Portland, OR -- (SBWIRE) -- 02/23/2018 -- Cancer Immunotherapy Market by Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2014-2022, the global cancer immunotherapy market was valued at $45,471 million in 2015, and is projected to reach $117,114 million by 2022, growing at a CAGR of 14.5% from 2016 to 2022. The monoclonal antibodies segment held two-third share of the total market in 2015.

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The key factors that drive the growth of cancer immunotherapy market include rise in incidence & prevalence of cancer, technological advancements in treatment therapies, increase in number of R&D for the treatment of cancer, and specificity & effectiveness of cancer immunotherapy for the treatment of wide range of cancers such as lung cancer, breast cancer, skin cancer, and others. In addition, the rise in healthcare expenditure and healthcare insurance are expected to fuel the market growth during the analysis period. However, shortage of experienced healthcare professionals and lack of awareness among the population restrict the growth.

Cancer immunotherapy, also known as biologic therapy, helps in cancer treatment by boosting the immunity of the body to fight against cancer. In this type of therapy antibodies and live viruses are introduced in the body that slows the growth of cancer cells. In addition, it also helps the immune system destroy the cancer cells. The major factors that drive the growth of this market include increase in incidence of cancers, growth in geriatric population, and rise in cancer R&D. However, shortage of skilled labor and lack of awareness about cancer immunotherapy is projected to restrain the market growth during the forecast period.

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Based on technology, the global cancer immunotherapy market is categorized into monoclonal antibodies, cytokines & immunomodulators, and other technologies. Monoclonal antibodies held the highest market share and are expected to grow with the highest growth rate during the forecast period. The rise in adoption of monoclonal antibodies for the treatment of wide range of cancer such as breast cancer, lymphoma, lung cancer, brain cancer, cervical cancer, and others is the key trend that drives the market. Based on application lung cancer dominated the market in 2015 owing to the high incidence rate of lung cancer. According to global cancer statistics, among all the cancer diagnosed, lung cancer holds the highest share of 13% in 2012. By end-user, hospital sector captured the highest market share in 2015, owing to the large number of patients being treated in hospitals for cancer immunotherapy.

The cancer immunotherapy market in this report is studied on the basis of technology, application, end-user, and region. Based on technology, the market is divided into monoclonal antibodies, cytokines & immunomodulators, and other technologies. Monoclonal antibodies held the largest share in 2015 owing to high usage of monoclonal antibodies for cancer immunotherapy as they exhibit different immunomodulatory properties and hence they can directly activate or inhibit the molecules of immune system. In addition, monoclonal antibodies also induce the antitumor immune response.

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