According to a report by Transparency
Market Research, the market is expected to be fragmented in nature as
there are various small and large companies operating in the market.
Introduction of new drugs are resulting in competition rivalry among the
existing companies. Key players in the market are engaging in research
and development activities that have resulted in innovation of drugs
that have antibody dependent cellular toxicity, antigen specificity, and
adaptive immunity.
Some of the leading companies operating
in the global cancer immunotherapy market are Bristol-Myers Squibb
Company, Amgen, Inc., GlaxoSmithKline Plc., AstraZeneca Plc., and F.
Hoffmann-La Roche Ltd.,
The global cancer immunotherapy market
is expected to grow rapidly with a rising CAGR of 14.6% during the
forecast period of 2016 to 2024. The global market was worth US$37.50 bn
during 2015 and is expected to attain a valuation of US$124.88 bn by
the end of 2024. The global cancer immunotherapy therapy segment is led
by breast cancer. Among all regions, North America is leading the cancer
immunotherapy market by bagging the larger share in the market by the
end of 2024. This region is expected to dominate the market in the
during the forecast period owing to increasing development in this
region.
Increase in Patient Assistance Program to Boost the Market
The global cancer immunotherapy market is
rising among various regions because it is more effective than
conventional treatments. Rise in cancer due to unhealthy lifestyle and
other factors are most likely to boost the market for cancer
immunotherapy. The market is expected to experience high development
owing to launch of new treatment methods and drugs in the pipeline.
There is an increasing number of patient assistance program which is
likely to boost the market for cancer immunotherapy. Rise in requirement
of cancer monoclonal antibodies is another reason for rise in cancer
immunotherapy. Launch of effective bioinformatics tools that offer
improvised options of drug development is expected to supplement the
growth of global market as well. Rise in adoption of immunotherapy
therapeutics are increasing compared to the conventional therapeutics or
traditional chemotherapy thus, boosting the global market. Rising
number of research and development in various regions are fueling the
market growth. Various emerging economies are approving the usage of
immunotherapy therapeutics which is augmenting the global cancer
immunotherapy market.
Expensive Treatment to Hamper Market Growth
The global cancer immunotherapy market is
expected to face certain restrains that might affect the growth of the
market. Stringent government regulations are one of the major reasons
for the hindrance of market growth. There is always risk of side effects
that can affect the growth. Emerging economies cannot afford expensive
development cost of new drugs thus hampering the growth. Poor
infrastructure for cancer diagnosis and screening is envisaged to
trouble the growth in the coming years. Prolonged consumption of
immunotherapeutic drugs are likely to cause major destruction of organ
or failure of organ. Other side effects are flu like symptoms, mouth
sores, and skin reactions that can cause hindrance of the market during
the forecast period.
The information in this review is based
on the findings of a report by Transparency Market Research, titled
“Cancer Immunotherapy Market (Therapy Type – Monoclonal Antibodies,
Immune Checkpoint Inhibitors (PD-1/PD-L1 and CTLA-4), Immune System
Modulators, and Cancer Vaccines; Therapeutic Areas – Lung Cancer,
Colorectal Cancer, Breast Cancer, Prostate Cancer, Melanoma, and Blood
Cancers; End Users – Hospitals, ASC’s (Ambulatory Surgical Centers), and
Cancer Research Centers) – Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 – 2024.”
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