Immuno Oncology Market Anticipated to Mark at a CAGR of 17.5% by 2027
The global immuno oncology market is segmented by treatment into monoclonal antibodies, therapeutic vaccines, checkpoint inhibitors, cytokines, out of which, the checkpoint inhibitor therapy is the most popular therapy which is used for the treatment of different types of carcinogenic disorders. Based on novel targets, the market is segmented intoI DOi, LAG-3 CPI, STING agonist, TLR agonist, oncolytic virus, HDACi, TIL, VEGFi, TIGIT, MEKi, GITR agonist, and TGF-b Trap; by tumor type into melanoma, non-small cell lung cancer, renal cell carcinoma, bladder cancer, neck cancer and classical Hodgkin’s lymphoma. According to the report of WHO, cancer worldwide has enhanced to 18.1 million new cases and deaths due to cancer were 9.6 million in the year 2018. The immuno oncology market is anticipated to mark a CAGR of around 17.5% during the forecast period i.e. 2018-2027.
The market is observing a robust growth owing to increase in demand for less toxic, more reliable methods for the treatment of cancer. As compared to conventional cancer treatment methods including chemotherapy and radiotherapy that destroy healthy normal cells, immuno oncology therapies do not harm healthy non-cancerous cells and therefore gain an advantage. The increment in the number of cancer patients across the globe coupled with higher investment by government for curing cancer is expected to enhance the growth of the immuno oncology market.
Regionally, the global immuno oncology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. On the back of increased awareness and presence of major key players in the region, North America is anticipated to lead the market. Further, Asia- Pacific region is expected to show a significant growth in immune oncology market which can be attributed to increasing number of diseases coupled with high mortality rate, which is further increasing the demand for immune oncology.
Increasing Cases of Cancer to Boost Market Growth
According to the report of World Health Organization in 2018, the cancer burden and number of deaths due to cancer is increasing every year. Governments and different organizations of different countries are investing hugely in the healthcare sector, especially for the research and development of new drugs of cancer. Many international and domestic policies made by the governments of several countries which includes India, Germany, U.S., U.K. and several other nations have enhanced the healthcare support to citizens which is further expected to augment the growth of the global immune oncology market in upcoming years.
However, immuno oncology therapy is very expensive as compared to conventional chemotherapy and radiotherapy. The average cost of immuno oncology therapy in the United States is approximately USD 100,000 which is very high for some cancer patients who are not financially strong whereas the average cost of initial treatment of chemotherapy is approximately USD 7000. These factors are anticipated to limit the growth of the market over the forecast period.
The report titled “Global Immuno Oncology Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global immuno oncology market in terms of market segmentation by treatment, by novel targets, by tumor type and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global immuno oncology market which includes company profiling of Bristol-Myers Squibb Company, Eli-Lilly and Company, Glaxo Smith Kline Plc, Novartis AG, AstraZeneca Plc, Merck and co, Pfizer, Sanofi, F.Hoffmann-La Roche Ltd.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global immuno oncology market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.