Cancer Immunotherapy Market Size to Hit US$ 115.4 Bn by 2026
The global cancer immunotherapy market is expected to grow at a noteworthy CAGR of around 10.6% during the forecast period 2019 to 2026
LOS ANGELES, Jan. 30, 2020 /PRNewswire/ -- The Cancer Immunotherapy Market size is poised to hit around US$ 115.4 billion by 2026.
Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Cancer Immunotherapy Market (By Product Type: Monoclonal Antibodies, Vaccines, Checkpoint Inhibitors, Cell Therapies, Immunomodulators; By Application: Breast Cancer: Lung Cancer, Multiple Myeloma, Colorectal Cancer, Head & Neck Cancer, Prostate Cancer, Melanoma, Others; By End-user: Hospitals, Clinics & Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026".
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North America dominated the global cancer immunotherapy market in the year 2018. The region has experienced the potential growth owing to the presence of cancer immunotherapy companies such as Novartis AG, Bayer AG, Amgen Inc., Astrazeneca, and Bristol-Myers Squibb, ELI Lilly and Companyamong others. The presence of a large customer base along with favorable reimbursement policies is additionally accelerating the regional market growth. Moreover, favorable medicare policies and growing number of hospitals and clinic centers are expected to enhance the market growth in the global cancer immunotherapy market in future. According to American Cancer Society, in 2017, around 15.8 million cancer cases are diagnosed and it is expected to witness the growth of cancer cases with 16.5 million in 2018. Growing prevalence of such diseases further expected to raise the demand for cancer immunotherapy in North America. The Europe region is expected to exhibit a second-largest share in the cancer immunotherapy market. Stringent government regulations regarding hospital devices and rapid industrialization, technological advancement in therapy, growing number of treatmentin countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global cancer immunotherapy market during the forecast.
Asia-Pacific region is expected to exhibit highest CAGR in the cancer immunotherapy market. The rapid growth in the urbanization, huge patient population, growing healthcare industry in developing countries, and liberalization of foreign direct investment in the medical sector is the major driving factor for the region in the global market. Moreover, the rising geriatric population and growing awareness regarding treatment options increases its dominance in the global cancer immunotherapy market in future.
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Growing demand for cancer immunotherapy in various end user applications growing awareness about cancer treatment across the globe and multi-functionality of cancer immunotherapy are the main drivers for the market growth of the global cancer immunotherapy market over the forecast period. Furthermore, rising investment in research and development of cancer treatment and supportive government initiatives further grows the demand for cancer immunotherapy over the forecast the period. Moreover, technological advancement and increase in the number of applications, and availability of advanced healthcare facilities in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, high treatment costs of cancer immunotherapy, low purchasing power of consumers, risk associated with the therapy are expected to hamper the growth of the global cancer immunotherapy market during the forecast period.
Monoclonal antibodies segment have dominated the product segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. Growing prevalence of blood cancer, epiretinal membrane and diabetic retinopathy and escalating demand for monoclonal antibodies further expected to drive the demand for the segment. The manufacturers Novartis AG, Bayer AG, ELI Lilly and Company, and Janssen Global Services, LLC are the mainly investing in the development ofmonoclonal antibodies, which expected the lead the market in the coming years.
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Hospital segment dominated the cancer immunotherapy market on the basis of end user in the year 2018. The major factors that are driving the growth of this segment are availability of high-tech equipment and technologies in hospitals and growing number of hospitals across the globe. In hospitals there are variety of treatment and wide number of diagnostics options. This will result in a shorter duration of hospitalization and overall physician observation hours. This expected to enhance the dominance of the hospital segment in the global market over the forecast period.
Some of the leading competitors are Janssen Global Services, LLC, Merck, Pfizer, F. Hoffmann-La Roche Ltd, Amgen, Inc., Novartis AG, Bayer AG, Amgen Inc., Astrazeneca, and Bristol-Myers Squibb, ELI Lilly and Company.
Some of the key observations regarding cancer immunotherapyindustry include:
- In July 2019, Abbott Medical Optics Inc. announced partnership agreement with Johnson & Johnson, a provider of advanced software solutions for life science R&D. The partnership increases the development of cancer immunotherapyproducts and increases the efficiency of strain development processes.
- In October 2018, Carl Zeiss Meditec AG signed acquisition agreement with IanTech. The acquisition focuses on providing technological solutions for cancer treatment.
- In November 2018, Novartis AG received approval from European commission for luxturna, a gene therapy to treat patients with a vision loss. The approval enhances the brand identity of the company and enhances its customer base.
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