Market Trends of Biologics Industry
The Cancer Segment is Expected to Dominate the Application Segment
The cancer burden is increasing across the world, and cancer therapies may be modified according to regional and national priorities. Biological therapy for cancer aims to induce the immune system to recognize and kill cancer cells.
According to the Globocan Report 2020, around 19,292,789 new cancer cases and 9,958,133 were reported globally. Breast, lung, colorectum, and prostate cancers are the most prevalent cancers. Biological therapy is used in the treatment of various cancers to prevent or slow the growth of the tumor and prevent the spread of cancer. Biological therapy often causes fewer toxic side effects than other cancer treatments. Biological therapy for cancer aims to induce the immune system to recognize and kill cancer cells.
Governments of different countries are taking initiatives to increase awareness about cancer and its diagnosis to help people detect cancer early. For instance, in February 2022, the Health Minister of Tamil Nadu, India, stated that the Government of Tamil Nadu is indulged in framing the policy to identify 66% of cancer patients in the first and second stages by 2030 to provide proper treatment. Such policies are expected to drive the growth of the market.
Market players are also continuously focusing on developing novel biologic therapeutics for cancer treatment and are investing in research and development activities. For instance, in May 2022, Biocon Biologics and Viatris (formerly Mylan) launched the cancer drug Bevacizumab under the brand name Abevmy in Canada. The Abevmy was developed by the two companies Biologics and Viatris. Hence, the above-mentioned factors contributed to the growth of the cancer segment of the market.
North America Holds the Largest Market Share and is Believed to Follow the Same Trend over the Forecast Period
The North American biologics market dominates the global biologics market, and it is estimated to show a similar trend over the coming years. The primary factors driving the market are the increasing incidences of chronic diseases, the presence of well-established pharmaceutical companies, and an increase in the number of biotech companies.
According to the American Cancer Society, the United States is estimated to have about 1,918,030 new cancer cases and 609,360 cancer deaths in 2022. Furthermore, according to the National Cancer Institute, the number of cancer survivors is expected to rise to 22.2 million by 2030, up from 17 million in 2020. The most common cancers in the United States are breast, lung, prostate, colorectum, bladder, and skin cancer. Thus, rising cancer prevalence is anticipated to drive the demand for its treatment, thereby boosting the growth of the market.
New biologic products launches by key players in the market are expected to fuel the market's growth in the United States. For instance, in May 2021, Moderna and Samsung Biologics announced that they had entered into a manufacturing service and supply agreement under which Samsung Biologics will provide large-scale, commercial fill/finish manufacturing for mRNA-1273, Moderna's COVID-19 vaccine. Hence, the above-mentioned factors are expected to boost the growth of the market studied in North America.
