Cancer Biological Therapy Market size worth $100bn by 2023: 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.

Mounting global geriatric population is predicted to boost cancer biological therapy market size owing to correlation between new cases and old age. Elderly population is more prone to the disease and according to ACS, 86% of cases in the U.S. were recorded in individuals aged 50 and above. High associated cost attributed to the cost of drug development may act as a major bottleneck to growth. Millions of dollars are spent in identifying a potent drug, obtaining its preclinical data and carry out its clinical trials.
Monopoly is yet another factor that contributes to higher cost. The emergence of new therapeutic classes with reduced adverse-effects, such as immuno-oncologics will change the industry landscape.

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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.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.