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Monoclonal Antibodies are expected to dominate the global cancer immunotherapy market during the forecast period, owing to the rise in adoption and high usage of monoclonal antibody for cancer immunotherapy as these antibodies are specific to the antigen expressed by tumor itself.
The global cancer immunotherapy market was pegged at $45.47 billion in 2015 and is expected to reach $117.11 billion by 2022, registering a CAGR of 14.5% from 2016 to 2022.
Increase in incidence & prevalence of cancer, rise in technological advancement in treatment therapies, and surge in number of R&D for the treatment of cancer, and specificity & effectiveness of cancer immunotherapy for the treatment of various cancers have boosted the growth of the global cancer immunotherapy market. However, dearth of skilled healthcare professionals and lack of awareness among the population hamper the market growth. On the contrary, rise in healthcare expenditure and healthcare insurance are expected to create lucrative opportunities in the near future.
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Global cancer immunotherapy market is divided on the basis of technology, application, end user, and geography. Based on technology, the market is segmented into monoclonal antibodies, cytokines & immunomodulators, and others. The monoclonal antibodies segment is expected to manifest the fastest CAGR during the forecast period, owing to rise in adoption of monoclonal antibodies for the treatment of wide range of cancer such as breast cancer, lung cancer, and cervical cancer.
On the basis of geography, the market is divided into North America, LAMEA, Asia-Pacific, and Europe. North America region was the highest revenue contributor in 2015, owing to rise in healthcare expenditure, high incidence of cancer, and well-established healthcare system. However, the Asia-Pacific region is expected to portray the highest CAGR during the study period, owing to increase in disposable income and improvement in healthcare infrastructure.
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On the basis of application, the market is divided into lung cancer, breast cancer, colorectal cancer, melanoma, prostate cancer, head & neck cancer, and others. The lung cancer market held the largest share in 2015 and is expected to continue its trend throughout the study period. Based on end user, the market is segmented into hospitals, cancer research centers, and clinics. The hospitals segment held the largest share in 2015 and is projected to manifest the fastest growth during the forecast period, owing to extensive use of cancer immunotherapy in the hospitals.
The Major Key Players Are:
Advaxis Inc., Eli Lilly and Company, Pfizer Inc., Bayer AG, Amgen Inc., Merck & Co., Inc., Bristol-Myers Squibb Company, Novartis AG, Immunomedics Inc., and Astrazeneca plc.
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