Americas cancer immunotherapy market is expected to grow at an approximate CAGR of 10.1% by 2023

Cancer Immunotherapy is an advanced paradigm in cancer therapeutics. Cancer immunotherapy works by enhancing the patient’s immune system. This is generally accompanied by the administration of synthesized immune proteins. The most common therapeutic areas of cancer immunotherapy are inclusive of breast, prostate, lung cancer, and others. Increasing prevalence of the cancer is one of the major drivers for the market growth during the forecast period. Moreover, growing geriatric population and rising healthcare expenditure, increasing biotech and pharmaceutical sector boosts the market growth. However, lack of awareness and high cost for the services may restrain the market growth.

The Americas cancer immunotherapy market is expected to grow at an approximate CAGR of 10.1% during the forecast period.

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Cancer Immunotherapy is a treatment that uses a person’s immune system to fight the diseases. Some types of the cancer immunotherapies are often referred to as biologic therapies or biotherapies. The basic principle of cancer immunotherapy is to enhance a patient’s immune system to fight against cancer. This can be achieved by administrating various immune system components, such as synthesized immune proteins. In recent years, cancer immunotherapy have been extensively exploited for the treatment of the different type cancers including breast, prostate, lung cancer, and others. Increasing prevalence of cancer is one of the major drivers for the market growth during the forecast period. The most commonly prevalent cancers in the U.S. include breast cancer, lung, bronchus cancer, and others. According to the National Cancer Institute in 2016, an estimated 1,685,210 new cases of cancer were diagnosed in the U.S. and approximately 595,690 people died due to cancer within the region. Moreover, it was estimated that the national healthcare expenditures for cancer care in the U.S. totalled nearly to USD 125 billion in 2010, and it is expected to reach USD 156 billion by 2020. Moreover, growing geriatric population and rising healthcare expenditure will boost the market growth. Additionally, growing biotech and pharmaceutical industries fuels the market growth during the projected period. However, lack of awareness, restriction in therapeutics against different cancers and high cost for the treatment may restrain the market growth from 2017-2023.

Regional Analysis

On regional basis the Americas is divided into North America and Latin America. North America is sub segmented into U.S. and Canada. North America commands for the largest market. The large share is also attributed due to the technologically advanced healthcare market, high prevalence of cancer, increasing development in cancer immunotherapy treatment and rising per capita healthcare expenditure. According to the National Cancer Institute in 2016, an estimated 1,685,210 new cases of cancer were diagnosed in the U.S. and approximately 595,690 people died due to cancer within the region. This is projected to drive the healthcare expenditure for cancer. By 2020, approximately USD 156 billion will invested on the cancer therapeutics and diagnostics.

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On the other hand, Latin America is the fastest growing region due to the presence of the developing economies within the region, rising healthcare expenditure along with the huge patient population. Moreover, the presence of huge opportunities within the region fuels the market growth during the forecast period.

Key Players

Some of the major player in the market are Amgen Inc. (U.S.), AstraZeneca (U.K), F. Hoffmann-La Roche Ltd. (Switzerland), Bayer AG (Germany), Bristol-Myers Squibb Company (U.S.), Eli Lilly and Company (U.S.), Merck & Co., Inc. (U.S.), Pfizer Inc. (U.S.), Novartis AG (Switzerland), and others.

On regional basis the Americas is divided into North America and Latin America. North America is sub segmented into U.S. and Canada. North America commands for the largest market share for the Americas cancer immunotherapy market due the presence of the U.S. within the region. This large share is also attributed due to the technologically advanced healthcare market in the region which is followed by high prevalence of cancer, increasing development in cancer immunotherapy treatment and rising per capita healthcare expenditure. Moreover, growing biotechnology, healthcare and life sciences sector within the region fuels the market growth regionally. The total number of the biotechnology industries in the U.S. increased from 2,763 in 2014 and reached 2,772 in 2015. Additionally, the abundance of state of the art laboratories in the U.S. is also facilitating the market growth.

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