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(Health-NewsWire.Net, May 07, 2021 ) According to research report the Cancer Immunotherapy Market is projected to reach USD 119.39 Billion by 2021 from USD 61.97 Billion in 2016, at a CAGR of 14.0%.
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This growth can be attributed to factors such as emergence of biosimilars, increasing adoption of target therapy over traditional therapy, increasing demand for mAbs, high prevalence of cancer.
Cancer immunotherapy drugs are designed to alter or boost the body’s natural immune response to fight cancer this market is research-driven with a high degree of dependence on the discovery of molecules that can generate an immune response against various indications.
Monoclonal antibodies are emerging as the most effective therapeutic agents for the treatment of malignancy. They are currently one of the largest classes of agents approved for the treatment of cancer. Several antibodies are widely adopted, owing to their lesser side effects as compared to chemotherapy. Antibodies are developed to treat several cancers such as lymphoma, leukemia, melanoma, breast cancer, and lung cancer. Cancer monoclonal antibodies are sub-segmented into naked monoclonal antibodies, conjugated monoclonal antibodies, and bispecific monoclonal antibodies.
The current immunotherapies for lung cancer treatment, such as checkpoint inhibitors, monoclonal antibodies, therapeutic vaccines, and other cell therapies, have benefited some patients with advanced lung cancer in the form of durable remission and prolonged survival. The Lung Cancer segment is expected to grow at a high CAGR from 2016 to 2021, owing to the increase in prevalence, patient pool urges a demand for advanced treatment options, and this increases the growth of Cancer Immunotherapy market.
End-users, included in the market are hospitals, clinics and others. The hospitals segment of the market includes private hospitals and public hospitals. The hospitals segment is expected to account for the largest share of the global market in 2016. Rise in healthcare spending has resulted in the increasing use of immuno therapeutic drugs in hospitals and clinics.
Some of the key players in the cancer immunotherapy market are Amgen Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Bristol-Myers Squibb Company (U.S.), Merck & Co., Inc. (U.S.), Seattle Genetics Inc. (U.S.), Celgene Corporation (U.S.), Eli Lilly and Company (U.S.).
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Geographically, the North American market accounted for the largest share of the global cancer immunotherapy market in 2016. The large share can be attributed to factors such as rising number of patients suffering from cancer, increasing adoption rate of immunotherapy, and development of bioinformatics tools are enhancing the drug development process.
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