Cancer Biological Therapy Market Size, Status, Trends and Forecast to 2024 | Top Players: ELI Lilly, Merck, Novartis, Otsuka, Pfizer, Sanofi
Cancer Biological Therapy Market will exceed USD 108 billion by 2024; as per a new research report. Growing geriatric population will drive cancer biological therapy industry growth during forecast timeframe. Elderly population in the age group of 50 years and above is more susceptible to cancer that escalates demand for cancer biologic therapies. Cancer biological therapy is utilized to boost immune system and has commendable specificity that helps in faster recovery. High preference for cancer biological therapy for treating geriatric population suffering from cancer will positively influence industry growth over forthcoming years.
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Some of the eminent industry players operating in cancer biological therapy industry includes AbbVie, Amgen, Astellas, AstraZeneca, Bayer, Celgene Corporation, Eisai, ELI Lilly and Company, F. Hoffmann-La Roche, GlaxoSmithKline, Incyte, Merck, Novartis, Otsuka, Pfizer, Sanofi, Seattle Genetics, Spectrum Pharmaceuticals and Takeda Pharmaceuticals.
Vaccines segment was valued at USD 2.0 billion in 2017 and is expected to have considerable revenue size over forthcoming years. Vaccines utilized in cancer treatment possess high efficiency and have ability to increase immunity by recognizing and destroying specific antigens. Moreover, vaccines also create immunogenic response that reduces risk of acquiring cancer again in future and are most effective in treatment of bladder, breast and cervical cancer. Aforementioned factors coupled with growing incidences of breast cancer in developing economies such as India will stimulate segmental growth.
India cancer biological therapy market accounted for 18.3% revenue share in 2017 and is anticipated to have exponential growth during forecast timeframe. According to WHO, cancer is one of major causes of mortality and morbidity in India. Furthermore, availability of efficient cancer biological therapy has considerably increased survival rate in cancer patients. Aforementioned factors along with growing awareness regarding cancer treatment amongst people residing in rural India will trigger Indian cancer biological therapy industry growth during analysis period.
Increasing R&D funding by government in various pharmaceutical, biopharmaceutical companies as well as research institutes involved in developing cancer drugs will foster cancer biologics market growth. Funds raised by governments in developed countries such as UK have facilitated cancer drug discovery process and has also enhanced operational capabilities of the companies and research centers involved in developing cancer biological therapy drugs and vaccines. Moreover, favorable government policies and regulatory framework facilitating drug discovery process will substantially augment cancer biologics industry growth. However, adverse effects of anti-cancer drug therapy may lower its preference and hamper business growth up to some extent.
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Germany cancer biological therapy market was valued at USD 4.0 billion in 2017. Increasing prevalence of cancer in Germany will surge demand for cancer biologics therapy. High prevalence of cancer will propel demand for cancer biologics thereby, enhancing Germany cancer biologics industry growth.
Key industry players implement several strategies such as mergers, acquisition, geographic expansions and new product launch that enables them to achieve sustainable profits. Receiving FDA approvals for newly developed drugs will also foster companys revenue generation. For instance, in November 2018, Roche and Abbvie received FDA approval for Venclexta, a BCL-2 inhibitor effective in the treatment of leukemia. Venclexta is jointly commercialized by Abbvie and Genetech, a part of Roche Group in the U.S. and is sold solely by Abbvie outside of the U.S. Receiving approvals for new drugs will boost Abbvies as well as Roches profits.
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Cancer Biological Therapy Industry Insights
Chapter 4. Cancer Biological Therapy Market, By Product
Chapter 5. Cancer Biological Therapy Market, By Region
Chapter 6. Company Profiles
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