Cancer Biological Therapy Market – Scenario
Market Research Future (MRFR) proclaims that the global cancer biological therapy market is slated to garner USD 82,276.8 million, grabbing a CAGR during the forecast period (2017-2023). Demand for biological therapies is favoring the market growth. Cancer is considered the second largest and the leading cause of death globally.
Cancer is generally characterized by a deregulated and disordered stromal and cellular explosion and reduced cell death. Biological therapy involves using a living organism substance which is either derived from the laboratory produced variations or from living organisms of the substances which are used to treat a specific disease.
Biological therapies consist of interferons, interleukins, vaccines, and monoclonal antibodies. The therapy uses the immune system of the body directly or indirectly to fight against cancer.
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The prominent players operating the global cancer biological therapy market are Celgene Corporation, Merck & Co. Inc., EnGeneIC Ltd, Novartis, ELI Lilly and Company, Bristol-Myers Squibb, Pfizer Inc., F. Hoffmann-La Roche AG, Amgen Inc., and others.
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Global Cancer Biological Therapy Market – Segmental Analysis
The global cancer biological therapy market has been segmented on the basis of phases, type, and end-users.
By mode of phase, the global cancer biological therapy market has been segmented into phase I, phase II, and phase III.
By mode of type, the global cancer biological therapy market has been segmented into interferons, monoclonal antibodies, cancer growth inhibitors, interleukins, colony-stimulating factors, and gene therapy. Among these, the monoclonal antibodies segment occupies a significant share in the global market. Monoclonal antibodies can target specific proteins on the cell surface, which has increased its adoption in cancer treatment.
By mode of end-users, the global cancer biological therapy market has been segmented into cancer research centers, hospitals & clinics, and laboratories. Among these, the hospitals & clinics segment occupies the major share as a cancer treatment is performed in hospitals and clinics.
Market Potential and Pitfalls
The global cancer biological therapy market is expanding at a sturdy rate owing to the intensified cancer survival rates, rising cancer healthcare facilities, and increased demand for advanced therapies like biological therapy, especially in the emerging nations.
The side effects associated with biological therapy is less when compared to conventional treatment methods, which is the major factor behind the growth of the market. Side effects of conventional cancer treatment methods such as radiotherapy and chemotherapy include weekend immune system and loss of hair depending upon the phase and type of cancer.
Biological therapy reduces the level of side effects compared to conventional methods and offers the same amount of success rate for curing patients with first stage cancer. The high success rate and low level of side effects have fostered the market growth throughout the appraisal period.
The market’s course is chiefly directed by the increased smoking population and changing lifestyle, especially in the Middle East & African regions. For instance, from 1990 to 2012, the smoking rate in Lebanon has increased by 500%.
The market is also driven by the augmenting prevalence of various types of cancer, constant patent expiry of cancer drugs, rising impact of a biosimilar, and surging demand of targeted and biological drug therapy across the globe.
On the contrary, the risks associated with the treatment and high cost of cancer biological therapy are the top barriers considered to vitiate the market growth throughout the appraisal period. Moreover, the poor rate of healthcare insurance in the developing economies are likely to dampen the market growth over the years.
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Industry Updates
Geographically, the cancer biological therapy market span across regions namely, Europe, North America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the North American region is considered to command the largest share. The growth is credited to the advanced technologies which are continuously on the rise in this region.
With the presence of a number of vaccine manufacturers and cancer biological drugs, affordable treatment facilities, rising disposable income, and the rising number of health-insurance coverage, the market in this region is estimated to propel in the coming years.
The European region occupies the second-largest share in the global market owing to the increased prevalence of cancer in this region. The market in this region is likely to propel owing to several factors such as the presence of elderly patient population, and increased development in cancer therapies.
Moreover, the constantly evolving technologies in molecular biology, innovative approaches in technology, and sophistication in healthcare are some of the other factors likely to propel the market growth in this region.
March 20, 2019: The immunotherapy program of the Northside Hospital Cancer Institute has planned to expand its treatment for acute lymphoid leukemia and other types of non-Hodgkins lymphoma.
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