Impact of COVID-19 on Economy, Industry and Company :
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Global Cancer Immunotherapy Market was Valued at US$ XX Mn in 2019 and it is Expected to Reach More than US$ 240.2 Bn by 2028, Likely to Grow with the CAGR of 14.5% During the Forecast Period.
The Cancer immunotherapy is a cancer treatment method stimulating the human natural immune system to fight against cancer cells. The therapy is given to the cancer patients for stopping its spread across the body, could reduce the growth of cancer cells, and enhance the immunity naturally and eliminate the cancer cells. The driving factors of cancer immunotherapy market constitute of increase in the occurrence & prevalence of cancer, advancements in technology in medical therapies, rise in R&D for treating cancer, and accuracy & high performance of cancer immunotherapy in the treatment of variety of cancers including breast cancer, lung cancer, skin cancer, and others. Moreover, increase of healthcare expenditure and healthcare insurance are anticipated to stimulate the market growth during the forecast period. Lesser healthcare professionals and awareness in the market regarding the cancer immunotherapy constrains its market growth.
Rising Demand For Cancer Treatment Is Anticipated To Boost The Demand For Cancer Immunotherapy
The healthcare industry has a significant importance in treating cancer patients globally by the advancement in medical treatment procedures. The cancer immunotherapy is a considered as a viable mode of treating cancer that had supported in the improvement of healthcare industry in the recent years. Moreover, there is a substantial government initiatives that are supporting the treatment of cancer patients globally contributed to the healthcare industry.
Monoclonal Antibodies (mAbs) Segment held Prominent Share in Global Cancer Immunotherapy Market in 2019
In the treatment of cancer through immunotherapy the prominence of Monoclonal antibodies (mAbs) segment were significant in 2019. Rising investments in Research & Development in monoclonal antibodies, antigens binding to the antibodies, conjugated monoclonal antibodies and bispecific antibodies have created lucrative opportunities for organizations offering oncology therapeutics. These R&D practices in the cancer immunotherapy had contributed in offering mAbs that is as effective as adaptive immunity, antigen specificity, and antibody based cellular toxicity. Supporting the advantages of mAbs, those were studied in treating different tumours. Such advents in the cancer treatments contributed in development of cancer immunotherapy in the global market. Immunomodulators drugs, are taken as the modulate immune system by the patients, enhancing immune system against tumours. These Immunomodulators includes cytokine modulators and other growth factors that are nonspecific therapies in nature. These nonspecific therapies are formulated in acting as immune stimulating agents contributing to enhanced responses against tumour cells.
The North America Is Expected to Dominate the Cancer Immunotherapy Market during the Forecast Period
The North American region is known for its healthcare facilities coupled with technologically advanced treatments. The healthcare industry is well developed in this region and had an increased occurrence of cancer among the individuals had propelled the market demand for cancer immunotherapy in this region. The rising geriatric population in this region is also one of the key factor supporting to an increase in the market demand of cancer immunotherapy. The governments of these countries have also introduced various schemes in the market that are supportive to the advancement in treating cancer.
Global cancer immunotherapy market is consolidated with key players holding major share of global cancer immunotherapy market. The organizations offering cancer immunotherapy are investing in research and development activities for offering advanced methods of treating cancer.
Key players operating in the global Cancer Immunotherapy market are AstraZeneca; F. Hoffman La Roche; Bayer AG; Eli Lilly and Co.; Amgen Inc.; Merck and Co.; Novartis; Bristol-Myers Squibb; and Pfizer.
Global Cancer Immunotherapy Market Key Segments
Global Cancer Immunotherapy Market, By Type
- Monoclonal Antibodies
- Oncolytic Viral Therapies and Cancer Vaccines
Global Cancer Immunotherapy Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America