Cancer Immunotherapy Market : Technological advancements in treatment therapies is driving the market growth (2014-2022)
According to the report, the global cancer immunotherapy market was pegged at $45.47 billion in 2015 and is expected to reach $117.11 billion by 2022, registering a CAGR of 14.5% from 2016 to 2022.
The increasing frequency and prevalence of cancer, the development of treatment methods, the rapid increase in the number of research and development for cancer treatment, and the specificity and efficacy of cancer immunotherapy for various cancer treatments have stimulated the global cancer immunotherapy market. However, lack of skilled medical professionals and lack of awareness of the population hamper market growth. Conversely, medical expenditures and health insurance increases are expected to create profitable opportunities in the near future.
Global cancer immunotherapy market is divided on the basis of technology, application, end user, and geography. Based on technology, the market is segmented into monoclonal antibodies, cytokines & immunomodulators, and others. The monoclonal antibodies segment is expected to manifest the fastest CAGR during the forecast period, owing to rise in adoption of monoclonal antibodies for the treatment of wide range of cancer such as breast cancer, lung cancer, and cervical cancer.
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On the basis of application, the market is divided into lung cancer, breast cancer, colorectal cancer, melanoma, prostate cancer, head & neck cancer, and others. The lung cancer market held the largest share in 2015 and is expected to continue its trend throughout the study period. Based on end user, the market is segmented into hospitals, cancer research centers, and clinics. The hospitals segment held the largest share in 2015 and is projected to manifest the fastest growth during the forecast period, owing to extensive use of cancer immunotherapy in the hospitals.
On the basis of geography, the market is divided into North America, LAMEA, Asia-Pacific, and Europe. North America region was the highest revenue contributor in 2015, owing to rise in healthcare expenditure, high incidence of cancer, and well-established healthcare system. However, the Asia-Pacific region is expected to portray the highest CAGR during the study period, owing to increase in disposable income and improvement in healthcare infrastructure.
The report includes an analysis of the major market players including Advaxis Inc., Eli Lilly and Company, Pfizer Inc., Bayer AG, Amgen Inc., Merck & Co., Inc., Bristol-Myers Squibb Company, Novartis AG, Immunomedics Inc., and Astrazeneca plc.
Based on technology, the global cancer immunotherapy market is categorized into monoclonal antibodies, cytokines & immunomodulators, and other technologies. Monoclonal antibodies held the highest market share and are expected to grow with the highest growth rate during the forecast period. The rise in adoption of monoclonal antibodies for the treatment of wide range of cancer such as breast cancer, lymphoma, lung cancer, brain cancer, cervical cancer, and others is the key trend that drives the market. Based on application lung cancer dominated the market in 2015 owing to the high incidence rate of lung cancer. According to global cancer statistics, among all the cancer diagnosed, lung cancer holds the highest share of 13% in 2012. By end-user, hospital sector captured the highest market share in 2015, owing to the large number of patients being treated in hospitals for cancer immunotherapy.
Geographically, the global cancer immunotherapy market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America held the largest share of the market in 2015, followed by Europe. On the other hand, Asia is anticipated to be the fastest-growing regional segment during the analysis period. The key factors that drive the growth of this market include increase in pool of patient population, rise in prevalence of different types of cancer, and rise in government investments for R&D and the healthcare reforms for the treatment of cancer. Asia-Pacific is expected to emerge as the area with maximum growth potential due to focus of key players in the emerging economies and improving healthcare infrastructure.
The global population witnessed an alarming surge in diagnosed cancer cases. For instance, according to GLOBOCAN, 14.1 million new cancer cases were diagnosed worldwide in 2012. According to WHO, the growth in cancer incidence is expected to increase by 70% over the next two decades with 22 million new cancer cases. Cancer is highly prevalent in lower and middle income countries as they lack suitable healthcare infrastructure to effectively combat the condition. For instance, according to GLOBOCAN, 57% of 14.1 million new cancer patients diagnosed worldwide in 2012 were from less developed regions. Similarly, 65% of the total worldwide death related to cancer were reported from less developed regions.
Key Market Benefits:
• The study provides an in-depth analysis of the cancer immunotherapy market with current trends and future estimations to elucidate the imminent investment pockets
• The report provides a quantitative analysis from 2014 to 2022 to enable the stakeholders capitalize on prevailing market opportunities
• Extensive analysis by technology and application helps understand various trends and prevailing opportunities in the respective market
• Comprehensive analysis of all geographical regions is provided, which determines the main opportunities in these geographies
• Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which predict the competitive outlook of the global cancer immunotherapy market
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