May 13, 2009 - The biotherapies for cancer treatment may become a $60 billion market in 10 years, doubling in the next five years, according to a new report by Kalorama Information, “World Market for Cancer Therapeutics and Biotherapeutics, 3rd Edition.”
The report found that the biotherapy segment has recorded a 34.1 percent annual growth rate since 2004 and is forecast to nearly double by 2013.
With sales of $24.5 billion in 2008, biologics currently represents about half of the total cancer treatment market, but Kalorama expects its market share to increase to 60 percent by 2013.
“The future looks bright for biological cancer treatments,” said Melissa Elder, an analyst for Kalorama. “With many highly unpleasant and often dangerous side effects from traditional cancer treatments, the potential for targeted biologic therapies that help the body target malignant tumors while leaving healthy tissue intact offers hope to millions of suffering cancer patients.”
Several factors continue to fuel double-digit growth in biotherapeutics, including their success as a safer, more effective cancer therapy, the rising incidence of cancer and the increased cost for newly approved therapies in the biological area.
As the benefits of biologic products continue to be recognized, competition will likely intensify. Existing products will continue to lead the segment, the report stated, though innovative new products will display healthy growth and create new competition. The leading competitors in this market are limited to a handful of marketers, including Roche, Novartis, Bristol-Myers Squibb and Pfizer.
Biotherapeutics includes monoclonal antibodies, interleukins/interferons and kinases and other biotherapies. Monoclonal antibodies represent the lion’s share of this market, but the highest growth has been and will continue to be in the kinases and other biotherapy segments where several new approvals have contributed to phenomenal annual growth.