(PharmaNewsWire.Com, February 26, 2021 ) According to research report the Cancer Immunotherapy Market is projected to reach USD 119.39 Billion by 2021 from USD 61.97 Billion in 2016, at a CAGR of 14.0%.
Market growth factors such as increasing adoption of target therapy over traditional therapy, emergence of biosimilars, increasing demand for mAbs, high prevalence of cancer. Cancer immunotherapy drugs are designed to alter or boost the body’s natural immune response to fight cancer this market is research-driven with a high degree of dependence on the discovery of molecules that can generate an immune response against various indications.
The global cancer immunotherapy market is consolidated in nature, marked with the presence of a few large players. The prominent players in this market are Amgen (U.S.), AstraZeneca (U.K.), F. Hoffmann-La Roche Ltd(Switzerland), Bayer AG (Germany), Bristol-Myers Squibb (U.S.), Eli Lilly and Company (U.S.), Janssen Global Services, LLC (Belgium), Merck (U.S.), Novartis (Switzerland), and Pfizer (U.S.).
Amgen was the largest player in the global cancer immunotherapy market. The company has a strong presence in the U.S., Europe, Asia-Pacific, the Middle East, and Africa. In order to sustain its foothold and further increase its share in the market, the company pursues the strategy of new product launches, which significantly impacts the companys customer base.
F. Hoffmann-La Roche AG accounted for the second-largest share in the cancer immunotherapy market. The company focuses on developing innovative products to provide efficient solutions to its customers.
Bristol-Myers Squibb (BMS) held the third position in the cancer immunotherapy market. The company has a first-mover advantage as two of its drugs (Opdivo and Yervoy) have already been approved and commercialized. These products recently received an approval of oncolytic virus Imlygic and cancer vaccine Empliciti from the U.S. FDA.
The key strategies followed by most companies in the cancer immunotherapy market are new products launches and approvals; expansions; acquisitions; and partnerships, agreements, and collaborations. The strategy of new products launches and approvals accounted for the largest share of the overall growth strategies mapped from 2013 to 2016. Companies seek new and advanced product approvals to strengthen their product portfolios and cater to the unmet needs of their customers. Some of the leading players that adopted this strategy include Amgen (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Bristol-Myers Squibb (U.S.), and Merck (U.S.).
Based on regions, the global Cancer Immunotherapy market is segmented into North America, APAC, Europe and the Rest of the World (RoW). North America is expected to account for the largest share of the market during the forecast period. Growth in this regional segment is driven by factors such as increase in patient pool, and initiative taken by the government for the development of Cancer Immunotherapy.
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