Cancer Immunotherapy Market Value to hit $117.11 billion by 2023, at CAGR of 14.5% | AMR
Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
The report on the global cancer immunotherapy market highlights that the market is expected to reach $45.47 billion in 2015, and is projected to reach $117.11 billion by 2022, growing at a CAGR of 14.5% from 2016 to 2022. The report offers the current market size and forecasts along with Porter’s Five Forces analysis to help market players, stakeholders, startups, and investors to determine the current scenario and take further steps for the future. Drivers and opportunities for highest revenue generating and fastest growing segments would help in tapping into specific segment to achieve growth. Moreover, regional analysis would assist in expansion strategies for the market players and startups. The monoclonal antibodies segment held two-third share of the total market in 2015.
Cancer immunotherapy, also known as biologic therapy, helps in cancer treatment by boosting the immunity of the body to fight against cancer. In this type of therapy antibodies and live viruses are introduced in the body that slows the growth of cancer cells. In addition, it also helps the immune system destroy the cancer cells. The major factors that drive the growth of this market include increase in incidence of cancers, growth in geriatric population, and rise in cancer R&D. However, shortage of skilled labor and lack of awareness about cancer immunotherapy is projected to restrain the market growth during the forecast period.
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The market report includes a detailed analysis of the Covid-19 impact on the cancer immunotherapy market. Over the course of 2020–2027, the market is expected to show significant growth. However, the recent Covid-19 outbreak is likely to affect some of the business operations. The report includes an analysis of how Covid-19 has and will affect the industry, studying reliable sources, interviews of experts, and annual reports of the major market players. The report includes major drivers, restraints, and opportunities within the cancer immunotherapy market.
The cancer immunotherapy market in this report is studied on the basis of technology, application, end-user, and region. Based on technology, the market is divided into monoclonal antibodies, cytokines & immunomodulators, and other technologies. Monoclonal antibodies held the largest share in 2015 owing to high usage of monoclonal antibodies for cancer immunotherapy as they exhibit different immunomodulatory properties and hence they can directly activate or inhibit the molecules of immune system. In addition, monoclonal antibodies also induce the antitumor immune response.
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By application, the cancer immunotherapy market is segmented as lung cancer, breast cancer, colorectal cancer, melanoma, prostate cancer, head & neck cancer, and other applications. The lung cancer market held the largest share in 2015 and is expected to lead the market during the analysis period owing to high incidence of lung cancer. Hospitals in end users held the largest market share of cancer immunotherapy market in 2015, and is projected to show the highest growth rate during the analysis period due to the extensive use of cancer immunotherapy in the hospitals.
Geographically, the global cancer immunotherapy market is analyzed by four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2015. This is attributed to the ample amount of expenditure in healthcare, well-established healthcare system, and high incidence of cancer. However, Asia-Pacific region is projected to be grow with the highest CAGR during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.
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The Major Key Players Are:
Amgen Inc., Advaxis Inc., Merck & Co., Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, Pfizer Inc., Novartis AG, Bayer AG, Immunomedics Inc., and Astrazeneca plc.
Key Findings of the Cancer Immunotherapy Market:
• The monoclonal antibody accounted for the largest market share for technology segment in 2015 and is also estimated to grow at the highest CAGR of 15.0%.
• By application, lung cancer held the highest market share and is anticipated to lead the market during the analysis period.
• The U.S. was the major shareholder in the North American cancer immunotherapy market, accounting for six-seventh share in 2015.
• China is expected to show the highest growth rate during the analysis period for the Asia-Pacific cancer immunotherapy market.
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