According to a survey report by World Health Organization (WHO) near about 8.2 million people succumb to cancer every year. The increasing growth of novel procedures and rise in demand for personalized medicines are among the main driving forces in the global cancer therapeutics and biotherapeutics market. So far chemotherapy was widely used to stem the spread on cancer. But of late, biotherapy has come up as a viable treatment option too. Biotherapy, as opposed to chemotherapy that leverages chemicals, uses natural, living substances to help the immune system hinder the growth of cancer cells. It incorporates interferons or interleukin, kinases, and monoclonal antibodies. Based on the report by Transparency Market Research the market is prognosticated to grow with a moderate speed in coming years. The publication bears the title “Cancer Therapeutics and Biotherapeutics Market – Global Industry Size, Share, Trends, Analysis and Forecasts 2016 – 2024.”
The increase in the number of favorable policies by governments pertaining to diagnosis, proper screening, and treatment of cancer is expected to work in favor of the development of the global market for cancer therapeutics and biotherapeutics. Furthermore, the emergence of innovative techniques will surely affect the development of the cancer therapeutics and biotherapeutics market. The rise in number of various kinds of cancer and the rise in number of new players in this market are anticipated to generate scope in the global cancer therapeutics and biotherapeutics market. The rise of innovative strategies for treatment will also give pace to the development of this market. However, the increasing side-effects of conventional treatment, for example, chemotherapy may hinder the advancement of this market in the coming years.
AstraZeneca plc, Bristol-Myers Squibb Company, Eli Lilly & Company, Johnson & Johnson, Novartis AG, Merck & Company Inc., Sanofi, and Roche, Pfizer Inc. are some of the leading firms investing in the research and development of cancer therapeutics and biotherapeutics. This makes them the leading players as well.
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