- The increasing prevalence of cancer and rising R&D activities in the cancer immunotherapy field is driving the demand for the market.
- Market Size - USD 78.04 billion in 2019, Market Growth - CAGR of 10.1%, Market trends -Growing health awareness and effectiveness of treatment
VANCOUVER, B.C, Sept. 17, 2020 /PRNewswire/ -- The global Cancer Immunotherapy Market is expected to reach USD 153.03 Billion by 2027, according to a new report by Emergen Research. The cancer immunotherapy market is growing at a substantial pace owing to the growing acceptance and inclination of the patients towards the newly invented advanced treatments over the conventional ones. In order to substantialize the severe and chronic diseases like cancer, every year, the cancer research centers invest a handful of the amount in their R&D, which fuels up the market growth by a large margin.
Key factors responsible for driving the growth of the cancer immunotherapy market include technological advancements in therapy, rising incidences of cancer, increasing R&D activities for the treatment of cancer, and the improving effectiveness of cancer immunotherapy for the treatment of a wide range of diseases, such as lung cancer, breast cancer, and skin cancer, among others. Factors that could significantly limit market growth is the high price of the slow and long-term procedure, expensive treatment and R&D, and stringent government regulations. Moreover, product approvals and high cost of treatment are expected to act as a restraining factor on the growth of the global market in the near future.
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Key Highlights From The Report
The monoclonal antibodies segment is expected to have the largest market share in 2019 due to the fact that monoclonal antibodies have the largest class of drugs than other sectors of the cancer immunotherapy.
The cancer immunotherapy market segmentation by application includes head and neck cancer, and the growth of the sub-segment is expected to fuel market growth. The major drivers for the market are the increase in the diminishing lifestyle, which includes the escalating use of tobacco, the prevalence of smoking, and the upsurge in the incidences of infection caused by human papillomavirus (HPV), especially HPV type 16.
Hospitals and clinics dominated the cancer immunotherapy market during the forecast period. The majority of hospitals, particularly in the case of cancer immunotherapy, focus on the treatment of symptomatic conditions. Hospitals and clinics provide cutting-edge treatments that harness the patient's own immune system to fight cancer. These include cancer vaccines, cellular therapies, and other experimental drugs.
The North America cancer immunotherapy market is anticipated to dominate the global market. The major driving factors for the growth of this market are the rise in the adoption rate of immunotherapy over the conventional treatments due to lesser side effects, higher survival efficiency, and increasing incidences of cancer.
Key participants include Bristol-Myers Squibb, Novartis International Ag, Celgene Corporation, Amgen Inc., Amgen Inc., Merck & Co. Inc., Janssen Global Services, LLC, Seattle Genetics Inc, Printegra, Gristone Oncology, Inc, and Pfizer Inc., among others.
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For the purpose of this report, Emergen Research has segmented the Global Cancer Immunotherapy Market on the basis of technology, application, end-use, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
Immune System Modulators
Adoptive Cell Transfer
Application Outlook (Revenue, USD Billion; 2017-2027)
Head & Neck Cancer
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Cancer Specialty Centers
Hospitals and Clinics
Regional Outlook (Revenue, USD Billion; 2017-2027)
Middle East & Africa
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