According to a new report published by Allied Market Research, titled, Cancer Immunotherapy Market by Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2014-2022, the global cancer immunotherapy market was valued at $45,471 million in 2015, and is projected to reach $117,114 million by 2022, growing at a CAGR of 14.5% from 2016 to 2022. The monoclonal antibodies segment held two-third share of the total market in 2015.
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Cancer immunotherapy, also known as biologic therapy, helps in cancer treatment by boosting the immunity of the body to fight against cancer. In this type of therapy antibodies and live viruses are introduced in the body that slows the growth of cancer cells. In addition, it also helps the immune system destroy the cancer cells. The major factors that drive the growth of this market include increase in incidence of cancers, growth in geriatric population, and rise in cancer R&D. However, shortage of skilled labor and lack of awareness about cancer immunotherapy is projected to restrain the market growth during the forecast period.
The cancer immunotherapy market in this report is studied on the basis of technology, application, end-user, and region. Based on technology, the market is divided into monoclonal antibodies, cytokines & immunomodulators, and other technologies. Monoclonal antibodies held the largest share in 2015 owing to high usage of monoclonal antibodies for cancer immunotherapy as they exhibit different immunomodulatory properties and hence they can directly activate or inhibit the molecules of immune system. In addition, monoclonal antibodies also induce the antitumor immune response.
By application, the cancer immunotherapy market is segmented as lung cancer, breast cancer, colorectal cancer, melanoma, prostate cancer, head & neck cancer, and other applications. The lung cancer market held the largest share in 2015 and is expected to lead the market during the analysis period owing to high incidence of lung cancer. Hospitals in end users held the largest market share of cancer immunotherapy market in 2015, and is projected to show the highest growth rate during the analysis period due to the extensive use of cancer immunotherapy in the hospitals.
Geographically, the global cancer immunotherapy market is analyzed by four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2015. This is attributed to the ample amount of expenditure in healthcare, well-established healthcare system, and high incidence of cancer. However, Asia-Pacific region is projected to be grow with the highest CAGR during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.
Key Findings of the Cancer Immunotherapy Market:
- The monoclonal antibody accounted for the largest market share for technology segment in 2015 and is also estimated to grow at the highest CAGR of 15.0%.
- By application, lung cancer held the highest market share and is anticipated to lead the market during the analysis period.
- The U.S. was the major shareholder in the North American cancer immunotherapy market, accounting for six-seventh share in 2015.
- China is expected to show the highest growth rate during the analysis period for the Asia-Pacific cancer immunotherapy market.
The major players profiled in the global cancer immunotherapy market are Amgen Inc., Advaxis Inc., Merck & Co., Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, Pfizer Inc., Novartis AG, Bayer AG, Immunomedics Inc., and Astrazeneca plc.