(PharmaNewsWire.Com, July 31, 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%.
This growth can be attributed to factors such as increasing adoption of target therapy over traditional therapy, emergence of biosimilars, increasing demand for mAbs, high prevalence of cancer.
The Lung Cancer application segment is expected to grow at a high CAGR during the forecast period
The current immunotherapies for lung cancer treatment, such as checkpoint inhibitors, monoclonal antibodies, therapeutic vaccines, and other cell therapies, have benefited some patients with advanced lung cancer in the form of durable remission and prolonged survival. The Lung Cancer segment is expected to grow at a high CAGR from 2016 to 2021, owing to the increase in prevalence, patient pool urges a demand for advanced treatment options, and this increases the growth of Cancer Immunotherapy market.
The monoclonal antibody segment is expected to lead the market during the forecast period
Monoclonal antibodies are emerging as the most effective therapeutic agents for the treatment of malignancy. They are currently one of the largest classes of agents approved for the treatment of cancer. Several antibodies are widely adopted, owing to their lesser side effects as compared to chemotherapy. Antibodies are developed to treat several cancers such as lymphoma, leukemia, melanoma, breast cancer, and lung cancer. Cancer monoclonal antibodies are sub-segmented into naked monoclonal antibodies, conjugated monoclonal antibodies, and bispecific monoclonal antibodies.
Increase in adoption of immunotherapy over other treatment options is driving the growth of this market
The treatment options for cancer, such as chemotherapies and radiation therapy, although have more side effects, are more widely used as compared to immunotherapies. The former are all based on destroying cancer cells by irradiation, chemotherapy, or surgery. While they can effectively kill or remove cancer cells, the use of these treatments is often limited because they tend to destroy healthy cells in large numbers as well. As immunotherapies involve the mechanism of enhancing the body’s own immunity using man-made proteins such as monoclonal antibodies, they are accepted worldwide over other treatment options.
Critical questions the report answers:
> Where will all these developments take the industry in the mid to long term? > What are the upcoming applications for cancer immunotherapy?
While immunotherapy has shown significant promise in the area of cancer treatment, its high cost has served to limit overall patient access. This poses a significant financial burden on low- and middle-income cancer patients. This is restricting the cancer immunotherapy market from growing at its full potential.
The major players in the cancer immunotherapy market are Amgen (U.S.), AstraZeneca (U.K.), F. Hoffman La-Roche (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.).
Target Audience for this Report:
> Drug Manufacturers and Suppliers > Academic Research Institutes > Hospitals and Clinics > Research and Development (R&D) Companies > Business Research and Consulting Service Providers > Medical Research Laboratories > Academic Medical Centers and Universities
Geographically, the North American market accounted for the largest share of the global cancer immunotherapy market in 2016. The large share can be attributed to factors such as rising number of patients suffering from cancer, increasing adoption rate of immunotherapy, and development of bioinformatics tools are enhancing the drug development process.
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