Cancer Immunotherapy Market Estimated to Experience a Hike in Growth by 2024

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. 
 
According to a research report released by Transparency Market Research, the global cancer immunotherapy market is expected to hold a very high threat level from new entrants, owing to the increasing incentives given by government bodies as well as the growth in investments made by private entities. The market is also favored due to strong patent protection incentives. At the moment, the growth rate of the global cancer immunotherapy market is considered to be very high and the leading players are attempting to consolidate their shares in the market through forming long-term partnerships and product licensing

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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.

Increasing Government Support Work in Favor of Cancer Immunotherapy

“Cancer is one the greater buzzwords in the healthcare industry. The number of patients being diagnosed with various types of cancers is found to be increasing globally at an alarming rate and medical organizations are doing their best to combat this rise in numbers. The current rate of progress in the global cancer immunotherapy market owes quite a bit of its funding to government support, which is growing at a regular pace. With cancer becoming the leading disease that all countries are now fighting, government as well as private investments, incentive programs, and patient support programs are in full spring across all urban as well as multiple rural areas,” states a TMR analyst. 

Complementary to this increase in financial support is the pipeline currently present in the global cancer immunotherapy market. Several research and development efforts are bearing fruit and are revealing multiple promising therapies currently in the pipeline. This has also been possible due to the growing potential of holding clinical trials, thanks to an increasing awareness among patients regarding the benefits of being a part of them. 

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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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