LONDON--(BUSINESS WIRE)--The global cancer biologics market is expected to post a CAGR of over 11% during the period 2019-2023, according to the latest market research report by Technavio.
Many players in the market are investing heavily in the development of cancer biologics. Hence, numerous biologic molecules are in the late stages of development for the treatment of cancer. Furthermore, regulatory agencies have fastened the approvals for cancer biologics, which is also contributing to the approval of new biologics for the treatment of cancer. The presence of a robust pipeline and the approval of new drugs are expected to drive the growth of the global cancer biologics market during the forecast period.
As per Technavio, the increased use of predictive biomarkers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global cancer biologics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over the forecast period.
Global cancer biologics market 2019-2023: Increased use of predictive biomarkers
The development in areas such as genomics, proteomics, metabolomics, and imaging has enabled comprehensive analysis of tumor cells. Cancer etiology differs from patient to patient. The adoption of predictive biomarkers help in studying the cause of the tumor growth in patients. It helps in deciding treatment regimens and in the early detection of cancer. This facilitates designing cost-effective therapies for patients. The increasing use of predictive biomarkers is one of the key trends that is expected to fuel the market’s growth during the forecast period.
“North America will witness a faster growth in the cancer biologics market during the forecast period. There is a rising incidence of cancers such as breast cancer, esophageal cancer, pancreatic cancer, and other rare cancers in the region. Additionally, the availability of reimbursement schemes in countries such as the US and Canada are contributing to the market’s growth. The Asian market is driven by the high prevalence of breast cancer. Moreover, the occurrence of rare cancers such as neuroblastoma is also on the rise. Neuroblastoma was the second most common extracranial solid tumor in children under the age of 15 years in Japan. The occurrence of such cancer cases are expected to support the growth of the market”, says an analyst at Technavio.
Global cancer biologics market: Segmentation analysis
This market report segments the global cancer biologics market by product (monoclonal antibodies, vaccines, cell and gene therapy, and others) and geography (Asia, Europe, North America, and ROW).
North America led the market in 2018, followed by Europe, Asia, and ROW respectively. The dominance of North America can be attributed to the growing incidence of cancer in countries such as the US and Canada. Additionally, the accelerated approvals for cancer biologics granted by the regulatory authorities in the region is contributing to the market’s growth.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
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Vendor Landscape
- Vendors covered
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