cancer therapeutics and biotherapeutics Market Trends [2031]

Report Description

Cancer Therapeutics and Biotherapeutics Market Outlook 2031:

The global cancer therapeutics and biotherapeutics market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of XX% during the forecast period 2023 - 2031. The growth of the market is attributed to the rise in cancer incidence along with increase in cancer research and collaboration among pharmaceutical companies.

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Cancer disease includes the abnormal growth of cells that primarily cause the formation of a tumor. As per several global health reports, cancer frequency has been growing progressively over the past half-century due to changing lifestyle especially increasing number of smokers.

Growing number of patients for greater life longevity is influenced due to improved diagnostic devices and bio-therapeutic products. In most developed countries, the first- or second-leading cause of death is cancer while in developing or underdeveloped countries it is gradually increasing its ranking in terms of a factor for high mortality rate. According to the Globocan 2020 fact sheet, 19.3 million new cancer cases were diagnosed worldwide, with nearly 10 million deaths due to cancers.

Furthermore, according to evaluations from the International Agency for Research on Cancer (IARC), by 2040, the global cases of cancers is expected to rise to 27.5 million new cancer cases and 16.3 million deaths globally. The World Health Organization (WHO) also estimates that the new cancer cases is going to rise from 18 million in 2018 to 29.4 million by 2040.These factors suggest the cancer therapy market is expected to witness tremendous growth.

Among the latest developments, biotherapy is the novel method for treatment of cancer as it stimulates the natural tendency of the body to battle with the cancerous cells leaving the healthy tissues of the body unaffected. This new therapy is gaining popularity in the population due to its less side-effects as well as new product approvals.

Cancer Therapeutics and Biotherapeutics Market Trends, Drivers, Restraints, and Opportunities

• Governments’ favorable initiatives for the cancer treatment and prevention along with rising awareness campaigns are key factors driving the market growth.
• New product approvals along with high number of research and development activities with participation of major players is boosting the market growth.
• High funding and investments by the market players as well as government and non-government organization are propelling the market growth.
• High cost associated with the drugs used for cancer treatment coupled with severe adverse effects are major restraining factors that can hinder the market expansion in the coming years.
• Rising preference of personalized medicine along with growth of developing countries and high cancer prevalence are presenting huge opportunities for the market in the near future.

Scope of the Cancer Therapeutics and Biotherapeutics Market Report

The report on the global cancer therapeutics and biotherapeutics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Cancer Therapeutics and Biotherapeutics Market Segment Insights

Chemotherapy segment is expected to grow at a rapid pace

Based on technology, the global cancer therapeutics and biotherapeutics market is divided into chemotherapy, radiation therapy, hormone therapy, and biotherapy. The chemotherapy segment is expected to grow at a rapid pace during the forecast period owing to the high cancer prevalence and better results than rest of the therapies available.

The chemotherapy is a combination of drugs for the treatment of cancer. The drugs category used for the combination includes cytotoxic agents, alkylating agents, plant derivatives, antimetabolites, and others.

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On the other hand, the radiation therapy segment is anticipated to grow substantially in the coming years since the therapy involves the use of ionizing radiation to kill or control the cancer cells. Some of common types of radiation therapy widely used for the cancer treatment are intraoperative radiotherapy, radioisotope therapy, external beam radiation therapy, and brachytherapy.

Meanwhile, the hormone therapy is projected to exhibit a high CAGR during the forecast period owing to extensive use of the therapy method as several patients require hormones administered into the body for controlling endocrine system. It functions as antagonist of the hormones by inhibiting the production of such hormones. Major therapies of this type of method includes the use of corticosteroids, selective estrogen receptor modulators (SERMs), hormone antagonists or antagonists, and aromatase inhibitors.

The biotherapeutics segment, however, is expected to represent a considerable market share during the projected period as the type of therapy involves the use of living organism to extract the drugs for the treatment of diseases such as, sclerosis, rheumatoid arthritis, cancer, and others. The therapy works on the principle of improving natural immunity of the body or to restore it to kill or control the cancer cells. It includes the use of monoclonal kinases, antibodies, interferon or interleukins, and others.

North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period owing to the high cancer prevalence, government favorable policies, advanced research, as well as advanced healthcare facility in the region. Moreover, large number of skilled professionals, rapid diagnosis techniques availability, and presence of advanced technologies are driving the market in the region.

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The Asia Pacific market, however, is anticipated to exhibit substantial growth due to the high cancer patients and advancement in healthcare facilities in the region. Additionally, high awareness among the population, governments’ active participation, and increasing economic development are propelling the regional market expansion.