Published: Sep, 2018
According to a report by Transparency Market Research, the market is expected to be fragmented in nature as there are various small and large companies operating in the market. Introduction of new drugs are resulting in competition rivalry among the existing companies. Key players in the market are engaging in research and development activities that have resulted in innovation of drugs that have antibody dependent cellular toxicity, antigen specificity, and adaptive immunity.
Some of the leading companies operating in the global cancer immunotherapy market are Bristol-Myers Squibb Company, Amgen, Inc., GlaxoSmithKline Plc., AstraZeneca Plc., and F. Hoffmann-La Roche Ltd.,
The global cancer immunotherapy market is expected to grow rapidly with a rising CAGR of 14.6% during the forecast period of 2016 to 2024. The global market was worth US$37.50 bn during 2015 and is expected to attain a valuation of US$124.88 bn by the end of 2024. The global cancer immunotherapy therapy segment is led by breast cancer. Among all regions, North America is leading the cancer immunotherapy market by bagging the larger share in the market by the end of 2024. This region is expected to dominate the market in the during the forecast period owing to increasing development in this region.
Increase in Patient Assistance Program to Boost the Market
The global cancer immunotherapy market is rising among various regions because it is more effective than conventional treatments. Rise in cancer due to unhealthy lifestyle and other factors are most likely to boost the market for cancer immunotherapy. The market is expected to experience high development owing to launch of new treatment methods and drugs in the pipeline. There is an increasing number of patient assistance program which is likely to boost the market for cancer immunotherapy. Rise in requirement of cancer monoclonal antibodies is another reason for rise in cancer immunotherapy. Launch of effective bioinformatics tools that offer improvised options of drug development is expected to supplement the growth of global market as well. Rise in adoption of immunotherapy therapeutics are increasing compared to the conventional therapeutics or traditional chemotherapy thus, boosting the global market. Rising number of research and development in various regions are fueling the market growth. Various emerging economies are approving the usage of immunotherapy therapeutics which is augmenting the global cancer immunotherapy market.
Expensive Treatment to Hamper Market Growth
The global cancer immunotherapy market is expected to face certain restrains that might affect the growth of the market. Stringent government regulations are one of the major reasons for the hindrance of market growth. There is always risk of side effects that can affect the growth. Emerging economies cannot afford expensive development cost of new drugs thus hampering the growth. Poor infrastructure for cancer diagnosis and screening is envisaged to trouble the growth in the coming years. Prolonged consumption of immunotherapeutic drugs are likely to cause major destruction of organ or failure of organ. Other side effects are flu like symptoms, mouth sores, and skin reactions that can cause hindrance of the market during the forecast period.
The information in this review is based on the findings of a report by Transparency Market Research, titled “Cancer Immunotherapy Market (Therapy Type - Monoclonal Antibodies, Immune Checkpoint Inhibitors (PD-1/PD-L1 and CTLA-4), Immune System Modulators, and Cancer Vaccines; Therapeutic Areas - Lung Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Melanoma, and Blood Cancers; End Users - Hospitals, ASC’s (Ambulatory Surgical Centers), and Cancer Research Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
The global cancer immunotherapy market has been segmented as presented below:
Global Cancer Immunotherapy Market: Therapy
- Monoclonal Antibodies
- Immune Checkpoint Inhibitors
- Immune System Modulators
- Cancer Vaccines
Global Cancer Immunotherapy Market: Therapeutic Area
- Lung Cancer
- Colorectal Cancer
- Breast Cancer
- Prostate Cancer
- Blood Cancers
Global Cancer Immunotherapy Market: End User
- Cancer Research Centers
Global Cancer Immunotherapy Market: Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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