Market Research Future (MRFR) evaluates that the Cancer Biological Therapy Marke share can touch an impressive USD 82,276.8 Million by 2023-end. MRFR also projects that the global cancer therapeutics market can attain a growth rate of 4.7 % from 2017 to 2023 (forecast period).
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Escalating Cancer Cases and Rising Use of Nanotechnology to Boost Growth
Significant burden of rising cancer cases and the surging death rate across the world have been major reasons for the strong growth of the cancer biological therapy market. The World Health Organization (WHO) says that cancer is one of the top five causes of death globally and claimed over 9.5 million lives in 2018 alone. Some key factors that result in cancer development can be the accelerated intake of tobacco and alcohol, which further strengthen the cancer biological therapy industry.
Researchers and vendors in the global cancer biologics market are increasingly making use of nanotechnology to develop more innovative and effective treatment options for patient. This procedure is touted to be a game-changer for cancer diagnosis, while the advancements in materials science, as well as protein engineering, could be huge assets for medical professionals in precise targeting of cancer cells. These innovations are gaining considerable grounds backed by increasing government spending and favorable policies across developed countries.
Rising Education and Awareness Levels to be a Significant Opportunity
Gene therapy has emerged as a lucrative opportunity for the prominent firms in the market, considering the host of benefits compared to other traditional cancer therapies along with the rising advances in this field. The surge in biotechnological funding encouraging extensive R&D activities with respect to cancer gene therapy are expected to be significant cancer biological therapy market trends in the ensuing years.
Huge Spending Required on Drug Development to Slow Down Growth
Requirement for substantial funds for effective drug development discourages industry participants, in turn slowing down the market growth.
Risks Associated with Anti-Cancer Drug Therapies
In some cases, complications arise from anti-cancer drug therapies, which bring down the success rate of the overall treatment. In view of these risks, the demand for cancer biological therapy could weaken and prove to be a significant challenge over the following years.
Phase III to Capture the Largest Share
The various phases in clinical trials include phase I, phases II and phases III. Generally, the clinical trials’ success rate increases from phase I to phase II and lastly phase III, and therefore, the phase III is expected to take the lead in the global market. Phase 3 clinical trials involve huge number of candidates in order to ensure the validity of the result.
Monoclonal Antibodies to Claim the Leading Position
Primary types considered in the MRFR report are interferons, monoclonal antibodies, cancer growth inhibitors, interleukins, colony-stimulating factors and gene therapy. Monoclonal antibodies segment should project the highest growth in the coming years, as these have the ability to target certain proteins present on the cell surface, leading to its escalating use in cancer treatment. Also, greater preference for innovative cancer biological therapies to reduce the risk related to anti-cancer drug therapies will also mean substantial growth for the segment.
Hospitals & Clinics to be the Top End-User
Some of the key market end-users include cancer research centers and laboratories as well as hospitals & clinics. Hospitals & clinics lead the worldwide industry owing to their rising number across developing countries and the availability of a vast range of medical devices for treatment and surgeries. However, there has been striking growth in the number of cancer research centers and laboratories as well, backed by substantial funding by the government and private firms worldwide.
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