New York, June 2, 2020 /PRNewswire/ -- The global cancer immunotherapy market is forecasted to reach USD 153.03 billion in 2027, according to a new report by Reports and Data. The global cancer immunotherapy market is growing at a substantial pace owing to the growing acceptance and inclination of the patients towards the newly invented advanced treatments over the conventional ones. In order to substantialize the severe and chronic diseases like cancer, every year, the cancer research centers invest a handful of the amount in their R&D, which fuels up the market growth by a large margin.
The key factors responsible to drive the growth of cancer immunotherapy market include the technological advancements in treatment therapies, rise in incidence of cancer, increasing number of R&D for the treatment of cancer, and improving effectiveness of cancer immunotherapy for the treatment of a wide range of diseases such as lung cancer, breast cancer, skin cancer, and others. Besides, the rise in healthcare expenditure and healthcare insurance are expected to fuel the market growth during the analysis period. However, the shortage of experienced healthcare professionals and lack of awareness among the population restrict growth.
A big market limiting factor is the high price of the slow and long-term procedure, expensive treatment and R&D, and rigorous regulations by the government. Also, product approvals and high cost of treatment are expected to act as a restraining factor on the global market in the near future.
The COVID-19 impact:
The outbreak raised concern for the patient dealing with life-threatening diseases such as cancer. However, government authorities had laid down several guidelines to ensure the safety of the patient as well as the healthcare professional. The market has experienced a downturn over the weeks, which may continue over the next few months. The increased patient pool suffering from COVID-19 has disrupted the treatment of cancer patients. The surge of a significant number of COVID-19 seeking medical intensive monitoring and mechanical ventilation contributed to the overloading of hospital systems majorly in the affected regions and countries. Furthermore, travel restrictions, regulatory guidance, and outpatient visits have changed the dynamics of the market. On the other hand, a tiered strategy has been recommended by the European Society of Clinical Oncology and National Health Service England to categorize patients into different categories for successful cancer treatment during the pandemic. This pandemic has affected the Asia Pacific region the most, with China at the center of the outbreak. Most initiatives have come to a temporary halt in multiple countries changed. The production, as well as supply chain, has been put on hold, causing losses to the manufacturers, dealers as well as consumers. The market might be facing a downside for the period. Still, with a rising health concern, the demand would be hitting the roof as soon as there is a development in the condition.
The North America cancer immunotherapy market is anticipated to dominate the in the global market. The major driving factors for the growth of this market are rise in the adoption rate of immunotherapy over the conventional treatments due to lesser side effects and more survival efficiency and the diminishing lifestyle and increase in the rate of cancer affected patients.
The monoclonal antibodies are expected to have the largest market share among the other segments. This is attributed to the fact that monoclonal antibodies have the largest class of drugs than other sectors of the cancer immunotherapy. The major market driver of the monoclonal antibodies market is the increasing prevalence of cancer in the forecast period.
In the year 2018, Johns Hopkins researchers had invented a new class of drugs for cancer immunotherapy that are more effective at harnessing the power of the immune. The immune system is naturally able to detect and eliminate tumor cells. There is a presence of regulatory T cells (Tregs), it a subset of immune cells it turns off the immune system's ability to attack tumor cells.
The cancer immunotherapy by application includes head and neck cancer as one of the prospects which are expected to fuel the market growth The major drivers in the market are the increase in the diminishing lifestyle, which includes the use of tobacco, hike in smoking habit, and the upsurge in the incidences of infection caused by human papillomavirus (HPV), especially HPV type 16.
Hospitals and clinics are expected to be the largest segment for the cancer immunotherapy market during the forecast period. The majority of hospitals, particularly in the case of cancer immunotherapy, focuses on the treatment of symptomatic conditions. The hospitals and clinics provide cutting-edge treatments that harness a patient's own immune system to fight cancer. These include cancer vaccines, cellular therapies, and other experimental drugs.
Key participants include Bristol-Myers Squibb, Novartis International Ag, Celgene Corporation, Amgen Inc., Amgen Inc., Merck & Co. Inc., Janssen Global Services, LLC, Seattle Genetics Inc, Printegra, Gristone Oncology, Inc, and Pfizer Inc. among others.
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