Cancer Immunotherapy Market to Gain US$124.88 Billion by 2024, Says TMR
ALBANY, New York, January 17, 2019
ALBANY, New York, January 17, 2019 /PRNewswire/ --
According to TMR, over the forecast period of 2016 to 2024, the global cancer immunotherapy market is expected to rise at a 14.5% CAGR. The market was estimated to be at US$37.50 bn in 2015, and is projected to reach US$124.88 bn by 2024.
Surge in Incidence of Malignancy to Boost Growth
14.1 million new cases of cancer have been worldwide diagnosed in 2012 according to GLOBOCAN. In the next two decades, the growth of incidence of cancer in the next 22 million case studies is expected to increase by 70 percent. In lower and middle income countries, cancer is widely prevalent as there is a lack of adequate health infrastructures to combat the condition effectively. Similarly, in less-developed regions, 65 percent of total worldwide cancer deaths were reported. Another key factor contributing to the growth is the increased adoption of cancer immunotherapy in other conventional treatments due to increased survival rate and less side effects of immunotherapy drugs.
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Emergence of Bioinformatics to Remain Key Market Trend
Cancer bioinformatics is a leading industry in medicines and clinical applications in the field of omics. Bioinformatics are now not omnipotent, like other biological techniques or systems. Bioinformatics studies will be important in the drug development process as the therapeutic field of immune control inhibitors mature. Bioinformatics analysis can provide insights into the working of current therapeutics and identify the gaps that future generations of therapies need to address. The implementation of efficient and replicable bioinformatics pipelines will be crucial to success as the cancer immunotherapy field continues. This is expected to be a key trend that will be accessible for vendors to capitalize on and grow in the cancer immunotherapy market.
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The global cancer immunotherapy market is prognosticated to see a positive growth curve in the forthcoming years, as reported by Transparency Market Research (TMR). The global cancer immunotherapy market's competitive landscape is currently a fragmented one. Several small-scaled and large-scaled companies exist in the market, fostering healthy competition. A key point of rivalry among the vendors is the entry of novel drugs. Prominent vendors in the global cancer immunotherapy market are focusing on research and development in order to introduce innovative drugs. A prime example is the emergence of drugs with antibody dependent cellular toxicity. This is a key trend being capitalized on by vendors in the global cancer immunotherapy market in order to gain traction.
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Vendors in the global cancer immunotherapy market are further adopting strategies such as mergers and acquisitions, and ensuring a differentiated product portfolio, to gain momentum in the industry. The brisk uptake of advanced treatment options, and improved healthcare is likely to boost opportunity for players in the cancer immunotherapy market in the coming years.
Prominent vendors in the global cancer immunotherapy market are Amgen, Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., AstraZeneca Plc., and GlaxoSmithKline Plc.
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The study presented here is based on a report by Transparency Market Research (TMR) titled, "Cancer Immunotherapy Market (Therapy Type - Monoclonal Antibodies, Immune Checkpoint Inhibitors (PD-1/PD-L1 and CTLA-4), Immune System Modulators, and Cancer Vaccines; Therapeutic Areas - Lung Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Melanoma, and Blood Cancers; End Users - Hospitals, ASC's (Ambulatory Surgical Centers), and Cancer Research Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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