LONDON, Nov. 28, 2017 /PRNewswire/ — Cancer Immunotherapy Market Analysis By Product (Monoclonal Antibodies, Immunomodulators, Oncolytic Viral Therapies, Cancer Vaccines), By Cancer Type, And Segment Forecasts, 2014 – 2025
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The global cancer immunotherapy market is expected to reach USD 118.8 billion by 2025, according to a new report by Grand View Research, Inc.
Increasing patient pool and higher mortality rate are boosting the need for cancer immunotherapy globally. However, lack of awareness and adverse effects associated with immune therapeutic drugs are restraining market growth.
Cancer immunotherapy has been emerging as a new avenue for revenue generation for pharmaceutical companies. In addition, adverse effects, such as recurrence of cancer and organ failure, associated with conventional chemotherapies and rising demand for technologically advanced healthcare solutions are boosting demand for immunotherapy. Moreover, introduction of newer drug classes, such as target receptors for multiple myeloma and checkpoint inhibitors, is expected to initiate introduction of advanced therapeutics in the market.
Furthermore, increase in number of approvals for new immunotherapeutic drugs is driving the global market. Introduction of new molecules has been proving to be beneficial for patients who are not responding to chemotherapy. Several new immunotherapeutic options, such as immunomodulators and CAR-T cell therapy, are in the pipeline and are being tested for their ability to provide better cancer treatment.
Monoclonal antibodies are the most widely used immunotherapeutic drugs globally. Development of monoclonal antibodies as effective immunotherapeutic options started after the approval of Blincyto (blinatumomab) by Amgen, a bispecific antibody that targets B-cell lymphoblastic leukemia. Increasing investments in R&D pertaining to use of monoclonal bodies as naked antigen binding antibodies, conjugated monoclonal antibodies, and bispecific antibodies have resulted in discovery of new therapeutic options for cancer treatment. Technological advancements, such as radiation and nanoparticle therapies, are boosting the cancer immunotherapy market. Majority of cancer immunotherapy drugs have been used in treatment of non-small cell lung cancer, breast cancer, and prostate cancer.
Further Key Findings from the Report Suggest:
• Monoclonal antibodies emerged as the largest segment because of increasing regulatory approvals and higher efficacy
• Lung cancer accounted for the largest share in the cancer type segment owing to rise in demand for immunotherapeutic drugs in its treatment
• North America dominated the market with the largest share in 2016. Rising incidence of cancer and increasing demand for novel technologies are facilitating the dominance of the region during the forecast period
• Europe is projected to witness rapid growth during