Cancer Immunotherapy Market to Register A CAGR of 12.2% During the Assessment Period, 2019-2026
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The Global Cancer Immunotherapy Market held a market size of 59.2 billion in 2019 and anticipated to grow with a CAGR of 12.2% from 2019 to 2026, according to Esticast Research.
North America anticipated to hold a major share in the global cancer immunotherapy market. The market growth in the region is attributed to the presence of a large target population and favorable reimbursement policies. In addition, the surging number of hospitals and clinics and increasing prevalence of several types of cancer are anticipated to boosts market growth.
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In recent years, market players are increasingly focusing on developing new treatment methods for cancer, which is thereby contributing to the growth of the cancer immunotherapy market. Moreover, the increasing incidence and prevalence rates of cancer and rising adoption of advanced cancer treatments are boosting the market growth. According to the data published by Cancer Research UK, about 367,167 new cancer cases were reported in the UK between 2015 to 2017. Furthermore, the presence of a robust pipeline of immune-oncology drugs is anticipated to propel the market growth. Moreover, the growing preference of cancer patients for immunotherapies over conventional chemotherapy is expected to fuel the market growth in the coming years.
The global cancer immunotherapy market has been categorized into cancer type and product type. The cancer type segment has been segmented into melanoma, lung cancer, breast cancer, colorectal cancer, prostate cancer, head & neck, ovarian cancer, and pancreatic cancer. The product type segment has been divided into immunomodulators, monoclonal antibodies, and oncolytic viral therapies & cancer vaccines.
Based on geography, the cancer immunotherapy market has been categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been bifurcated into the U.S. and Canada. Europe region has been segmented into the UK, Italy, Germany, France, and the Rest of Europe. Asia-Pacific region has been divided into, Japan, South Korea, India, China, and Rest of Asia-Pacific. In addition, the South America region has been segmented into Argentina, Brazil, Mexico, and the Rest of South America. The Middle East & Africa has been categorized into Africa, GCC Countries, and the Rest of the Middle East.
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North America anticipated to hold a major share in the global cancer immunotherapy market. The market growth in the region is attributed to the presence of a large target population and favorable reimbursement policies. In addition, the surging number of hospitals and clinics and increasing prevalence of several types of cancer are anticipated to boosts market growth. Further, the strong presence of companies such as Novartis AG, Amgen Inc., AstraZeneca, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Company, among others is supporting the market growth in the region.
Some of the prominent companies functioning in the global cancer immunotherapy market include F. Hoffman La Roche, Bayer AG, Bristol-Myers Squibb, Amgen Inc., AstraZeneca, Eli Lilly and Co., Johnson & Johnson, Novartis, Merck and Co., and Pfizer.
Recent Developments by Market Players:
- In October 2019, AstraZeneca stated positive results of its Phase III trial of tremelimumab, Imfinzi, and chemotherapy in first-line metastatic non-small cell lung cancer.
- In January 2015, Amgen, Inc. signed a collaboration agreement with Kite Pharma. The agreement aimed at developing and commercializing the next generation of Chimeric Antigen Receptor (CAR) T cell immunotherapies based on Kite Pharma’s engineered autologous cell therapy (eACT) platform and an extensive array of cancer targets of Amgen.
- In June 2015, Amgen entered into a collaboration with F. Hoffman La Roche on cancer immunotherapy study with investigational medicines atezolizumab and talimogene laherparepvec.