Cancer Biological Therapy Market Comprehensive Evaluation of The Market Via In-Depth Qualitative Insights 2027

Cancer biological therapy 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.

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.

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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.

Competitive Landscape:

A lot of companies are making substantial impact in the global cancer biological therapy market. These companies are Bristol-Myers Squibb, Amgen Inc., ELI Lilly and Company, Novartis, Pfizer Inc., Celgene Corporation, EnGeneIC Ltd, Merck F. Hoffmann-La Roche AG, & Co., Inc., and others. MRFR profiled them for the report and addressed their recent activities to have a better understanding of the market sway. These companies often employ merger, collaboration, advertising, branding, and other methods to realize the optimally use various opportunities of the global market.

Segmentation:

The global market for Cancer Biological Therapy can be studied by having it segmented into phases, types, and end users. This segmentation provides a closer look to various factors that decides the growth for the global market. These factors are also backed by volume-wise and value-specific reading of the market.

  • By Phases, the market for Cancer Biological Therapy can be segmented into phase I, phases II and phases III. Depending on the intensity, these therapies get decided. High disposable income often makes it easier to have the access to these diseases.
  • By Type, the market for Cancer Biological Therapy includes interferons, monoclonal antibodies, gene therapy, interleukins, cancer growth inhibitors, and colony-stimulating factors. The monoclonal antibodies, segment is gaining substantial traction in the research sector and can grow by 5.2% CAGR during the forecast period.
  • By End-users, the market report of the monoclonal antibodies includes hospitals & clinics, cancer research centers, and laboratories. Various cancer research centers are impacting the global market substantially and can clock growth by 5.2% CAGR in the coming years.

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.

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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.

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