Market Trends of Biobetters Industry
Cancer Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Cancer is a disease in which some of the body's cells grow uncontrollably and spread to other parts of the body. The increasing prevalence of cancer around the world and the rising research and development for better oncology drugs are the major factors that are expected to boost segment growth during the forecast period of the study.
For instance, according to an article published by the Chinese Medical Journal in March 2022, China was experiencing a greater incidence of cancers. In 2022 it was expected that there will be approximately 4,820,000 new cancer cases in China, in which the most common is lung cancer. Similarly, according to the data published by National Cancer Center Japan in June 2022, an estimated 1,019,000 new cases of cancer were expected in Japan in 2022, out of which 158,200 new cases of colon/rectum cancer, 132,100 cases of stomach cancer, 128,800 cases of lung/trachea cancer, 96,400 cases of prostate cancer, and 95,000 cases of breast cancer were expected. Thus, the high prevalence of cancer is expected to boost segment growth.
Furthermore, according to the bi-annual report published by the Indian Council of Medical Research (ICMR) in December 2022, the national average of cancer cases in 2022 in India was 100.4 per 100,000, with a large number of women (an estimated 105.4 per 100,000) being diagnosed with breast cancer. The source also stated an estimated 182,000 people are living with breast cancer in India and this is expected to reach 250,000 by 2030. Thus, due to the high burden of breast cancer in the country, the demand for biobetter drugs is expected to increase which will drive the growth of the studied market.
Moreover, according to the data published by the NIH in May 2022, the estimated research funding for Cancer in the United States was expected to increase from USD 7,362 million in 2021 to USD 7,644 million in 2022. Thus, the rising research and development expenses for cancer are expected to boost segment growth.
Hence, the aforementioned factors such as the rising prevalence of cancer and the rising research and development expenses for cancer are expected to enhance the segment growth during the forecast period of the study.
North America is Expected to Hold a Significant Market Share over the Forecast Period
North America is expected to be a significant region in the biobetters market owing to the increasing geriatric population coupled with the rising burden of chronic diseases such as cancer, diabetes, and genetic disorders among others; increasing research and development activities, and the presence of key players in the region.
According to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are aged 65 years or older in Canada, and this accounts for 18.8% of the total population. Thus, as the geriatric population is more prone to chronic disease, the rising geriatric population is expected to rise the demand for medical biomimetics products, thereby driving market growth in the region.
The rising prevalence of various cancer in the region is stimulating the growth of the market. For instance, as per the Canada Cancer Society's statistics for 2022 around 6,700 Canadians were diagnosed with leukemia in 2021, out of which 4,000 were men and 2,700 were women. Also, as per the American Cancer Society's data for 2023, around 59,610 new cases of leukemia and 20,380 new cases of acute myeloid leukemia (AML) are expected to be diagnosed in the United States in 2023. Thus, the high incidence of cancer cases is leading to an increase in hemato oncology testing, thereby driving the market in the region.
Moreover, according to the data published by the NIH in May 2022, the estimated research funding for diabetes in the United States was expected to increase from USD 1,124 million in 2021 to USD 1,178 million in 2022. Thus, the rising research and development expenses for diabetes are expected to boost the market growth.
Additionally, the developments by key market players are also expected to boost the market growth in the region. For instance, in October 2021, Genentech announced that the United States FDA has approved Susvimo (ranibizumab injection) 100 mg/mL, a biobetter drug, for intravitreal use via ocular implant for the treatment of people with wet age-related macular degeneration (AMD) who have previously responded to at least two anti-vascular endothelial growth factor (VEGF) injections.
Hence, the aforementioned factors such as the rising prevalence of various chronic diseases and the rising research and development are expected to enhance the market growth in the region during the forecast period of the study.
