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Cancer Immunotherapy Market Is Projected to Hit US$ 117,114 Mn by 2022 Recording at a CAGR of 14.5%

02-10-2020 10:40 AM CET | Health & Medicine

Press release from: Allied Market Research

Cancer Immunotherapy Market

Cancer Immunotherapy Market

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.

Cancer immunotherapy, also known as biologic therapy, helps in cancer treatment by boosting the immunity of the body to fight against cancer. In this type of therapy antibodies and live viruses are introduced in the body that slows the growth of cancer cells. In addition, it also helps the immune system destroy the cancer cells. The major factors that drive the growth of this market include increase in incidence of cancers, growth in geriatric population, and rise in cancer R&D. However, shortage of skilled labor and lack of awareness about cancer immunotherapy is projected to restrain the market growth during the forecast period.

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The Major Players Profiled Are:

o Amgen Inc.
o Advaxis Inc.
o Merck & Co., Inc.
o Eli Lilly and Company
o Bristol-Myers Squibb Company
o Pfizer Inc.
o Novartis AG
o Bayer AG
o Immunomedics Inc.
o Astrazeneca plc.

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.

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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:

o 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%.
o By application, lung cancer held the highest market share and is anticipated to lead the market during the analysis period.
o The U.S. was the major shareholder in the North American cancer immunotherapy market, accounting for six-seventh share in 2015.
o China is expected to show the highest growth rate during the analysis period for the Asia-Pacific cancer immunotherapy market.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client's insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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