Cancer biologics are an important class of drugs used for targeted cancer therapy. Cancer biologics work by interfering or blocking specific molecular targets involved in the growth, progression, and spread of cancer. Some key cancer biologics include monoclonal antibodies, recombinant proteins, and vaccines. Monoclonal antibodies are largely adopted in cancer treatment due to their high selectivity towards tumor cells. The targeted nature of cancer biologics helps minimize side effects associated with traditional chemotherapy.
Key Takeaways:
Key players operating in the cancer biologics are F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Danaher Corporation, Qiagen N.V., PerkinElmer, Inc., Illumina, Inc. and Merck KGaA.
Rising prevalence of various cancers such as lung cancer, breast cancer, blood cancer is expected to drive the demand for effective targeted cancer therapies. Technological advancements have enabled development of novel cancer biologics with greater selectivity and specificities towards cancer cells.
Market Trends:
Personalized medicine is gaining traction in cancer treatment. Next generation sequencing helps understand molecular profiling of tumors which aids in developing personalized treatment regimens. Biosimilars are emerging as an affordable alternative to patented cancer biologics. Biosimilars will make cancer treatment more accessible worldwide.
Market Opportunities:
The Cancer Biologics Market Share presents lucrative opportunities in the developing regions due to rising healthcare expenditure and increasing focus on cancer care. Collaboration with diagnostic companies provides an opportunity to develop companion diagnostics to guide the use of specific cancer biologics.
Impact of COVID-19 on Cancer Biologics Market Growth
The COVID-19 pandemic has significantly impacted the growth of the Cancer Biologics Market. During the initial months of the outbreak in 2020, widespread lockdowns imposed across many countries disrupted manufacturing and supply chain activities. This led to delays in clinical trials and new product launches. Stringent social distancing norms also impacted cancer screening and diagnosis rates as people avoided hospital visits. As a result, market growth declined temporarily. However, with gradual lifting of restrictions from late 2020, activities resumed and the market is recouping losses.
Government funding to accelerate COVID-19 vaccine development has also boosted research in immunotherapies and cell therapies. Many Cancer Biologics Companies are leveraging these capabilities to develop innovative treatment options for cancer. Telehealth and home healthcare are enabling continuity of treatment for patients during such crises. In the long run, pandemic-induced innovations are projected to have a positive impact on individualized therapies and value-based care models for cancer management. While short-term disruptions slowed growth, post-COVID opportunities in immunotherapy, targeted therapies and personalized medicines are estimated to drive above trend expansion through 2031.
North America Dominates Cancer Biologics Market in Terms of Value
North America currently accounts for the largest share of the global Cancer Biologics Market in terms of value. This is mainly attributed to the presence of well-established healthcare systems, high adoption of premium-priced targeted drugs and immunotherapies in the US. Rising cancer incidence, growing geriatric population and favorable reimbursement coverage for innovative therapies have also boosted regional market growth. Additionally, North America is a hub for biologics R&D with many global pharmaceutical companies headquartered in the US and Canada. This has helped accelerate the development and commercialization of novel cancer treatments.
Asia Pacific Emerging as Fastest Growing Region for Cancer Biologics Market
Asia Pacific is poised to be the fastest growing region in the global Cancer Biologics Market during the forecast period. This can be accredited to improving access to healthcare in emerging economies, rising healthcare spending, increasing government focus on cancer control and growing medical tourism across Asia. Additionally, population expansion, economic development and widened health insurance coverage are favorably influencing the adoption of high-cost biologics in the region. Companies are also eyeing lucrative opportunities from Asia with its unmet needs, cost advantages for manufacturing and rising patient pool.
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