Cancer therapies are evolving rapidly to become more effective, although not necessarily affordable. Biological drugs are an important part of this trend. The global biological drugs market is expected to surpass a valuation of US$287.13 bn by 2020. The market for biologicals in oncology, which is an important part of the global biological drugs market, is expected to exhibit steady demand as well. Transparency Market Research, in its report, titled ‘Biologicals in Oncology Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019,’ provides projections for the growth of this market.
Biologics are manufactured using recombinant DNA technology; biologics for the treatment of cancer stimulate the body’s natural defense to fight cancer. The report segments the global biologicals in oncology market on the basis of biological type, pathway mapping, and development stage. As the prevalence of cancer accelerates across the world, the use of biologicals in oncology will receive a palpable boost.
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North America is at the forefront of the biologicals in oncology market owing to the several leading names in the biologicals for oncology market being domiciled here. Numerous ongoing R&D projects in the region have positively influenced the growth of the biologicals in oncology market. Europe is the second-largest market for cancer biologics in the world and is followed by Asia Pacific. Leading countries in Europe have created a favorable regulatory environment for the promotion of biological drugs for cancer whereas approvals have been comparatively difficult to obtain in the United States. The future of the market will be shaped by the approval of new drugs that offer targeted treatment of cancer with fewer side effects.
These advantages have paved the way for the dominance of biologics in the overall cancer therapeutics market. With cancer becoming a burden for healthcare agencies worldwide, governments are striving to support the development of new drugs to assuage the economic impact of cancer. Currently, vaccines and monoclonal antibodies contribute substantially to the growth of the biologicals in oncology market.
Despite the growth prospects of the oncology biologics market looking strong, growth could be restrained to some degree with concerns associated with side effects of biological drugs at the site of injection; these include rashes, redness, pain, swelling, and redness.
Currently, over 1,500 drugs are in the research and development phase to treat 132 different types of cancers. Companies and independent institutions that have gained a lead in the development of biologicals for oncology include F. Hoffmann–La Roche, Prometheus Therapeutics and Diagnostics, Astex Therapeutics, Northwest Biotherapeutics, NewLink Genetics Corporations, National Institute of Mental Health, and others.