Preference for Painless Treatment to Drive Global Cancer Biological Therapy Market
Cancer biological therapy Market is a type of treatment for various cancers by enhancing the immunity system. The increasing prevalence of cancer globally and its low outcome due to current treatment methods can drive the use of this method. The global cancer biological therapy market report by Market Research Future (MRFR) focuses on pertinent market dynamics for the period of 2017 to 2023 (forecast period). The outbreak of the COVID-19 virus and its impact on the industry during the forecast period has been assesses as well.
Market Scope
The global cancer biological therapy market size is anticipated to reach a value of USD 82,276.8 million by 2023. It is projected to exhibit a CAGR of 4.7% over the forecast period. The market is driven by the establishment of cancer treatment facilities, preference for biological therapy, and huge prevalence of cancer cases. Low number of side-effects as well as high success rate for treating first-stage cancer outcomes by 35% can fuel the market growth.
The change in lifestyles of consumers and rise in smoking in the Middle East can spur the market demand for biological therapy. According to a study in the Economist, an average Lebanese smoked close to 2,379 cigarettes. The outbreak of the COVID-19 virus can pose a risk to cancer patients and drive the need for therapy method. According to the National Center for Biotechnology Information (NCBI), 39% of patients with cancer have a possibility of contracting COVID-19. It has affected the production of immunotherapy drugs and created a lag in active pharmaceutical ingredients (APIs) production.
But high costs of treatment and large number of risks pose a challenge to the market growth.
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Segmentation
The global cancer biological therapy market is segmented by phases, type, and end-users.
Based on the phases, the market has been segmented as phase I, phase II, and phase III.
By type, the market has been segmented into cancer growth inhibitors, colony-stimulating factors, monoclonal antibodies, interferons, interleukins, and gene therapy. Monoclonal antibodies accounted for the largest market share in 2016 with a value pegged at USD 16,957.1 million in 2016. On the other hand, colony-stimulating factors can display a CAGR of 5.2% over the assessment period.
By end-users, the market has been segmented into laboratories, hospitals clinics, and cancer research centers. Cancer research centers are estimated to exhibit a CAGR of 5.2% over the forecast period.
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Regional Analysis
North America, Asia Pacific (APAC), Europe, and the Middle East Africa (MEA) are regions considered with respect to the global cancer biological therapy market.
North America is expected to lead in the global cancer biological therapy market due to investments in cancer research and immunotherapy. The U.S. accounts for the maximum market share in the region due to favorable reimbursement schemes and greater expenditure on healthcare. Europe is the second largest market owing to large disposable income levels of patients and rising awareness levels.
APAC will be the fastest region due to large unmet needs which will be led by China and India. Medical tourism prevalent in these countries, a large patient pool, and need for effective treatment methods can drive the regional market growth. Lastly, the MEA biological therapy market will be led by the gulf nations of Saudi Arabia and the UAE.
Competition Outlook
Bristol-Myers Squibb, Amgen Inc., Pfizer Inc., Merck Co., Inc., F. Hoffmann-La Roche AG, Novartis, EnGeneIC Ltd, Celgene Corporation, Eli Lilly and Company, and others are key players of the global cancer biological therapy market.