Accelerated approvals of new biologics will drive market growth in North America
LONDON–(BUSINESS WIRE)–#AmgenInc–Technavio’s report on the cancer biologics market is expected to grow by $40.38 billion during 2019-2023. The increasing investments in the development of cancer biologics by vendors have led to the rise of several biologic molecules that are currently in the late stages of development for the treatment of cancer. Furthermore, regulatory agencies have fastened the approval process for cancer biologics. Thus, the presence of a robust pipeline and the approval of new drugs are expected to drive the growth of the global cancer biologics market during the forecast period. Read More
Cancer Biologics Market: Increased Use of Predictive Biomarkers for Better Diagnosis and Treatment
Developments in genomics, proteomics, metabolomics, and imaging have enabled a comprehensive analysis of tumor cells. As cancer etiology differs in patients, the adoption of predictive biomarkers helps in studying the cause of the tumor growth in patients. It helps in deciding treatment regimens and in the early detection of cancer. This facilitates the designing of cost-effective therapies for patients. Thus, the increasing use of predictive biomarkers is one of the key trends that is expected to fuel market growth during the forecast period.
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Cancer Biologics Market: Increase in R&D of Innovative Biologics to Change the Treatment Landscape
The market is witnessing an increase in the R&D of novel biologics such as bispecific antibodies, gene therapy, stem cell therapy, and antisense and RNAi therapies for the treatment of cancer. These drugs have innovative mechanisms of action; hence, they can change the treatment landscape for various types of cancers. Thus, the increase in R&D will drive the cancer biologics market growth.
The North American region is dominating the global cancer biologics market, with a market share of over 54%. The growth in the region is attributed to several factors such as the rising incidence of cancer in countries such as the US, and Canada, and the accelerated approvals of new biologics.
Major vendors covered in the cancer biologics market are Amgen Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, and Merck & Co., Inc.
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