The Cancer Immunotherapy Market is projected to grow at the rate of 9.7% CAGR by 2026.
Immunotherapy is a type of treatment to cure cancer that utilizes a few parts of a person's immune system to fight cancer. This can be either done by enhancing one's immune system to function with more effort and smarter to kill cancer cells or by providing one's immune system components, such as human-made immune system proteins. Immunotherapy is a kind of biological therapy.
The cancer immunotherapy market growth is majorly attributed to some of the key factors, which include the increasing incidences of cancer, rising awareness about the early diagnosis among cancer patients, efficacy of the therapy compared to other therapies, and surging population of geriatric.
On the other hand, the factors restricting the cancer immunotherapy market growth are high costs incurred in the treatment and the development of new drugs.
The monoclonal segments are having a key share in the market. Rising investments in research and development of monoclonal antibodies since naked antigen-binding antibodies, conjugated monoclonal antibodies, and bispecific antibodies have opened new revenue creation paths for companies that offer oncology therapeutics. These R&D activities lead to the emergence of monoclonal antibodies, and owing to various benefits of mAbs; they are being examined for various treatments.
Immunotherapies in the pipeline are happening to provide more treatment choices and better results than prevailing therapies. The advent of new drug classes, including monoclonal antibodies and histone deacetylase (HDAC) inhibitors, designed to target receptors associated with multiple myeloma, is expected to build the market's future. Studies on similar drugs aim to reduce adverse effects and spur the market's growth.
These are the primary cancer immunotherapy market players -Merck & Co., Inc., Novartis Pharmaceuticals Corporation, F. Hoffmann-La Roche AG, Advaxis Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, Pfizer Inc., Bayer AG, Immunomedics Inc., and AstraZeneca plc.
Hence, cancer immunotherapy is observed to be playing a crucial role in cancer treatment. With the considerable pressure of increasing cancer cases and the side effects of other therapies, cancer immunotherapy has exhibited tremendous potential over the past few years.
Key Topics Covered:
1. Executive Summary
2. Industry Outlook 2.1. Industry Overview 2.2. Industry Trends
3. Market Snapshot 3.1. Market Definition 3.2. Market Outlook 3.3. Related Markets