Cancer Biological Therapy Market Growth Predicted at 7.8% Through 2027: GMI
The APAC cancer biological therapy market value is projected to garner USD 34.5 billion by 2027.
The cancer biological therapy market size is anticipated to record a valuation of USD 165 billion by 2027, according to the most recent study by Global Market Insights Inc. The large pool of cancer patients across the advanced and emerging economies will drive the market growth. According to the WHO, around 19.3 million people suffer from one or another type of cancer globally. Bullish investments in new cancer therapies to slow tumor growth and prevent the spread of cancer will reinforce the market expansion. In doing so, stakeholders are likely to respond to surged demand for blood cell growth and strong adoption of immunotherapy.
Technological advancements and expansion of research activities will bode well for the product portfolio expansion. R&D will potentially emphasize boosting survival rates, clinical oncology and minimize side effects of cancer treatment therapies. Stakeholders expect a robust market outlook for biological treatment options.
Citing the International Agency for Research on Cancer (IARC), the U.S. National Cancer Institute has stated that around 29.5 million new cancer cases and 16.4 million cancer deaths could be witnessed by 2040, mainly owing to the rise in the geriatric population. Market makers are likely to up their focus on prevailing trends and dynamics in the next few years.
Among several trends, here are some of the most notable ones to watch out for:
Blood cell growth factors to observe compelling demand
Stakeholders are expected to inject funds into blood cell growth factors to propel medications and subsequently enhance the immune system. Notably, lenograstim and filgrastim have become popular as granulocyte colony-stimulating factors to boost the bone marrow to produce stem cells and release them into the blood. Researchers have furthered attention on white blood cell growth factors to fight infection and prevent patients from developing side effects of cancer treatment. The blood cell growth factors (BCGF) segment in the cancer biological therapy market was valued at around USD 20.3 billion in 2020.
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Injectable route of administration to be highly preferred
Lately, the trend of injecting antibodies and cancer vaccines intravenously into patients has surged. The injectable cancer biological therapy segment accounted for a 38.9% market share in 2020. A strong outlook is partly attributed to the rising prominence of immunotherapies, vaccines and antibodies. The demand for T-cell transfer therapy, immune checkpoint inhibitors, monoclonal antibodies and treatment vaccines will continue to underscore the global cancer biological therapy market revenue.
The Asia Pacific to come up as a favorable investment market
The rising prevalence of cancer in China, Japan, India and Australia has expedited investments in cancer biological therapy. According to the GLOBOCAN 2020 report, there were over 9.5 million new cancer cases and more than 5.8 million cancer deaths for both sexes combined in Asia in 2020. A pronounced rise in mortality and cases is attributed to the most frequent cancers, including Lung, Breast, Colorectum, Stomach and Liver. The statistical evidence will encourage stakeholders to invest in improved and affordable cancer treatments. The APAC cancer biological therapy market value is projected to garner USD 34.5 billion by 2027.
Prevailing trends suggest blood cell growth factors will contribute a major share toward the cancer biological therapy market. With cancer being one of the leading causes of deaths globally--the WHO predicted around 10 million deaths in 2020 —stakeholders are slated to receive impetus from robust governments' support and R&D activities.
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Original Source: Cancer Biological Therapy Market Share 2021: Top Three Crucial Trends Favoring Industry Demand by 2027: Global Market Insights Inc.
