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.
Increased Efficiency Over Traditional Methods to Bolster Market Growth
As far as the treatment choices for cancer are concerned, cancer immunotherapy is foreseen to make genuine progress because of its greater efficiency over traditional treatment technique. The market is anticipated to demonstrate a high development rate over the upcoming years as well, because of an extremely promising treatment methods in the pipelines. In any case, the global cancer immunotherapy market is expected to be hindered by factors, for example, the increased level of steady loss inside the development cycles of its various product types, and overall absence of awareness about immunotherapy as a superior choice to conventional treatment in numerous regions of the world.
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Cost-Effective Nature of Treatment Makes it Popular Among Patients
In terms of types of therapies, the global cancer immunotherapy market can be segmented into immune system modulators, immune checkpoint inhibitors, immune checkpoint inhibitors, and monoclonal antibodies. Among these, monoclonal antibodies have so far been the leading choice of treatment methods for a large segment 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.
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.,