The worldwide rise in the growing number of different kinds of cancer is driving the doctors and pharmaceuticals to invest in research and development and find the solutions to control the growth of these health disorders. As every cancer is unique and manifests in every patient differently that requires specific and personalized treatment, there has been an increasing trend in recent years to develop more therapeutics that can selectively identify the cancer cells and invoke an immune response against them while leaving out the healthy cells which further results in minimal side effects that are otherwise seen with conventional therapies such as chemotherapy and radiation therapy. Eventually, this results in faster control and recovery with improved quality of life. Further, several domestic and international policies devised by the government from several countries such as U.S., China, India, Germany and U.K. to enhance and provide the best healthcare support to their citizens is anticipated to bolster the global cancer immunotherapy market.
The global demand for cancer immunotherapy is increasing due to massive growth of healthcare industry combined with increasing awareness about early diagnosis and advanced personalized medicine as a part of targeted therapy across the globe. The global cancer immunotherapy market is estimated to skyrocket with USD 86,678.7 Million by the end of 2027 from USD 42,584.18 Million in 2017 by expanding at a CAGR of 7.5% over the forecast period 2018-2027.
The global cancer immunotherapy market is segmented by technology into cellular immunotherapy, monoclonal antibodies, immune checkpoint inhibitors, cancer vaccines, cytokine therapy, out of which, the monoclonal antibodies held more than half of the total market share (around 65%) in 2017 and is estimated to behold its positive growth over the forecast period owing to its high drug specificity towards the cancer cells. Further, the immune checkpoint inhibitors segment of the cancer immunotherapy held the second highest market share in 2017 and is expected to achieve Y-o-Y growth rate of 8.9% in 2027.
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Growing Rate of Cancer Patients to Escalate the Demand for Cancer Immunotherapy in Future
The cancer immunotherapy market is thriving on the back of increasing awareness and advanced personalized medicines regarding cancer around the globe.
Increasing Incidences of Cancer– Higher consumption of alcohol, generality of smoking and depletion of ozone layer are among several factors responsible for the increasing incidences of cancer globally. Countries such as United States (6.8 Million), China (8.36 Million), India (2.04 Million), Germany (1.91 Million) and Russia (1.61 Million) are the leading countries with highest share of cancer population worldwide.
Increased Application of Bioinformatics in Cancer Aligned Drug Development – The bioinformatics facilitates personalized information and response to several immunotherapy drugs to the individuals suffering from cancer.
Increased Government Aid and Involvement in Healthcare Industry– The introduction of Ayushman Bharat-National Health Protection Scheme by government of India and various existing prodigious healthcare systems in Asia and Europe such as Urban Residents Basic Medical Insurance by China, National Health Service by U.K. government, System of Social Security in France, Health and Medical Service Act in Sweden among others show significant existence of government participation in healthcare sector that is benefiting the growth of the cancer immunotherapy market across the globe.
Industry Players are Progressing towards Minimizing the Barriers faced by the Global Cancer Immunotherapy Market
According to Research Nester, the immunotherapeutic treatment is highly concentrated to developed regions across the globe such as North America and Western & Central Europe. Additionally, the treatment is limited in developing regions such as India, China and Latin America and is anticipated for a discernible growth in forthcoming years.
Higher Cost linked to Cancer Immunotherapy– The time span and capital involved in the research and development of immunotherapeutic medicines lead to higher production cost than other alternative drugs.
Stringent Entry Barriers – The global cancer immunotherapy market retains limited number of players with confined number of price options available to the customers due to several regulatory as well as cost constraints aligned to the cancer immunotherapeutic drugs.
The report titled “Global Cancer Immunotherapy Market Outlook: Industry Demand Analysis & Opportunity Assessment 2017–2027”delivers detailed overview of the global cancer immunotherapy market in terms of market segmentation by technology, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global cancer immunotherapy market which includes company profiling of AstraZeneca, Merck & Co., Novartis, Advaxis Inc., Bristol-Myers Squibb (BMS), Bayer AG, Roche, Eli Lilly and Co., Amgen Inc. and Pfizer Inc.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cancer immunotherapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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