the most critical reasons leading to so many deaths across the world, owing to which it is now an appealing field to research about. Several different strategies were practiced and tested by different research groups approaching cancer treatment. So far, chemotherapy, surgery, biological therapy and radiation therapy are the major four clinical treatments for cancer, or in some cases, medical practitioners joined the treatments to make combinational remedial treatments. In the past few years, biological therapy is considered more assuring therapy, particularly in case of invasive therapy on the point that the biological therapy reflected more effectiveness as monoclonal antibodies in some kinds of cancers in the recent past. The above significant factors are expected to help gain momentum for cancer biological therapy market in the near future.
Owing to the progress in research and development activities as well as applications of life sciences and biotechnology which involved cancer as well, biomedical research and therapeutics is shaped and matured. In addition to that the increase in patient population of cancer across the globe as well as the rise in awareness among the population with respect to advanced cancer therapies available in the global market is also expected to support the growth of the global cancer biological therapy market.
Furthermore, chemotherapy is said to have certain harmful side effects while treating cancer which may be severe as the medical specialists are more focused on treating tumor, for decades, while it harms the immune system of the patient. Lately, the oncologists are aiming their attention more on the immune system of patients and it’s strengthening through biological therapies.
Notably, a large part of the biological therapy is positioned on the patient's immune system. Thus, it can be summated that the immune system holds a crucial role in the process of biological therapy and the success of the therapeutics depends on it. Generally, it is supposed that the immune system of the patient can identify and erase the alien or irrelevant cells in order to avoid the formation of tumors. Owing to such factors, the global cancer biological therapy market is projected to boost rapidly during the forecast period. On the contrary, a few factors such as immense investment in the drug development process and other related harmful effects of the therapy and associated risks of failure may obstruct the growth of the global cancer biological therapy market. Moreover, the rigid guidelines of governments are also expected to confine the growth of the global cancer biological therapy market in the coming years.
R&I study identifies some of the key participating players in the cancer biological therapy market globally are ELI Lilly, Sanofi (EPA: SAN), Merck, Bayer, Roche, Novartis International, Pfizer, Bristol-Myers Squibb, Seattle Genetics, Amgen, Takeda Pharmaceuticals, GlaxoSmithKline, Spectrum Pharmaceuticals, Celgene Corporation, AstraZeneca, Plc., Otsuka, Eisai, Abbvie, Incyte and others.
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