The Global Cancer Immunotherapy Market has been growing impressively and is expected to maintain the same momentum during the forecast period. Market Research Future (MRFR) projects that the global cancer immunotherapy market is set to capture a CAGR of 14.8% during the forecast period 2017-2023. The market is expected to catapult from USD 36.8 billion in 2016 to USD 101.6 billion by 2023.
According to WHO, 8.8 million deaths occurred in 2015 due to cancer. Doctors all over the world generally base their cancer cure overtreatment, surgery and radiation, however, a new approach to the treatment of cancer has been developed – Immunotherapy. Immunotherapy uses the body’s own immune system to kill cancer cells. Cancer immunotherapy is designed to reactivate the body’s immune response to cancer.
This promising trend which has emerged recently has contributed effectively to the development of cancer treatment. The global cancer immunotherapy market has been growing impressively and is expected to maintain the same momentum during the forecast period. Market Research Future (MRFR) projects that the global cancer immunotherapy market is set to capture a CAGR of 14.8% during the forecast period 2017-2023. The market is expected to catapult from USD 36.8 billion in 2016 to USD 101.6 billion by 2023.
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Growing incidences of cancer all over the world is the principal reason for the growth of the cancer immunotherapy market. Cancer cases are anticipated to increase considerably in the coming years which might fuel the need for immunotherapy. Additionally, pricing trend and patent landscape are favorable for market participants. Lesser toxicity as compared to chemotherapy, long-time cancer remission, lesser side effects associated with immunotherapy, increased expenditure on healthcare facilities, growing acceptance of cancer immunotherapy, rising trend of preventive health care are some factors boosting the growth of the market. On the other hand, substantial costs associated with cancer immunotherapy, lack of awareness about immunotherapy, unknown long-term effects and effectiveness hinder the growth of the market.
The increasing adoption rate of advanced therapeutic procedures due to the rapid rise in incidences of cancer patients is one of the major factors driving the expansion of the global cancer immunotherapy market. The focus of healthcare providers in research and development in order to provide improved and highly effective treatments for cancer all over the world is propelling the growth of the global cancer immunotherapy market at a high pace.
The Global Cancer Immunotherapy Market has been segmented based on therapy types, application, and end-user. By type, the market has been segmented into monoclonal antibodies, cytokines, treatment vaccines, adoptive cell transfer, bacillus calmette-guerin, and others. The monoclonal antibodies sub-segment has been further segmented into naked monoclonal antibodies, conjugated monoclonal antibodies, and bispecific monoclonal antibodies. The cytokines sub-segment has been further segmented into interferon and interleukins. By application, the market has been segmented into liver cancer, childhood cancer, colorectal cancer, stomach cancer, lung cancer and others. By end-user, the market has been segmented into hospitals, clinics, and others.
The key markets of the global cancer immunotherapy market include North America, Europe, Asia-Pacific and The Middle East and Africa. North America and Europe have remained the principal contributors to the market. Structured patent acquisition process and increasing government aid for R&D of cancer immunotherapy have spurred the growth in the region. The cancer immunotherapy market has potential growth opportunities in both Europe and North America, however, Asia-Pacific is projected to be the fastest growing market due to rapid advancements in healthcare, increasing healthcare expenditure, and rising population of cancer patients in the region. Additionally, demand for new and innovative therapies in countries such as India and Korea are likely to drive the market in the region. The Middle East and Africa market hold the smallest share of the market owing to factors such as poor socio-economic conditions and low per capita income, but this region too is expected to project fair growth in future.
Immunotherapy is a promising cure for cancer and has attracted many players to space, however, factors such stringent regulatory approvals imposed by FDA, insufficient funds for Research & Development activities, and current active competitors are barriers to enter the market. Some of the established players of the market include Novartis International AG, Bristol-Myers Squibb, Seattle Genetics, Inc., GlaxoSmithKline Plc., F. Hoffmann-La Roche AG, ELI Lilly and Company, Spectrum Pharmaceuticals, Inc., Celgene Corporation, Merck & Co., and Amgen Inc.
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