Cancer Immunotherapy Market is expected to be a highly promising area for development in the coming years

The global Cancer Immunotherapy Market was calculated at US$37.50 bn at the end of 2015. Its revenue expected to expand at a CAGR of 14.6% within a forecast period from 2016 to 2024. The global cancer immunotherapy market is expected to reach US$124.88 bn by the end of 2024. Asia Pacific is expected to be the leading region in terms of growth rate in this market over the coming years. Hospitals are expected to continue being the leading end users in the global cancer immunotherapy market over the coming years.

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Product Development Cycle Still Suffers from High Attrition Rate

One of the leading factors currently restraining the global cancer immunotherapy market is the high attrition rate present in product development cycle. Cancer, despite all efforts in research and development, still remains an extremely complicated and diverse disease that cannot have one single treatment method for all types and all patients. The sheer complexity of cancer types and subtypes is what makes this disease so difficult to cure. As a result of this, the attrition rates in the development of new drugs and treatments is extremely high. Only 5% of the top contenders in the anti-cancer agents’ pipeline actually make it through to phase III of trials, with a much larger percentage of failures being linked to weak efficacy instead of chemical toxicity. Combined with the steeply rising costs of clinical trials, the global cancer immunotherapy market will continue to be hampered by this for the foreseeable future.

“Even with such complications, the global cancer immunotherapy market is expected to be a highly promising area for development in the coming years. The number of clinical trials held specifically in immunotherapy are increasing in number. Several medical bodies are also steadily recognizing cancer immunotherapy as the first line of therapy over the conventional chemotherapy, thereby boosting this market’s visibility and scope of growth,” adds the analyst.

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Roche had held the leading shares in the global cancer immunotherapy market in the past decade, owing to early approvals of monoclonal antibody drugs such as Avastin and Rituxan. Other players who have also held significant shares in the market so far include Novartis, Merck, and Bristol-Myers Squibb. Each key player held a strong contender in the global cancer immunotherapy market, commonly in monoclonal antibodies or immune checkpoint inhibitors.

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