Global Cancer Immunotherapy Market: Snapshot
The global cancer immunotherapy market is expected to experience a very high rate of growth over the coming years, owing to the increase in the number of patients suffering from various types of cancer. In terms of the treatment options for cancer, cancer immunotherapy is expected to make serious headway due to its proven greater efficiency over conventional treatment methods. The market is also expected to show a high growth rate over the coming years due to a highly promising treatments pipeline. However, the global cancer immunotherapy market is expected to be hindered by factors such as the high level of attrition within the development cycles of its several product types, and the overall lack of awareness of immunotherapy as a better option to conventional treatment in multiple regions of the world.
In 2015, the global cancer immunotherapy market was valued at US$37.50 bn. With its revenue expected to progress at a very strong CAGR of 14.6% within a forecast period from 2016 to 2024, the global cancer immunotherapy market is expected to reach US$124.88 bn by the end of 2024.
Monoclonal Antibodies Continue Being Top Cancer Immunotherapy
In terms of types of therapies, the global cancer immunotherapy market can be segmented into cancer vaccines, immune system modulators, immune checkpoint inhibitors, and monoclonal antibodies. Monoclonal antibodies have so far been the leading choice of treatment methods for a large portion of the global healthcare industry, giving it a high lead over other segments. This therapy type has been more affordable than the other types, allowing it to gain greater popularity. However, the global cancer immunotherapy market is expected to witness a spike in the demand for immune checkpoint inhibitors due to their greater percentages of success rates and higher overall efficiency.
In terms of area of therapy, the global cancer immunotherapy market can be segmented into blood cancer, melanoma, prostate cancer, breast cancer, colorectal cancer, lung cancer, and other minor areas. Of these, breast cancer has been the leading area of immunotherapy. Lung cancer is also showing a very high increase in rate of demand owing to the growing population of smokers and the higher overall air pollution in urban areas.
Developed Economies Show Higher Development Rates in Cancer Immunotherapy
From a geographical perspective, the global cancer immunotherapy market can be segmented into North America, Europe, Asia Pacific, and the rest of the world. The market’s past has more or less been written within the developed economies of the world. North America and Europe have been base for several of the top level research and development efforts in the global cancer immunotherapy market so far. Both regions have also shown a great deal of demand for cancer immunotherapy owing to a more aware population and a better overall healthcare outreach. At the same time, the growing rate of awareness in other parts of the world – especially in Asia Pacific – is expected to guide the global cancer immunotherapy market in the coming years. Asia Pacific especially shows a very highly favorable rate of growth in cancer immunotherapy adoption due to an increasing density in urban populations, growing awareness rates of common cancer types such as prostate and breast cancers, and the booming industry of medical tourism.
The leading players that have so far been in operation within the global cancer immunotherapy market include Bristol-Myers Squibb Company, Amgen, Inc., AstraZeneca Plc., Eli Lilly and Company, GlaxoSmithKline Plc., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Janssen Biotech, Inc., Pfizer, Inc., Novartis AG, Spectrum Pharmaceuticals, Inc., Sanofi, and Takeda Pharmaceuticals.
Global Cancer Immunotherapy Market: Overview
The growing incidences of cancer and a need to treat them is the key driver of the global immunotherapy market. The number of deaths occurring due to cancer is increasing every year and has therefore forced government bodies to take initiatives for the improvement of the health conditions of people, by investing heavily in research and development and enabling innovation and advancements in technology so as to offer improved treatments. This has pushed the growth of the global cancer immunotherapy therapy. As immunotherapy therapy has a higher success rate and proven efficiency over conventional treatment methods for cancer, its demand is higher and therefore, the market is expected to witness a remarkable growth over the coming years. The treatment pipeline looks promising and is thus, expected to ensure a healthy growth of the market.
The report offers forecasts of the overall cancer immunotherapy market over the global level as well as on regional levels. The estimated size of each of the segments and sub-segments has also been given in the report. Macroeconomic indicators, drivers, and restraints impacting the global cancer immunotherapy market have been included along with their impact on each region. Current challenges met by players in the cancer immunotherapy market have been elaborated on, thus giving a brief idea to readers and investors the problems they may encounter while investing in the competitive market.
Global Cancer Immunotherapy Market: Trends and Drivers
The global cancer immunotherapy market is expected to hold promising growth as there lies immense scope for improvement and development. The increasing number of clinical trials held particularly in immunotherapy is expected to boost the market’s growth. With the recognition from various medical bodies as the foremost line of therapy over conventional chemotherapy, cancer immunotherapy is estimated to hold immense potential and growth opportunity in the coming years.
However, factors such as high attrition rates during product development phase are anticipated to restrict the growth of the market. Also, an overall lack of awareness about immunotherapy being a better treatment option will impede the growth of the market. The high cost of clinical trials poses a challenge for players in the market. With many types and subtypes of cancer, having a single mode of treatment method is impossible, increasing the attrition rates of new drugs and treatments. Only a handful of contenders in the pipeline pass through the phase III trials and the rest are considered to be inefficient. This is yet another challenge faced by players in the market.
Global Cancer Immunotherapy Market: Segmentation
On the basis of therapeutic area, the market is segmented into colorectal cancer, lung cancer, breast cancer, melanoma, prostate cancer, and blood cancer. By end users, the global cancer immunotherapy market is segmented into ASC’s (ambulatory surgical centers), hospitals, clinics, and cancer research centers. Hospitals are expected to be the leading segment in the market. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Asia Pacific is poised to witness significant growth in the market.
Key Players Mentioned in this Report are:
The report provides studies key players operating in the market. Some of the key players in the global cancer immunotherapy market are: F.Hoffmann-La Roche Ltd., AstraZenca Plc, Eli Lilly and Company, Amgen, Inc., Bristol-Myers Squibb Company, GlaxoSmithKline Plc., Novartis AG, Pfizer, Inc., Janssen Biotech, Inc., Merck & Co., Inc., Janssen Biotech, Inc., Merck & Co., Inc., Sanofi, Takeda Pharmaceuticals, and Spectrum Pharmaceuticals, Inc.
The report segments the global cancer immunotherapy market as:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments