Global Cancer Immunotherapy Market Expected to Grow at 14.6% CAGR Through 2024
The increasing prevalence of cancer across the world has influenced a number of markets. An important one among those is the global cancer immunotherapy market. According to Transparency Market Research (TMR), a leading market research and intelligence firm, the opportunity in the global cancer immunotherapy market will rise at a solid CAGR of 14.60% during the period from 2016 to 2024.
In terms of therapies, monoclonal antibodies have been registering the most prominent demand so far. The affordability of this therapy has given it an upper hand over other types of therapies. Its high popularity will continue to attract significant demand in the near future, keeping this segment on the top most position. On the other hand, the demand for immune checkpoint inhibitors is also expected to rise over the next few years due to its greater success rate and superior efficacy.
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Cancer immunotherapy finds extensive utilization in the treatment of prostate cancer, blood cancer, melanoma, lung cancer, breast cancer, colorectal cancer, and several other chronic diseases. Among these, the demand for immunotherapy is relatively higher in the breast cancer segment.
Lung cancer is also presenting a considerable increase in the rate of demand for immunotherapy. The rising population base of smokers and the alarming increase in air pollution in urban areas are the main factors behind this, states the research report.
Cancer Immunotherapy Reports High Demand
The global cancer immunotherapy market is reporting a tremendous rise, thanks to a number of factors. Some of the important factors that are supporting this market significantly are:
- The increase in the number of cancer patients across the world. Leading market players are researching tirelessly to develop new treatment methods, which is supporting the growth of this market, substantially.
- Increasing uptake of immunotherapy over conventional treatment methods.
- The rise in the need of cancer monoclonal antibodies across the world.
- Introduction of various efficient bioinformatics tools that offer improved options of drug development.
- Surge in research and development activities in various regions.
All these factors are propelling the global cancer immunotherapy market. Although the future of this market looks bright, it may face challenges from strict government regulations in the near future. The absence of appropriate infrastructure for cancer diagnosis and screening in emerging nations is also expected to hinder this market in the years to come, reports the research study.
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Europe and North America to continue to Lead
Geographically, the worldwide cancer immunotherapy market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Europe and North America have been leading this market since long. The presence of superior medical and healthcare infrastructure is supporting both the regional markets.
The ongoing research activities for the development of innovative therapies for cancer treatment are likely to aid these markets in the coming years, resulting in their continued dominance. With ample of untapped opportunities, Asia Pacific is also expected to report a promising growth in the near future, notes the market study.
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The leading players in the global cancer immunotherapy market are Amgen Inc., AstraZeneca Plc., Bristol-Myers Squibb Co., GlaxoSmithKline Plc., F. Hoffmann-La Roche Ltd., Eli Lilly and Co., Sanofi, Merck & Co. Inc., Janssen Biotech Inc., Pfizer Inc., Novartis AG, Spectrum Pharmaceuticals Inc., and Takeda Pharmaceuticals.
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