The global market for cancer immunotherapy is highly competitive in nature with a presence of a large number of players operating in it, states a new market research study by Transparency Market Research (TMR). The prominent players in the global cancer immunotherapy market, namely Roche, Merck, Novartis, and Bristol-Myers Squibb are anticipated to account for a key share of the global market throughout the forecast period. In order to maintain a dominating position, these players are focusing on research and development activities. In addition, the increasing number of long-term partnerships and licensing of new products is expected to encourage the growth of the overall market in the next few years. With the rising incentives offered by government bodies, the global cancer immunotherapy market is predicted to witness a high level of competition in the near future.
According to the research study by Transparency Market Research, in 2015, the global cancer immunotherapy market was worth US$37.50 bn. The market is estimated to reach a value of US$124.88 bn by the end of 2024, exhibiting a progressive 14.60% CAGR between 2016 and 2024.
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Increasing number of Cancer Cases to Bolster Asia Pacific Cancer Immunotherapy Market
From a geographical viewpoint, Europe and North America are expected to witness a strong growth in the coming few years. In the last few years, these two regions have contributed extensively towards the development of the overall cancer immunotherapy market in the next few years. The growing awareness among patients regarding the availability of innovative therapies and drugs is projected to encourage the growth of the cancer immunotherapy market in North America and Europe in the near future. On the other hand, Asia Pacific is anticipated to register a healthy growth rate throughout the forecast period, owing to the rising number of cancer cases and the increasing population.
On the basis of therapy type, the global market for cancer immunotherapy has been classified into immune system modulators, cancer vaccines, monoclonal antibodies, and immune checkpoint inhibitors. Among these, the monoclonal antibodies segment is estimated to account for a massive share of the global cancer immunotherapy market in the coming years. The growing popularity of monoclonal antibodies owing to its affordability is predicted to encourage the growth of this segment in the forecast period. On the other hand, the immune checkpoint inhibitors segment is likely to witness progressive growth in the near future.
Increasing Research and Development Activities to Encourage Market Growth
A substantial rise in the number of different types of cancer and the technological developments in this area are predicted to fuel the growth of the global cancer immunotherapy market in the next few years. The rising number of innovations and research activities is anticipated to accelerate the growth of the market. In addition, the favorable government support and the increasing funds are likely to contribute towards the growth of the global cancer immunotherapy market in the near future.
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Furthermore, the increasing number of clinical trials and the introduction of new drugs and therapies are expected to offer promising opportunities for promising players operating in the global cancer immunotherapy market. The presence of a strong pipeline is one of the key factors propelling the global market in the coming years.
Technological Advancements to Offer Promising Opportunities
The global cancer immunotherapy market, on the flip side, is predicted to face several challenges throughout the forecast period. The rising complexity of cancer is anticipated to hamper the growth of the global cancer immunotherapy market in the near future. Moreover, the high rate of attrition for new product development is another factor restricting the market’s growth. Nevertheless, the rising number of advancements in the cancer therapeutics is projected to encourage the growth of the overall market in the near future.
This information is based on the findings of a research report published 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.”
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