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(Health-NewsWire.Net, October 21, 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 increasing adoption of target therapy over traditional therapy, emergence of biosimilars, increasing demand for mAbs, high prevalence of cancer.
On the basis of type, the market has been segmented into monoclonal antibodies, cancer vaccines, checkpoint inhibitors, and immunomodulators. The monoclonal antibodies segment is expected to account for the largest share of the market in 2016, while the checkpoint inhibitors segment is projected to witness the highest CAGR from 2016 to 2021. The high growth in this segment is primarily attributed to the high success rate of these inhibitors.
On the basis of applications, the global Cancer Immunotherapy Market is segmented into lung cancer, breast cancer, colorectal cancer, melanoma, prostate cancer, head & neck cancer, and others. The lung cancer segment is expected to grow at the highest CAGR during the forecast period. The high growth in this segment can be attributed to the increasing prevalence of this type of cancer and rising demand for advanced treatment options.
On the basis of end users, the global Cancer Immunotherapy Market is segmented into hospitals and clinics & others. The hospitals segment is expected to account for the largest share of the global Cancer Immunotherapy Market in 2016. The rise in healthcare spending has resulted in the increasing use of immunotherapeutic drugs in hospitals.
The global cancer immunotherapy market is consolidated in nature, marked with the presence of a few large players. The prominent players in this market are Amgen (U.S.), AstraZeneca (U.K.), F. Hoffmann-La Roche Ltd(Switzerland), Bayer AG (Germany), Bristol-Myers Squibb (U.S.), Eli Lilly and Company (U.S.), Janssen Global Services, LLC (Belgium), Merck (U.S.), Novartis (Switzerland), and Pfizer (U.S.).
Amgen was the largest player in the global cancer immunotherapy market in 2015. The company has a strong presence in the U.S., Europe, Asia-Pacific, the Middle East, and Africa. In order to sustain its foothold and further increase its share in the market, the company pursues the strategy of new product launches, which significantly impacts the companys customer base.
In 2015, F. Hoffmann-La Roche AG accounted for the second-largest share in the cancer immunotherapy market. The company focuses on developing innovative products to provide efficient solutions to its customers.
Bristol-Myers Squibb (BMS) held the third position in the cancer immunotherapy market in 2015. The company has a first-mover advantage as two of its drugs (Opdivo and Yervoy) have already been approved and commercialized. These products recently received an approval of oncolytic virus Imlygic and cancer vaccine Empliciti from the U.S. FDA.
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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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