Cancer Immunotherapy Market Will hit at a CAGR of 14.6% from 2016 to 2024
, 13 February 2018
-- Cancer Immunotherapy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Owing to the presence of a pool of small and large players, the global cancer immunotherapy makes for a fragmented competitive landscape, although Roche Holding AG has managed to stay ahead of the curve in the recent past, according to a business intelligence report by Transparency Market Research (TMR). The report, developed as a reliable decision making tool for stockholders such as drug manufacturers and suppliers as well as research and development companies, has attributed the recent approvals of monoclonal antibody drugs such as Rituxan and Avastin for the flagship position of Roche Holding AG. Some of the other notable players identified by the report in the global cancer immunotherapy market are Bristol-Myers Squibb, Merck, and Novartis, primarily making a mark in immune checkpoint inhibitors and monoclonal antibodies.
Over the course of the forecast period of 2016 to 2024, the analysts of the report have projected the demand in the global cancer immunotherapy market to swell at an impressive CAGR of 14.6%, constituting an opportunity worth of US$124.88 bn by 2024, substantially more than evaluated worth of US$37.50 bn in 2015. Going forward, the report has expected a high level of threat to come from new entrants, which would be a result of incentives offered by various governments as well as foreign investments, owing to the widespread demand. In the near future, the leading companies are also expected to focus on acquisitions and partnerships as well as aspire for patent protection. Pfizer, AstraZeneca, Amgen, Bayer AG, Janssen Global Services, LLC, and Eli Lilly and Company are some of the other notable players operating in this market.
Based on therapy type, the TMR report has segmented the global cancer immunotherapy market into immune checkpoint inhibitors, monoclonal antibodies, CTLA-4, PD-1/PD-L1, cancer vaccines, immune system modulators, and others, with the monoclonal antibodies segment providing for the maximum demand, although immune checkpoint inhibitors are projected for a better growth rate.
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Based on therapeutic area, the market has been bifurcated into breast cancer, lung cancer, prostate cancer, melanoma, colorectal cancer, blood cancer, and others, whereas end user classification of the market has been done into ambulatory surgical centers (ASCs), hospitals, specialty clinics, and cancer research centers. Geographically, North America and Europe have been identified as most profitable regions, although vastly populated emerging economies of India and China are expected to increment focus on Asia Pacific by the leading vendors.
Strong Prevalence of Cancer Driving Demand
Prevalence of cancer, growing adoption of immunotherapy over traditional and conventional therapeutics, development of bioinformatics tools that offer enhanced drug development options, increasing demand for cancer monoclonal antibodies, vast profile of promising pipeline, and growing popularity of patient assistance programs are a few prominent factors expected to drive the global cancer immunotherapy market in the near future. For instance, The FDA has approveds Keytruda (Pembrolizumab) and Opdivo (Niolumab) for sale in the U.S.
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On the other hand, poor infrastructure of diagnosis and screen in a number of emerging economies, patent expiry of some of the leading drugs in the segment, extremely high cost of development of novel drugs, risk of side effects, and strict regulations from various governments before the drug is granted approval are some of the challenges obstructing the prosperity of the global cancer immunotherapy market.
Nevertheless, the vendors operating in this market stand to gain new opportunities from growing awareness regarding the prevalence of cancer among urban population as a result of radical penetration of social media in the past decade, strategic alliances by the vendors to expand geographically, emergence of biosimilars as well as targeted and combination therapies.
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Submitted by Sandy Researcher, Transparency Market Research on Tuesday, 13 February 2018 at 6:18 PM
Category: Health Care & Medical
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