According to a new research study by Transparency Market Research (TMR), the global cancer immunotherapy market displays high barriers for new entrants, thanks to the rise in the incentives provided by the governments and the increasing capital investments by private entities.
With the clear leadership of Roche, the market demonstrates a consolidated structure. Merck, Novartis, and Bristol-Myers Squibb are some of the other prominent players in this market. Currently, the market’s growth rate is very high, which has encouraged the leading players to focus on consolidation through product licensing and long-term partnerships in order to gain maximum share in the market. This, as a result, will result into a high degree of competition within the market in the near future, notes the study.
As per the report’s estimations, the total opportunity in the global market for cancer immunotherapy was US$37.50 bn in 2015. Proliferating at a CAGR of 14.60% between 2016 and 2024, the market is likely to increase to US$124.88 bn by the end of the forecast period. Hospitals have emerged as the key end users of cancer immunotherapy products and services and are anticipated to remain so over the next few years, reports the study.
Monoclonal Antibodies to Witness Continued Demand
In this research report, cancer vaccines, immune checkpoint inhibitors, immune system modulators, and monoclonal antibodies have been considered as the main types of immunotherapies utilized for the treatment of cancer. Among these, the demand for monoclonal antibodies is higher and the trend is expected to continue over the forecast period, as this therapy is more affordable in comparison with the other ones. Apart from monoclonal antibodies, immune checkpoint inhibitors are also expected to witness a steady surge in their demand in the near future on the grounds of their high success rate and overall efficiency.
In terms of the regional reach, this research report has divided the worldwide market for cancer immunotherapy into Asia Pacific, Latin America, Europe, the Middle East and Africa, and North America. Over the past few years, North America and Europe have surfaced as the key contributors to the global market, owing to their reputation as preferred destinations for research and development activities among leading players. The demand for cancer immunotherapy is also significantly high in both the regions, which is likely to support them in gaining significantly in the near future. Asia Pacific, however, is anticipated to claim the leading position over the forecast period, surpassing all other regional markets.
Increasing Prevalence of Cancer Fueling Market’s Growth
“The increasing number of cancer patients across the world is the main factor behind the tremendous growth of the global market for cancer immunotherapy,” says an analyst at TMR. The changing pattern of lifestyle and increasing habit of smoking among consumers have fueled the prevalence of various types of cancer. With the rise in disposable income that has enabled them to afford expensive treatments, consumers are drawn towards cancer immunotherapy due to its efficiency, which is reflecting greatly on this market.
On the other hand, the high attrition rate of the product development cycle may hamper the growth of this market in the next few years, states the research report.
The study presented here is based on a report by Transparency Market Research (TMR), 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.”
Key segments of the global cancer immunotherapy market:
By Therapy Type
- Monoclonal Antibodies
- Immune Checkpoint Inhibitors
- Immune System Modulators
- Cancer Vaccines
By Therapeutic Area
- Lung Cancer
- Colorectal Cancer
- Breast Cancer
- Prostate Cancer
- Blood Cancers
By End Users
- ASC’s (Ambulatory Surgical Centers)
- Cancer Research Centers
- North America
- Rest of Europe
- Asia Pacific (APAC)
- New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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