Over the years, the healthcare industry has undergone significant advancements, yet cancer remains as one of the leading causes of death. According to the World Health Organization (WHO), cancer was responsible for approximate of 8.8 million and 9.6 million deaths in 2015 and 2018, respectively. It is one of the leading causes of economic loss to the nations, owing to its expensive treatment and the increased cases of disability and premature cancer deaths.
Technological advancements in the healthcare industry and the field of life sciences along with better understanding of cellular functions and metabolism have led to the development of immunotherapy approach for cancer.
Cancer immunotherapy is also known as biologic therapy as it utilizes the body’s self-immune system to combat cancer. The cancer immuno-oncology treatments either boost the body’s immune system against cancer or act as the immune system to identify cancerous cells and destroy them.
According to the latest market intelligence report by BIS Research titled Global Cancer Immunotherapy Market – Analysis and Forecast (2018-2028), the market was valued at $39.86 billion in 2017 and is expected to witness significant growth at a CAGR of 14.14% during the forecast period (2018-2028), to reach $170.70 billion by 2028.
The cancer immunotherapy market is categorized under various segments, namely product, therapeutic indication, and region. Under the product category, the market includes monoclonal antibodies, checkpoint inhibitors, cancer vaccines and other medical treatments such as adoptive cell therapies and oncolytic viral therapies. Among these, the most widely used are the monoclonal antibodies for cancer treatment.
Based on the therapeutic indication, the market can be segmented into seven types, namely, breast cancer, non-small cell lung cancer, melanoma, colorectal cancer, renal cell carcinoma, gastric cancer, and others. Region wise, the cancer immunotherapy market is sub-segmented into five regions i.e. North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World.
In addition to the analysis of the cancer immunotherapy market under various categories, the report published by BIS Research also examines the key factors and challenges prevalent in the market. One of the major factors driving the growth of the market is the rising prevalence of cancer along with the unmet treatment demand for cancer of the patients. Other factors that influence market growth include advancements in precision medicine and biologic therapy and significant research and development (R&D) investments from various pharmaceutical companies. However, the high cost of the treatment along with adverse effects of the medication are the major challenges affecting the expansion of the market.
The report also contains an in-depth analysis of the company profiles of leading players of the cancer immunotherapy market. These include Johnson & Johnson, Eli Lily and Company, Celgene Corporation, AstraZeneca PLC, among others.
Cancer immunotherapy has drastically improved the treatment landscape for various cancer indications. Development of checkpoint inhibitors, combinational therapies and other products such as cancer vaccines and oncolytic viruses is expected to improve the survival rate of the patients.