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Merck, Amgen Profiled in Cancer Biological Therapy Market| Key Players: Novartis, Bristol-Myers Squibb, Eli Lilly and Company
Cancer Biological Therapy Market
Global Cancer Biological Therapy Market is expected to reach USD 100 billion by 2023; as per a new research report by Global Market Insights, Inc. Rising incidence rates and increased adoption of biologic therapy will drive global cancer biological therapy market size. According to WHO estimates, the number of new cancer cases are projected to rise by 70% in the next two decades, largely due to increased consumption of alcohol and tobacco. It is estimated by the ACS that 180,890 prostate cancer and 246,660 breast cancer cases will be diagnosed in 2016 in the U.S.
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Growing R&D investments by key industry players in cancer biological therapy will augment industry growth in near future. Furthermore, increasing healthcare expenditure and growing awareness about cancer has stimulated demand for effective cancer treatment. Technological advancements in oncology will further favor business growth. However, high cost and complications associated with anti-cancer drug therapy may impede cancer biological therapy market growth in coming years.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Merck
• Amgen
• Novartis
• Bristol-Myers Squibb
• Eli Lilly and Company
• Seattle Genetics
• GlaxoSmithKline Pharma GmbH
• Spectrum Pharmaceuticals, Inc.
Cancer vaccines market was over USD 1.9 billion in 2015. Approval of the first vaccine sipuleucel-T (Provenge) for metastatic prostate cancer by the FDA will boost growth in the immunotherapy segment. Cancer growth blockers market was over USD 18 billion in 2015, and is expected to grow at 5.8% CAGR from 2016 to 2023. Tyrosine kinase inhibitors dominated revenue share among the growth blockers in 2015 and is expected to continue witnessing steady growth.
Monoclonal antibodies market size was over USD 21 billion in 2015. Antibody therapy has been the most successful and important approach for treatment of hematological malignancies and solid tumors. Bispecific monoclonal antibodies are anticipated to grow at 6.5% CAGR from 2016 to 2023.
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Key insights from the report include:
• U.S. cancer biological therapy market share was over 80% of the North American revenue in 2015, and is anticipated to grow owing to increased public funding for R&D and other government initiatives.
• Germany revenue was over USD 4 billion in 2015 and contributes largely to the Europe cancer biological therapy market size. Major drivers include favorable insurance and public reimbursement policies. For instance, about 90% of the German population is covered by ‘Statutory Health Insurance’ and only 10% of population by private insurance players.
• China will drive Asia Pacific cancer biology therapy market share by providing favorable growth opportunities to players, which will motivate them to invest in R&D of biologic products. The favorable reimbursement plans will further accelerate growth.
• Key players include Novartis International AG, Amgen Inc., Merck & Co., Inc., Bristol-Myers Squibb, GlaxoSmithKline Plc, F. Hoffmann-La Roche AG, Eli Lilly, Seattle Genetics, Inc., Spectrum Pharmaceuticals, Inc., Celgene Corporation are some notable companies vying for global cancer biological therapy market share.
Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
Global Market Insights, Inc.
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