Worldwide Cancer Immunotherapy Market is Projected to grow at a healthy CAGR of 14.8% and reach till USD 101.6 billion by 2023

“Cancer Immunotherapy Market”
Market Research Future has a half cooked research report on the global cancer immunotherapy market . Global Cancer Immunotherapy Market is Expecting a Huge Market Growth During 2017-2023 at CAGR of 14.8% Due to Advantages of Immunotherapy Over Other Therapy

Cancer Immunotherapy also called as Immuno-oncology or Onco-immunology is application of the immune system for the treatment of cancer. Cancer immunotherapy is classified as passive, active, or hybrid approaches, which target tumor-associated antigens (TAAs), which are expressed on cancerous cells. Active immunotherapy selectively activates the immune system and targets TAAs, while passive immunotherapies strengthen existing anti-tumor responses

The market for global cancer immunotherapy market generated USD 36.8 billion in 2016 and which is anticipated to demonstrate a momentous CAGR growth of 14.8% as expressed by USD 101.6 billion forecasts by 2023.

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Dynamics of Cancer Immunotherapy Market:

Drivers

The growing prevalence and incidence of cancer is the primary driver of the market. The center for disease control estimates that more than 1.5 million people are diagnosed with cancer each year in the U.S. with more than 5 lakhs patients falling victim to the disease.

The growing frequency and degree of risk factors such as smoking, alcoholism, pollution, and others are other drivers of the market. Smoking is the leading cause of lung cancer, which is responsible for 90 % of the total deaths in men and 80% in women.

Some cancers are resistant to surgery and immunotherapy either due to difficult anatomical positions which can be fatal. For example cancers close to heart and other vital organs. Such cancers are noble targets for cancer immunotherapy which cannot be treated by other treatment strategies. The cancer immunotherapy is also well suited to eliminate the last vestiges of cancer cells remaining after mainline radiotherapy or chemotherapy. Demand for targeted drug delivery to avoid the side effects of traditional chemotherapy and radiotherapy is the clinical driver of the market.

Strong novel drug research pipeline comprising of antibody therapies a number of which have been approved such as ipilimumab, ofatumumab, alemtuzumab, nivolumab, and rituximab will drive the growth in the future. Advances in biotechnology and the development of cytokines such as Interleukin-2 and interferon-α is projected to boost the market. Interferon are being used in the treatment of chemotherapy resistant cancers such as AIDS-related Kaposi’s sarcoma, hairy-cell leukaemia, chronic myeloid leukaemia, follicular lymphoma, and malignant melanoma.

Further novel mechanisms such as cell based therapies which are natural killer cells, such as cytotoxic T cells, lymphokine-activated killer cells, and dendritic cells are being explored. The Dendreon’s Provenge, is the only US-approved cell-based therapy for the treatment of prostate cancer.

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Restraints

High cost of treatment and scarcity of trained manpower are two critical restraints faced by the market. The other restraints are poor healthcare and insurance penetration in the developing world, poor healthcare expenditure, lack of awareness and prohibitive cost of novel drugs such as interleukins.

Segmentations of Cancer Immunotherapy Market:

Type – adoptive cell transfer, monoclonal antibodies (naked monoclonal antibodies, conjugated monoclonal antibodies, and bispecific monoclonal antibodies), bacillus calmette-guérin treatment vaccines, cytokines (Interferon, Interleukins), and others.

Application – liver cancer, childhood cancer, colorectal cancer, stomach cancer, lung cancer and others.

End user – hospitals, clinics, and others.

Regional Analysis of Cancer Immunotherapy Market:

The report is segmented into North America, Europe, Asia Pacific and The Middle East and Africa regions so as to have a bird’s view of the regional growth patterns.

North America and Europe lead the global cancer immunotherapy market due to developed healthcare infrastructure, high income, greater awareness, and others. The better reimbursement rates in these developed regions are other strong drivers of the market.

Asia Pacific is anticipated to witness the fastest growth owing to the presence of fast developing healthcare infrastructure, large unmet needs, and lower costs of treatment. India, China and South Korea are likely to emerge as the fastest growing market in the Asia Pacific region.

The Middle East and Africa are expected to generate moderate growth owing to poor social and economic conditions, low per capita income and other factors. However the Gulf economies of Saudi Arabia, UAE, and other are poised to experience a growth spurt owing to huge investments in healthcare by the governments of the regions.

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Prominent Players of Cancer Immunotherapy Market:

Some of key players in the market are Amgen Inc., Celgene Corporation, GlaxoSmithKline Plc., F. Hoffmann-La Roche AG, Novartis International AG, ELI Lilly and Company, Merck & Co., Inc., Seattle Genetics, Inc., Bristol-Myers Squibb, Spectrum Pharmaceuticals, Inc.

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