(PharmaNewsWire.Com, November 10, 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.
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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 cancer immunotherapy market has been segmented, on the basis of product into monoclonal antibodies, immunomodulators, vaccines, and check point inhibitors. The check point inhibitors segment is estimated to witness the highest CAGR during 2016-2021. The high growth can be attributed to the benefits offered by this therapeutic drug.
On the basis of type, the market has been segmented into monoclonal antibodies, cancer vaccines, checkpoint inhibitors, and immunomodulators. The monoclonal antibodies segment is expected to account for the largest share of the market in 2016, while the checkpoint inhibitors segment is projected to witness the highest CAGR from 2016 to 2021. The high growth in this segment is primarily attributed to the high success rate of these inhibitors.
By application, the global cancer immunotherapy market is broadly segmented into lung cancer, breast cancer, colorectal cancer, prostate cancer, multiple myeloma, melanoma, head & neck cancer, and other types of cancer. In 2017, the lung cancer was estimated to account for largest share of global cancer immunotherapy market. Due to the increasing number of patients suffering from lung diseases, the lung cancer segment was expected to hold the largest share in the next five years as well.
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.
Key players in the Cancer Immunotherapy Market include Amgen (U.S.), AstraZeneca (U.K.), F. Hoffmann-La Roche AG (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.).
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