Market Research Future has released a new research report on global cancer immunotherapy market. the report takes a close look at its growth graph which is recorded to be at a CAGR of 14.8% and would achieve a valuation of USD 101.6 billion by 2023.
Cancer immunotherapy simply put is a form of cancer treatment which boosts the natural immune system of the human body in fighting against the cancer cells. It is given to patients to prevent the cancer to spread, reduce the growth of the cancer cells and make the natural immunity better in order to destroy the cancer cells.
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The different types of cancer immunotherapies used include cytokines, checkpoint inhibitors, therapeutic cancer vaccines, monoclonal antibody and others. With regards to what types of cancer can be treated with immunotherapy, it includes thyroid cancer, cervical, testicular, prostate, breast, Hodgkin lymphoma and melanoma.
Cancer immunotherapy is another form of cancer treatment which boosts immune system in body to fight against cancer cell that spreads inside causing cancer. This kind of therapy prevents cancer to spread, reduce the growth of cancer cells and destroys the existing cell efficiently. Approximately 100 different types of cancer are identified, therefore cancer immunotherapies have been the best solution for cancer relief.
Market Research Future has listed some of key the players in the market, they are F. Hoffmann-La Roche AG, Merck & Co., Inc., Novartis International AG, GlaxoSmithKline Plc., Amgen Inc., Bristol-Myers Squibb, ELI Lilly and Company, Celgene Corporation, Seattle Genetics, Inc., Spectrum Pharmaceuticals, Inc.
According to Market Research Future, the global cancer immunotherapy market has been segmented by therapy types, by application, by end user.0
By the type, market segment includes monoclonal antibodies, adoptive cell transfer, cytokines, treatment vaccines, bacillus Calmette Guerin, and others. Further, monoclonal antibodies segment is segmented into naked monoclonal antibodies, conjugated monoclonal antibodies, and bispecific monoclonal antibodies. Cytokines are further segmented into Interferon, Interleukins.
By the application, the market is segmented into liver cancer, childhood cancer, colorectal cancer, stomach cancer, lung cancer and others.
By the end user, market is segmented into hospitals, clinics, and others.
Global Cancer Immunotherapy Market: Drivers & Trends
Global cancer immunotherapy market has been growing at an impressive frequency in recent years and it is expected that it will maintain the same in the years to come. MRFR has also included a report which goes according to W.H.O., cancer is the leasing cause of deaths globally in the year 2015 which led to 8.8 million deaths in number. The statistics showed that nearly 1 in 6 patients die due to cancer, which causes with worsening of lifestyle including activities such as smoking and alcoholism. These incidences are responsible for cancer to grow. Therefore, increasing cancerous population is the one of the major driving factors for the global immunotherapy market in the recent years. Cancer immunotherapy is highly effective with less side effects therapy, as compared to the other ones.
The global cancer immunotherapy market is also proliferating in various regions owing to its effectiveness than the conventional treatments. Even the cancer immunotherapy market is expected to have high development in the coming years owing to launch of new treatment methods and drugs to cure cancer. There have been an increasing number of patient’s assistance program which is likely to boost the market for cancer immunotherapy.
Apart from this, the global cancer immunotherapy market is also up-surging with the requirement of cancer monoclonal antibodies. Also, with the launch of effective bioinformatics tools that offer improvised options of drug development is expected to complement the growth of global cancer immunotherapy market as well. On the other hand, the rise in adoption of immunotherapy therapeutics are increasing compared to the conventional therapeutics or traditional chemotherapy thus, boosting the global market.
The other factors influencing the global cancer immunotherapy is the rising number of R&D in various regions are thus, fueling the market growth. The best thing is that various emerging economies are approving the usage of immunotherapy therapeutics which is thus augmenting the global cancer immunotherapy market in positive ways and will garner at a rapid pace during the forecast period.
On the flip side, expensive development cost of new drugs in this market is thus hampering the growth. with that, poor infrastructure for cancer diagnosis and screening is envisioned to trouble the market growth in the coming years.
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Based on region, the Cancer Immunotherapy Market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. In the last couple of years, North America and Europe had been the key contributors in the market owing to their reputation as an ideal place for R&D. The cancer immunotherapy market is in huge demand here and likely to expand favorably during the predicted years. The cancer immunotherapy market in the APAC region is likely to grow at the fastest pace due to the existence of healthcare technology that is rapidly growing, high healthcare expenditure and huge patient population. Besides, rising need for new treatments in countries such as South Korea and India are expected to appear as the fastest growing market. On the other hand, the cancer immunotherapy market in the Middle East and Africa will have minimal share in the market although rising occurrence of cancer due to excessive alcohol consumption, change in lifestyle and smoking will drive the cancer immunotherapy market in this region during the predicted years.
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