Meticulous Research® – a leading global market research company published a research report titled “Cancer Immunotherapy Market by Type (Monoclonal Antibodies, Checkpoint Inhibitors, Immunomodulators, Vaccines, Cell Therapy), Application (Lung, Breast, Multiple Myeloma, Colorectal, Melanoma, Prostate), and End User– Global Forecast to 2024“.
According to this latest publication from Meticulous Research®, the global cancer immunotherapy market is expected to grow at a CAGR of 13.8% from 2018 to reach USD 152.83 billion by 2024. The high growth of cancer immunotherapy market is attributed to factors such as rising incidence of cancer globally, rising adoption of cancer immunotherapies over other conventional cancer treatments owing to the increased survival rate and less side effects with immunotherapy drugs, increasing number of ongoing clinical trials with the help of rising investments by major players in the market, and development of bioinformatics tools that are enhancing the drug development process for cancer immunotherapy market. However, high cost of the cancer immunotherapy treatment is restricting the growth of this market in emerging countries to a certain extent.
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On the basis of product type, monoclonal antibodies segment commanded the largest share of the global cancer immunotherapy market in 2017. However, checkpoint inhibitors market is expected to grow at the fastest CAGR during the forecast period, owing to high success rate of PD-1 & PD-L1 drugs and increasing pipelines of biotechnology and pharmaceutical companies with combination therapies for anti-PD-1 and PD-L1 inhibitors. Moreover, cell therapy market is also expected to witness significant growth through 2024. Development of new and effective therapy options to cure symptoms of the disease is a key factor contributing to growth of cell therapy market.
On the basis of application, cancer immunotherapy market for lung cancer application commanded the largest share of the global market in 2017. Major factors propelling the growth of cancer immunotherapy market in lung cancer application are growing incidence, mortality rate, and benefits of immunotherapy to the lung cancer patients; whereas, cancer immunotherapy market for multiple myeloma applications expected to witness the highest growth rate during the forecast period. The approval of innovative caner immunotherapy for the treatment of multiple myeloma has increased the adoption of immunotherapies in treatment of multiple myeloma. Moreover, recognizing the potential of immunotherapy in multiple myeloma, major players in immunotherapy market such as Celgene, Amgen, Janssen, and Juno Therapeutics engaged in multiple collaborations to evaluate certain drug entities for the treatment of multiple myeloma.
On the basis of end user, hospitals dominated the global market. This is mainly attributed to the rise in healthcare spending which has resulted in the increasing use of immunotherapeutic drugs in hospitals and the large number of patients being treated in hospitals for cancer immunotherapy; however, clinics and other end user markets are expected to witness a rapid growth during the forecast period with the increasing number of clinics providing cancer immunotherapy, and rising number of ongoing clinical trials for immunotherapy drugs.
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This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share of the global cancer immunotherapy market in 2017, followed by Europe and Asia Pacific.