Cancer Biological Therapy Market will expand at 6.8% CAGR to hit $108 Billion by 2024: Global Market Insights, Inc.

European cancer biological therapy market held significant revenue share in 2017 and is projected to achieve 5.8% CAGR over the forecast time period owing to increasing burden of cancer in the region and presence of huge elderly patient pool.

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U.S. cancer biological therapy market dominated North America region and was valued at USD 23.2 billion revenue in 2017. High revenue can be attributed to increasing incidence of cancer in the country. Lifestyle changes such as unhealthy dietary habits, alcohol and tobacco consumption will increase the number of cancer cases over the coming years. Moreover, awareness amongst individuals regarding effective cancer therapies and rising healthcare expenditure in the country will further boost business growth.

Global Cancer Biological Therapy Market will surpass USD 108 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing burden of cancer in developed as well as developing countries is major factor that will drive cancer biological therapy market growth. Cancer is one of the leading causes of mortality and morbidity across the globe. According to the World Health Organization in 2018, cancer accounted for around 18.1 million new cases worldwide. Moreover, rapidly ageing population prone to severe diseases will further augment business growth. Changes in dietary habits including tobacco and alcohol consumption will further increase the number of cancer cases thereby driving cancer biological therapy business growth.

Growing investment in oncology research coupled with technological advances in cancer treatment will serve to be another positive impact rendering factor for business growth. Furthermore, increasing awareness pertaining to advanced and effective cancer therapies, rising healthcare spending as well as government support for cancer therapies will accelerate the pace of cancer biological therapy industry growth. However, adverse effects related with anti-cancer drugs coupled with high treatment costs may restrain cancer biological therapy industry growth during the forthcoming years.

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Blood cell growth factors segment was valued at USD 14.2 billion in 2017 and is anticipated to grow significantly over the forthcoming years. Blood cell growth factors known as hematopoietic colony-stimulating factors (CSFs) help in production of white blood cells (WBCs). Utilization of CSFs to decrease incidence and severity of infection associated with disease-related and drug-related myelosuppression and chemotherapy should favor segmental growth. Furthermore, growing preference towards lenograstim and filgrastim in treatment of cancer will accelerate the blood cell growth factors segment growth over coming years.

Cytokine cancer biological therapy segment accounted for considerable revenue share in 2017 and is estimated to show 6.7% CAGR over the analysis timeframe. Moreover, adoption of cytokines such as interferon and interleukins in cancer immunotherapy will foster the segmental growth.  Moreover, increasing focus of industry players on developing innovative cancer biological therapies is another factor contributing to industry growth.

Browse key industry insights spread across 200 pages with 304 market data tables & 06 figures & charts from the report, “Cancer Biological Therapy Market” in detail along with the table of contents:

India cancer biological therapy market is anticipated to witness lucrative CAGR of 8.9% during the analysis timeline, owing to rising prevalence of cancer in the country. The third highest number of new cancer cases among women are found in India, after China and the U.S. Increase in the number of cancer cases coupled with growing healthcare spending will augment industry market growth.

Some of the notable industry players operational in cancer biological therapy market include Amgen, Celgene Corporation, Astellas, Otsuka, AstraZeneca, Bayer, ELI Lilly and Company, GlaxoSmithKline, AbbVie, Merck, Novartis International, F. Hoffmann-La Roche, Pfizer, Eisai, Seattle Genetics, Sanofi, Incyte, Takeda Pharmaceuticals and Spectrum Pharmaceuticals. Major focus of industry players is on strategic initiatives such as novel product launch, partnerships, merger and acquisitions to maintain their position in market. For instance, in December 2018, Pfizer announced that the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) of the recommended marketing authorization for ZIRABEV (bevacizumab). ZIRABEV is a potential oncology biosimilar to Avastin (bevacizumab). This strategy will aid firm to improve its product portfolio and offer high-quality biosimilars to cancer patients in order to improve their quality of life.

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About Global Market Insights

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.