Cancer immunotherapy is a kind of treatment given to cancer patients to boost their natural immune system of the human body in order to fight against cancer cells. The therapy is facilitated to cancer patients to halt the progression of cancer and degrade the growth of cancer cells.
The growing prevalence of cancer disease all across the globe along with the high adoption rate of advanced cancer therapeutic treatment is one of the primary factors stimulating the growth of the global cancer immunotherapy market. Healthcare service providers are increasingly concentrating on enhancing the cancer therapeutic facility and lowering the recurrence rate of post tumor chemotherapy. The extensive research and development activities undergoing in the field of cancer immunotherapy are positively shaping the trajectory of the global market owing to the emergence of advanced therapy with a high effectiveness rate and enhanced efficacy. Immuno-oncology has revealed very promising results with better survival rates and reduced toxicity. A paradigm transformation from traditional chemotherapy to advanced immunotherapy is further providing enough thrust to the growth of the market. The immunotherapy pipeline has unleashed several more treatment options that have better results than existing therapies. The emergence of newer drug classes like histone deacetylase inhibitors and monoclonal antibodies is also supporting the growth scope of immunotherapies globally.
The global cancer immunotherapy market can be segmented into cancer products and regions.
By cancer, the market can be segmented into pancreatic, colorectal, head & neck, prostate, ovarian, melanoma, breast, and lung cancer. The lung cancer segment accounts for the largest share in the global market.
By product, the market can be segmented into cancer vaccines immunomodulators, monoclonal antibodies, oncolytic viral therapies, and others. The monoclonal antibodies segment holds the largest share in the global market.
North America accounts for the largest share in the global cancer immunotherapy market due to the surging incidences of cancer in the region. Moreover, the growing access to modern therapeutics and advanced immunotherapies is further likely to escalate the growth of the regional market during the forecast period. However, the fast-growing geriatric population in the region is another key factor propelling the growth of the regional market.
Asia Pacific is foreseen to experience significant growth during the forecast period due to the introduction of advanced immunotherapy drugs in developing regions like Japan and China.
To cite, recently, the FDA in the US has approved three checkpoints Opdivo, Keytruda, and Yervoy commercially for the treatment of melanoma. These are likely to boost the natural response of the human body towards melanoma cells.
Some of the significant players in the global cancer immunotherapy market are Eli Lilly and Company, Celgene Corporation, Seattle Genetics Inc., Merck & Co., Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd, AstraZeneca plc., Advaxis Inc., and Amgen Inc.