Cancer Immunotherapy Market value set to reach $117,114 Mn by 2022 : Allied Market Research

"Monoclonal Antibodies are expected to dominate the global cancer immunotherapy market during the forecast period due to the adoption and increased use of monoclonal antibodies for cancer immunotherapy."

A new report "Cancer Immunotherapy Market by Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2014-2022", published by Allied Market Research. The global cancer immunotherapy market was valued at $45,471 million in 2015, and is projected to reach $117,114 million by 2022, growing at a CAGR of 14.5% from 2016 to 2022. The monoclonal antibodies segment held two-third share of the total market in 2015.

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Cancer immunotherapy, also known as biological therapy, helps strengthen the body's immune system to fight cancer by helping to treat cancer. In this type of therapy, antibodies and live viruses are introduced into the body that slow the growth of cancer cells. It also helps the immune system to destroy cancer cells. Key factors driving growth in this market include increased cancer incidence, an increase in the elderly population, and an increase in cancer research and development. However, market growth during the forecast period due to lack of skilled labor and lack of awareness of cancer immunotherapy.

The cancer immunotherapy market in this report is studied on the basis of technology, application, end-user, and region. Based on technology, the market is divided into monoclonal antibodies, cytokines & immunomodulators, and other technologies. Monoclonal antibodies held the largest share in 2015 owing to high usage of monoclonal antibodies for cancer immunotherapy as they exhibit different immunomodulatory properties and hence they can directly activate or inhibit the molecules of immune system. In addition, monoclonal antibodies also induce the antitumor immune response.

By application, the cancer immunotherapy market is segmented as lung cancer, breast cancer, colorectal cancer, melanoma, prostate cancer, head & neck cancer, and other applications. The lung cancer market held the largest share in 2015 and is expected to lead the market during the analysis period owing to high incidence of lung cancer. Hospitals in end users held the largest market share of cancer immunotherapy market in 2015, and is projected to show the highest growth rate during the analysis period due to the extensive use of cancer immunotherapy in the hospitals.

Geographically, the global cancer immunotherapy market is analyzed by four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2015. This is attributed to the ample amount of expenditure in healthcare, well-established healthcare system, and high incidence of cancer. However, Asia-Pacific region is projected to be grow with the highest CAGR during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.

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Key Findings of the Cancer Immunotherapy Market:

• The monoclonal antibody accounted for the largest market share for technology segment in 2015 and is also estimated to grow at the highest CAGR of 15.0%.
• By application, lung cancer held the highest market share and is anticipated to lead the market during the analysis period.
• The U.S. was the major shareholder in the North American cancer immunotherapy market, accounting for six-seventh share in 2015.
• China is expected to show the highest growth rate during the analysis period for the Asia-Pacific cancer immunotherapy market.

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