The global cancer immunotherapy market is expected to experience a very high rate of growth over the coming years, owing to the increase in the number of patients suffering from various types of cancer.
Albany, NY -- (SBWIRE) -- 01/05/2017 -- The growing incidences of cancer and a need to treat them is the key driver of the global immunotherapy market. The number of deaths occurring due to cancer is increasing every year and has therefore forced government bodies to take initiatives for the improvement of the health conditions of people, by investing heavily in research and development and enabling innovation and advancements in technology so as to offer improved treatments. This has pushed the growth of the global cancer immunotherapy therapy. As immunotherapy therapy has a higher success rate and proven efficiency over conventional treatment methods for cancer, its demand is higher and therefore, the market is expected to witness a remarkable growth over the coming years. The treatment pipeline looks promising and is thus, expected to ensure a healthy growth of the market.
In 2015, the global cancer immunotherapy market was valued at US$37.50 bn. With its revenue expected to progress at a very strong CAGR of 14.6% within a forecast period from 2016 to 2024, the global cancer immunotherapy market is expected to reach US$124.88 bn by the end of 2024.
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Monoclonal Antibodies Continue Being Top Cancer Immunotherapy
In terms of types of therapies, the global cancer immunotherapy market can be segmented into cancer vaccines, immune system modulators, immune checkpoint inhibitors, and monoclonal antibodies. Monoclonal antibodies have so far been the leading choice of treatment methods for a large portion of the global healthcare industry, giving it a high lead over other segments. This therapy type has been more affordable than the other types, allowing it to gain greater popularity. However, the global cancer immunotherapy market is expected to witness a spike in the demand for immune checkpoint inhibitors due to their greater percentages of success rates and higher overall efficiency.
In terms of area of therapy, the global cancer immunotherapy market can be segmented into blood cancer, melanoma, prostate cancer, breast cancer, colorectal cancer, lung cancer, and other minor areas. Of these, breast cancer has been the leading area of immunotherapy. Lung cancer is also showing a very high increase in rate of demand owing to the growing population of smokers and the higher overall air pollution in urban areas.
Developed Economies Show Higher Development Rates in Cancer Immunotherapy
From a geographical perspective, the global cancer immunotherapy market can be segmented into North America, Europe, Asia Pacific, and the rest of the world. The market's past has more or less been written within the developed economies of the world. North America and Europe have been base for several of the top level research and development efforts in the global cancer immunotherapy market so far. Both regions have also shown a great deal of demand for cancer immunotherapy owing to a more aware population and a better overall healthcare outreach. At the same time, the growing rate of awareness in other parts of the world – especially in Asia Pacific – is expected to guide the global cancer immunotherapy market in the coming years. Asia Pacific especially shows a very highly favorable rate of growth in cancer immunotherapy adoption due to an increasing density in urban populations, growing awareness rates of common cancer types such as prostate and breast cancers, and the booming industry of medical tourism.
The leading players that have so far been in operation within the global cancer immunotherapy market include Bristol-Myers Squibb Company, Amgen, Inc., AstraZeneca Plc., Eli Lilly and Company, GlaxoSmithKline Plc., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Janssen Biotech, Inc., Pfizer, Inc., Novartis AG, Spectrum Pharmaceuticals, Inc., Sanofi, and Takeda Pharmaceuticals.