The global cancer immunotherapy market is growing pervasively and will continue so in the years to come mainly due to the growing prevalence of cancer. Though cancer is no more considered as a deadly disease, there still exist around 100 different types of cancer which are prevailing. Changing lifestyle is a key risk factor of these various types of cancers.
Cancer immunotherapy helps the immune system to target cancerous tumor cells, which is weakened due to the advancement of disease infections. While WHO has constantly been updating the world with the growing number of cancer cases worldwide; innovations getting transpired in the field of cancer therapies and treatments are too growing every year.
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Recognizing the traction, the market is witnessing globally; Market Research Future (MRFR) in its recently published study report asserts that the global cancer immunotherapy market will register a CAGR of 14.8% during 2017 – 2023, reaching USD 101.6 Bn. by 2023. In 2016, the market was valued at USD 36.8 Bn which means the market is expected to grow more than two-fold.
Additional factors such as rising adverse effects, such as recurrence of cancer and organ failure, associated with conventional chemotherapies are fostering the market growth. Increasing R&D activities, clinical trials, and new approvals are fueling the growth of the market. Companies are collaborating with independent research centers and hospitals to bring novelties into therapies which are acting as major driving forces for the market.
Global Cancer Immunotherapy Market - Segments
MRFR has segmented its analysis into four Key dynamics for an easy grasp;
By Types of Therapy : Monoclonal Antibodies (naked monoclonal antibodies, conjugated monoclonal antibodies, and bispecific monoclonal antibodies.), Cytokines (Interferon, Interleukins, and others), Treatment Vaccines, Bacillus Calmette-Guérin, and Adoptive Cell Transfer among others.
By Applications : Liver Cancer, Childhood Cancer, Colorectal Cancer, Stomach Cancer, and Lung Cancer among others.
By End-Users : Hospitals and Clinics among others.
By Regions : Europe, North America, APAC and the Rest-of-the-World.
Global Cancer Immunotherapy Market - Regional Analysis
The North American region dominates the global cancer immunotherapy market. The market growth is majorly supported by the radiotherapy market in the US which is growing due to the large patient pool and substantial healthcare expenditures.
Furthermore, the increasing prevalence of types of cancer and thyroid fuelled by the consequences of the wrong lifestyle fosters the market growth in the region. Moreover, factors such as technological advancement and well-spread awareness among people towards the benefits of this therapy support market growth.
The cancer immunotherapy market in the European region is rapidly emerging as another lucrative market owing to the increasing number of cancer patients in the region. Furthermore, the proliferation of advanced treatment facilities alongside the availability of skilled medical professionals, and the government support for research & development drives the market in the region.
The Asia Pacific region accounts for another promising market for the cancer immunotherapy. Factors substantiating market growth include the increasing prevalence of cancer, spreading awareness among people about cancer, and the availability of new treatment methods. Proliferating markets in China and India majorly contribute to the market growth in the region.
The cancer immunotherapy market in the Middle East and Africa region is expected to witness slow growth due to the lack of awareness of the chronic diseases and the limited treatment facilities in these regions.
Global Cancer Immunotherapy Market - Competitive Analysis
The market is fiercely competitive due to the presence of numerous large & small players, having the international presence. The global market for cancer immunotherapy appears intensely competitive with the several large and small players forming a competitive edge in the market incorporating strategic partnership, collaboration, acquisition, expansion, and technology launch. Significant investments are transpired in the field to bring innovations to the therapy and clinical trials.
Some of the eminent leaders of the market include Merck & Co., Inc., F. Hoffmann-La Roche AG, Novartis International AG, Amgen Inc., GlaxoSmithKline Plc., Bristol-Myers Squibb, Celgene Corporation, ELI Lilly and Company, Seattle Genetics, Inc., and Spectrum Pharmaceuticals, Inc.
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