The global Cancer Biological Therapy Market experienced significant growth in 2020 and is projected to continue to grow at a rapid rate between 2021 and 2028. The driving forces behind the market's revenue growth include the increasing frequency of cancer, rising spending on research and development to enhance therapeutic efficacy, increased spending, and greater awareness of cancer and its available therapies.
Cancer biological therapy is a type of advanced treatment for cancer that uses living organisms to destroy cancer cells. These organisms can be produced in a laboratory or found naturally in the body.
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Cancer biological therapy, also known as biotherapy, biological response modifier therapy, or immunotherapy, is an advanced form of cancer treatment that leverages living organisms to kill cancer cells. It works by stimulating the immune system to recognize and attack cancer cells. Cancer biological therapy may involve the use of vaccines, monoclonal antibodies, interferons, or interleukins, all of which activate the immune system to directly or indirectly fight cancer. This treatment is effective in reducing the side effects of some chemotherapy drugs and targeting specific molecules on cancer cells for their destruction.
The biologic therapy market is primarily driven by the increasing demand for numerous biological therapeutic approaches, greater awareness of cancer and cancer therapies, the rising prevalence of various malignancies, and a large population. Additionally, the increasing consumption of tobacco and alcohol, as well as smoking habits, are causing cancer in people worldwide, boosting the cancer biological therapy market's growth.
Favorable government policies for cancer treatment in developed countries are expected to drive the global cancer biological therapy market. Moreover, the increasing launch of technologically advanced products, surging research and development activities, increasing government initiatives, and a higher number of advanced drug approvals by regulatory bodies would aid growth. Furthermore, the increasing number of health insurance policies covering severe diseases would bolster growth.
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However, the high cost of cancer biological therapy in developing countries and the lack of coverage of these therapies in their insurance policies by many insurance companies operating in these countries may hinder the market's growth in the upcoming years. The high cost of drug research, strict government regulations, and adverse effects of medication therapies would also pose challenges for this market. Additionally, poor healthcare infrastructure in certain developing nations, such as India, would negatively affect growth. Cancer biotherapy is not covered by medical insurance claims in these countries.
Based on regional analysis, the North American market is expected to have a robust revenue growth during the forecast period due to the rising aging population, leading to an increasing frequency of cancer and a surge in the number of patients in the region. Europe is projected to be the second-largest market and would account for a significant global cancer biological therapy market share.
This growth is attributed to the increasing presence of skilled medical personnel and the rising availability of improved and innovative treatment facilities in the region. In Asia Pacific, higher prevalence of several lifestyle-related illnesses and cancer is expected to boost rapid growth. China is anticipated to be the fastest-growing country in APAC, owing to increasing patient population and high geriatric population.
Apart from that, the availability of novel therapies, increasing healthcare expenditure, and rising awareness campaigns would drive growth in this region. The Middle East and Africa are expected to exhibit the slowest growth, owing to lower affordability of treatment and lack of access and awareness among people.
The key companies in the global market include Amgen, Merck, AstraZeneca, GlaxoSmithKline, Eli Lilly and Company, Otsuka, Pfizer, Hoffmann-La Roche, Novartis, Takeda, Bayer AG, Sanofi, AbbVie Inc, Bausch Health, Johnson & Johnson Services, Bristol Myers Squibb and Company, Pfizer Inc, Teva Pharmaceutical Industries Ltd., and Hikma Pharmaceuticals.
Reports and Data has segmented the global cancer biological therapy market based on product type, application, and region.
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