The Global Cancer Immunotherapy Market is Expecting Growth at a Very High Rate in the Coming Future. This is Due to the Increasing Number of Patients Suffering from Different Types of Cancer.
Cancer Immunotherapy Market – Synopsis
The global cancer immunotherapy market is predicted to garner USD 101.6 billion with a CAGR of 14.8% during the forecast period (2017-2023). Market Research Future (MRFR) asserts the growth in the market is mainly credited to the high consumption of alcohol. Cancer is referred to as a medical condition of uncontrolled cell growth. Cancer immunotherapy allows the immune system to target the cancerous tumor cells, which is the natural tendency of the body but weakens with the advent of infections. Statistics say that nearly 1 out of 6 patients dies due to cancer; where almost 16,90,000 of the global population die due to lung cancer, 788,000 due to liver cancer, 774,000 due to colorectal cancer, 754,000 due to stomach cancer, and 571,000 due to breast cancer.
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Cancer Immunotherapy Market – Competitive Dashboard
The prominent players operating the global cancer immunotherapy market are Seattle Genetics Inc., Spectrum Pharmaceuticals Inc., F. Hoffmann-La Roche AG, Novartis International AG, Merck & Co. Inc., Celgene Corporation, GlaxoSmithKline Plc., Bristol-Myers Squibb, Amgen Inc., and ELI Lilly and Company.
Drivers and Constraints Impacting the Market
Smoking, deteriorating lifestyle, and increasing consumption of alcohol are some of the major factors accelerating the prevalence of cancer. With increasing cancer population across the globe, the market for cancer immunotherapy is benefitting throughout the appraisal period. Immunotherapy is highly effective and possesses fewer side effects when compared to other therapies. This is considered to propel the market growth during the assessment period. The increasing research and development activities in cancer immunotherapy are resulting in the introduction of advanced treatment therapies. People are shifting their preferences from chemotherapies to immunotherapy which is further estimated to propel the market growth in the coming years. Moreover, the launch of new treatment methods and new drugs are further anticipated to foster the market growth. Also, with the increasing healthcare insurance and healthcare expenditure, the market is expected to boom.
Meanwhile, the high cost of drugs and their adverse effects associated is predicted to dampen the market growth throughout the estimated period. Moreover, prolonged consumption of such drugs can hamper major organs and result in organ failure, thereby impeding the market growth.
Industry Updates
January 22, 2019: A new cancer-busting protein has been developed which has brought hope in cancer immunotherapy. Interleukin-2 is a protein which helps to fight cancer by boosting immunity. Researchers have now designed a brand-new protein that confers the immune-boosting ability to patients without having those dangerous side effects.
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Cancer Immunotherapy Market – Regional Insights
Geographically, the cancer immunotherapy market has been studied under regions namely, Europe, North America, Asia Pacific, and the Middle East and Africa.
Among all the regions, Europe and North America are considered to be major contributors to the global cancer immunotherapy market. The regions are anticipated to maintain their dominance through the appraisal period owing to their reputation as an appropriate place for research and development activities. Moreover, with advanced healthcare infrastructure, the market in these regions is considered to flourish.
The Asia Pacific region experiences the fastest growth rate for cancer immunotherapy mainly due to the presence of a huge patient population, rapidly developing healthcare technology and high healthcare expenditure in this region. Also, with the augmenting demand for new treatment methods in economies such as South Korea and India, the market is expected to flourish in this region.
Meanwhile, the Middle East & Africa is predicted to experience the least growth rate compared to other regions due to poor economic conditions and poor healthcare infrastructure in these regions.
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