Cancer is a disease characterized by abnormal cell growth. Cancer Immunotherapy is an immune response against cancer cells, by boosting the body’s natural immune system. Its main purpose is to stop the spreading of cancer, slow down the growth of cancer cells and improve the natural immunity.
The global cancer immunotherapy market was USD 57 billion in 2018 and is estimated to reach USD 151.89 billion by 2025 at a CAGR of 15.03% during the forecast period.
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Growth by Region
North America dominates the global market for cancer immunotherapy followed by Europe. The global domination of North America is attributable to factors such as rising incidence of cancer, increasing ease of access to modern therapeutics, and rise in government investments for R&D and the healthcare reforms for the treatment of cancer. Europe is estimated to witness rapid growth during the forecast period owing to rapid adoption of advanced cancer therapeutics for effective cancer treatment.
Asia-Pacific will witness the fastest growth rate during the forecasted period owing to factors such as increase in pool of patient population, rise in prevalence of different types of cancer, and rise in government investments for R&D and the healthcare reforms for the treatment of cancer. Also rising mortality rate and presence of major market players with major investments is propelling the demand for immunotherapy in the region.
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Drivers vs Constraints
Factors that drives the growth of the market includes rising incidence of cancer, technological advancements in treatment therapies, rising healthcare expenditure, increase in number of R&D for the treatment of cancer, and effectiveness of cancer immunotherapy for the treatment of wide range of cancers.
Also, the higher mortality rate and adverse effects associated with conventional chemotherapies and increase in number of approvals for new immunotherapeutic drugs is driving the global market. Shortage of experienced healthcare professionals, stringent government regulations, risk of side effects, lack of awareness among the population restrict the growth, challenges in clinical trials coupled with higher costs could hamper the growth of the market.
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Industry Trends and Updates
In May 2018, Eli Lilly acquired ARMO BioSciences and its lead treatment candidate pegi lodecakin which is in Phase 3 trials. In November 2017, Biothera Pharmaceuticals, Inc announced its collaboration agreement with Genentech, Inc. for entering clinical trials.
In November 2017, GlaxoSmithKline received FDA approval of the development of blood cancer treatment. The US FDA granted the designation of Breakthrough Therapy.