Press release
Cancer Immunotherapy Market Size,Status and Forecast 2024
The global cancer immunotherapy market is prognosticated to encounter a high rate of development over the coming years, inferable from the rise in number of people suffering from different types of cancers. In 2015, the global cancer immunotherapy market was esteemed at US$37.50 bn. its revenue is anticipated to progress at an extremely solid CAGR of 14.6% inside a conjecture period from 2016 to 2024, the global cancer immunotherapy market is required to achieve US$124.88 bn before the finish of 2024.
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Increased Efficiency Over Traditional Methods to Bolster Market Growth
As far as the treatment choices for cancer are concerned, cancer immunotherapy is foreseen to make genuine progress because of its greater efficiency over traditional treatment technique. The market is anticipated to demonstrate a high development rate over the upcoming years as well, because of an extremely promising treatment methods in the pipelines. In any case, the global cancer immunotherapy market is expected to be hindered by factors, for example, the increased level of steady loss inside the development cycles of its various product types, and overall absence of awareness about immunotherapy as a superior choice to conventional treatment in numerous regions of the world.
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Cost-Effective Nature of Treatment Makes it Popular Among Patients
In terms of types of therapies, the global cancer immunotherapy market can be segmented into immune system modulators, immune checkpoint inhibitors, immune checkpoint inhibitors, and monoclonal antibodies. Among these, monoclonal antibodies have so far been the leading choice of treatment methods for a large segment of the global healthcare industry, giving it a high lead over other segments. This therapy type has been more affordable than the other types, allowing it to gain greater popularity. However, the global cancer immunotherapy market is expected to witness a spike in the demand for immune checkpoint inhibitors due to their greater percentages of success rates and higher overall efficiency.
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In terms of area of therapy, the global cancer immunotherapy market is divided into blood cancer, prostate cancer, melanoma, breast cancer, lung cancer, colorectal cancer, and other minor areas. Of these, breast cancer has been the leading area of immunotherapy. Lung cancer is also showing a very high increase in rate of demand owing to the growing population of smokers and the higher overall air pollution in urban areas.
Rising Awareness Among People to Fuel Growth in Europe
Geography-wise, the global cancer immunotherapy market is divided into Europe, North America, Asia Pacific, and rest of the world. The market's past has pretty much been established inside the created economies of the world. Europe and North America have been a base for a few of the best level innovative work in the global cancer immunotherapy market up until this point. The two regions have likewise represented a lot of demand for cancer immunotherapy inferable from a more awareness in population and improved healthcare care, globally.
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The key players operating in the global cancer immunotherapy market are Amgen, Inc., Bristol-Myers Squibb Company, AstraZeneca Plc., GlaxoSmithKline Plc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Sanofi, Janssen Biotech, Inc., Merck & Co., Inc., Pfizer, Inc., Spectrum Pharmaceuticals, Inc., Novartis AG, and Takeda Pharmaceuticals.
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