The global cancer therapeutics and biotherapeutics market size was valued at US$ 170 billion in 2022 and is expected to hit US$ 379.07 billion by 2032 with a registered CAGR of 8.40% from 2023 to 2032.
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The U.S. cancer therapeutics and biotherapeutics market size reached US$ 42.84 billion in 2022 and is predicted to expand US$ 97.30 billion by 2032 grwoing at aCAGR of 8.60% from 2023 to 2032.
North America dominated the cancer therapeutics and biotherapeutics market in 2022. The presence of vast number of market players is driving the growth of the cancer therapeutics and biotherapeutics market. Another factor driving the growth of the cancer therapeutics and biotherapeutics market in North America region is growing prevalence of cancers such as breast cancer, prostate cancer, and lung cancer.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. China and Indiadominate the cancer therapeutics and biotherapeutics market in Asia-Pacific region. The cancer therapeutics and biotherapeutics market in Asia-Pacific region is growing due to the growing awareness about the cancer in countries such as India, China, South Korea, and Japan. The government of these countries is highly investing in research and development activities. In addition, the growing geriatric population is also boosting the growth of the cancer therapeutics and biotherapeutics market in the region during the forecast period.
The cancer therapeutics and biotherapeutics are majorly used for the treatment of cancer. One of the primary factors boosting the growth of the global cancer therapeutics and biotherapeutics market is rising prevalence of cancer all around the globe over the projected period. The cancer is considered as high-risk disorder. That’s the reason; the market for cancer therapeutics and biotherapeutics is growing at a rapid pace.
The government and major market players are highly investing in research and development activities. This factor is helping in the development of new drugs and medications for the treatment of cancer. In addition, the market players are collaborating with each other for the development of cancer therapeutics and biotherapeutics in the global market. The introduction of new drugs and medicines is paving new way for the growth of the global cancer therapeutics and biotherapeutics market over the forecast period.
Furthermore, the growing geriatric population is contributing towards the expansion and development of the global cancer therapeutics and biotherapeutics market. The old people are more prone to such disorders and need utmost care and treatment. Thus, the cancer therapeutics and biotherapeutics help them to prevent against such disorders.
On the other hand, the factors such as negative impact of cancer therapeutics and biotherapeutics on the body and growing costs for development of cancer therapeutics and biotherapeutics are hindering the growth of the global cancer therapeutics and biotherapeutics market. In addition, the biotherapeutics are trending in the market for the treatment of cancer. The cancer therapeutics and biotherapeutics helps the human body to boost its immune system. The cancer patient needs strong immune system which is possible due to drugs and medicines.
| Report Coverage | Details |
| Market Size by 2032 | USD 379.07 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 8.40% |
| Largest Market | North America |
| Fastest Growing Makret | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Application, Top Selling Drugs, End User, Product, Geography |
| Companies Mentioned | Amgen Inc., Bristol-Myers Squibb, Celgene Corporation, ELI Lilly and Company, Hoffmann-La Roche AG, EnGeneIC Ltd, Merck & Co Inc., Novartis, Pfizer Inc., Johnson & Johnson |
The favorable government regulations and guidelines for the treatment of cancer is driving the growth of the global cancer therapeutics and biotherapeutics market. The number of drug manufacturers is involved in the manufacturing process of cancer therapeutics and biotherapeutics. The key market players are constantly adopting the marketing strategies for the growth and development of cancer therapeutics and biotherapeutics market.
Nowadays, the approvals on the drugs and medications by Food and Drug Administration (FDA) are quite easy. This factor is encouraging market players to develop new products in the cancer therapeutics and biotherapeutics market. Moreover, the market players are collaborating with logistics companies for supplying drugs and medicines on an international level. This factor is supporting the growth of the global cancer therapeutics and biotherapeutics market over the forecast period.
The COVID-19 outbreak had affected healthcare sector significantly. This has directly impacted the growth of the global cancer therapeutics and biotherapeutics market. Even during the coronavirus outbreak, the demand for cancer therapeutics and biotherapeutics was stable in nature. But the supply chain disruptions and closure of manufacturing units caused negative impact on the cancer therapeutics and biotherapeutics market. Thus, the cancer therapeutics and biotherapeutics market is expected to recover as restrictions are being removed from all the regions all around the globe.
The government of developed and developing regions is constantly contributing towards the growth of the cancer therapeutics and biotherapeutics market. The government of such regions is trying to create manufacturing hubs in regions with low labor costs. This factor is driving the growth of the global cancer therapeutics and biotherapeutics market during the forecast period.
The lung cancer segment dominated the cancer therapeutics and biotherapeutics market in 2022. The lung cancer is the most common cancer killer, accounting for about a quarter of all cancer fatalities. The lung cancer kills more people than breast cancer, colon cancer, and prostate cancer combined every year. Thus, the lung cancer segment is growing at a rapid pace.
The head and neck cancer segment is fastest growing segment of the cancer therapeutics and biotherapeutics market in 2022. The rising incidences of cancer are driving the segment growth. In the U.S., head and neck cancer accounts for around 4% of all cancers. Thus, this factor is driving the growth of the segment over the projected period.
The Revlimid segment dominated the cancer therapeutics and biotherapeutics market in 2022. The Revlimid is used in the treatment of wide range of cancers. This drug helps to increase the life expectancy rate of cancer patients. In addition, Revlimid contains lenalidomide, which treat myeloma and myelodysplastic syndrome. As a result, the growing prevalence of cancer disorders is driving the growth of the segment.
The Zytiga segment is fastest growing segment of the cancer therapeutics and biotherapeutics market in 2022. Zytiga contains abiraterone acetate which is mainly used in the treatment of the prostate cancer. This drug is approved by Food and Drug Administration (FDA). The doctors recommend to avoid overdoses of Zytiga. This can also lead to death and fatalities.
Key Developments
Segments Covered in the Report
By Application
By Top Selling Drugs
By Product Type
By End User
By Geography
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