GLOBAL CANCER THERAPEUTICS AND BIOTHERAPEUTICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Cancer Therapeutics And Biotherapeutics Market Size and Trends

The Global Cancer Therapeutics and Biotherapeutics Market is estimated to be valued at USD 194.11 Bn in 2024 and is expected to reach USD 344.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031. The market has been witnessing steady growth over the past few years owing to the rising awareness about healthcare associated infections and increasing prevalence of chronic diseases.

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The cancer therapeutics and biotherapeutics market is expected to witness a steady growth over the forecast period owing to the increasing prevalence of cancer worldwide. The rising need for the treatment of various types of cancer including blood cancer, breast cancer, lung cancer, prostate cancer, and colorectal cancer is expected to drive the demand for cancer therapeutics and biotherapeutics. Additionally, growing preference for targeted therapy over conventional chemotherapy is further expected to support the growth of this market during the forecast period. Increasing government initiatives to spread awareness about cancer and improve the access to early screening and diagnosis is also projected to propel the cancer therapeutics and biotherapeutics market growth between 2024 and 2031.

The rise of targeted therapy drugs

One of the key drivers of growth in the global cancer therapeutics and biotherapeutics market has been the rise of targeted therapy drugs. Traditional chemotherapy drugs aimed to destroy cancer cells but often damaged healthy cells as well, leading to harmful side effects. In recent years, breakthroughs in cancer research have led to the development of targeted drugs that home in on specific molecular targets found on cancer cells. These molecular targets could be overexpressed proteins on the cancer cell surface, mutated proteins driving cell growth and survival or changes to genes and chromosomes. Examples include trastuzumab for HER2-positive breast cancer, imatinib for chronic myeloid leukemia, and vemurafenib for melanoma with BRAF mutations. Targeted drugs are more precise than traditional chemotherapy in distinguishing cancer cells from normal cells. As a result, they can be more effective at killing cancer cells while reducing damage to healthy cells. This translates to improved clinical outcomes for patients such as higher response rates, longer duration of response, and sometimes even cure. Targeted drugs also tend to have milder and more tolerable side effect profiles compared to chemotherapy. Their improved efficacy and safety profiles have led to rapid uptake by oncologists and patients. With advances in diagnostic testing, more cancer driver mutations and biomarkers are being discovered each year, further expanding the pool of patients eligible for targeted therapies. Drug companies have also made huge investments in developing new targeted agents, bringing multiple new pipeline drugs to market annually. All of these factors have combined to power strong growth in the targeted therapy segment.

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Growing awareness about cancer treatment

Cancer awareness across the globe has seen significant rise in recent years. Various non-profit organizations and governments are running widespread educational campaigns about cancer prevention, early detection and treatment options. This has boosted patient awareness about new therapeutic and biological treatment methods available for cancers. As people are more informed about biochemical and immune-based therapies, their preferences are shifting away from conventional chemotherapy towards more targeted and personalized approaches. Companies are continuously developing novel biologics and cell and gene therapies providing more efficacious and less toxic alternatives to existing standards of care. The success of some of the first approved CAR T-cell and oncolytic virus therapies have also increased confidence in these newer areas. The improved understanding of cancer at molecular level has accelerated the drug development pipeline. There are currently over 2500 biologics and immunotherapies under clinical trials globally according to figures from American Society of Clinical Oncology released in 2021. This extensive R&D activity when successful in gaining regulatory approvals will lead to substantial increase in the product offerings in the market. As awareness increases and more effective therapies become available, the majority of patients are opting for biologic and cell/gene therapy combinations or sequential treatments rather than chemotherapy alone. This shift towards personalized precision medicines is expected to significantly drive the revenues for cancer therapeutics and biopharmaceutical companies in the coming years. The market is anticipated to witness high growth rates fueled by this expanding treatment landscape and burgeoning demand for advanced therapeutic solutions.