Cancer Immunotherapy Market to Register Double-digit Growth in 2020, as Conventional Therapies Lose Sheen
Conventional cancer treatment involving chemotherapy, radiation therapy, and surgeries, have led to an alarmingly large number of relapse cases of cancer. This, inadvertently, is leading to the development of combination therapies, including immunotherapy as the first line of treatment for cancer.
Also, imminent patent expiration of branded drugs is providing new growth avenues for the development of biologics and biosimilar products. This would ensure long-term supply of cancer therapeutics at relatively low prices.
The aforementioned dynamics point towards high growth prospects of the cancer immunotherapy market, which have been further analysed at length in an exclusive study published by Fact.MR. The study indicates that, players in the cancer immunotherapy market space can expect a marginal rise in the demand for cancer immunotherapy, with an estimated CAGR of 15% during the forecast period (2020-2025).
Distribution Partnerships with Hospitals and Clinics
Hospitals remain the most favoured medical settings, as these institutions are equipped with advanced facilities to allow for effective diagnosis and treatment. High adoption of advanced diagnostics and treatment equipment, as well as therapeutics, supported by public and private funding, further improves the healthcare quality offered by hospitals.
These factors are collectively expected to lead to hospitals accounting for around 61% share of the cancer immunotherapy market by 2025.
Relatively short wait times and ease of getting appointments are projected to widen the patient base opting for clinic-based healthcare. Progressive growth in the demand for quality cancer therapeutics in clinics is influencing clinicians to focus on offering cancer immunotherapy to patients, which is driving the exponential adoption of cancer therapeutics in clinics.
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High Capital Requisites for R&D Activities Remain Key Dilemma for Market Players
Several studies show that, cancer is an extremely complex disease, and there is no single cure that can prove to be effective for all patients. However, players in the cancer immunotherapy market leverage this opportunity to reach the optimum efficacy level of therapeutics to treat cancer with minimal side-effects.
The key requisite to achieve product innovation is high working capital for experimentation and clinical trials, which poses challenges for manufacturers. Besides this, the risk of drug rejection leads to the wastage of resources.
According to the study, only 5% of anticancer drugs gain commercial license, post the success of Phase III trials, which is indicative of the high rejection rate of therapeutics in the cancer immunotherapy market.
Market Performance of Developing Regions to Surpass Growth of Developed Regions
North America, followed by Europe, leads the global cancer immunotherapy market. However, these regions stand to lose market share to Asia Pacific, Latin America, and the Middle East and Africa during the forecast period.
Favourable dynamics such as progressive improvements in healthcare infrastructure and government initiatives underpinning the R&D activities of players complement the growth of the cancer immunotherapy markets in these regions. For instance, market players are eligible to receive benefits from the U.S. federal government, such as tax exemptions and market exclusivity, under the Orphan Drug Act.
However, there have been gradual improvements in the quality of healthcare services, increase in accessibility of patients to hospitals and clinics, and growing number of awareness campaigns regarding the diagnosis and treatment of cancer in developing regions.
Sensing expansion opportunities in Asia Pacific, Latin America, and the Middle East and Africa, a shift of market focus from developed regions to developing regions is being witnessed among market players. On account of this, developing regions are likely to witness relatively high growth at an average CAGR of 15% over a 14% CAGR for developed regions.
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Cancer Immunotherapy Market – Assessment of Key Segments
The study encompasses market attractiveness analysis, by therapy, cancer type, end user, and region. Market size and forecasts for each segment have been provided in the context of global and regional markets.
The cancer immunotherapy market has been analysed based on expected demand. All key end users have been considered, and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents.
Regional demand patterns have been considered while estimating the market for various end users of cancer immunotherapy in different regions.
Cancer Immunotherapy Market – Scope of the Study
This report provides forecasts and analysis of the cancer immunotherapy market. This exclusive study also offers analytical data for the historical period (2016-2019) along with forecasts from 2020 to 2025 in terms of revenue (US$ Mn).
The report on the global cancer immunotherapy market includes macroeconomic as well as microeconomic growth indicators. The study provides information on the key drivers and restraints influencing the growth of the cancer immunotherapy market, and their impact on each region during the forecast period.
The report also comprises a study of the current challenges impeding the adoption rate and opportunities for manufacturers in the cancer immunotherapy market. This comprehensive study also includes value chain analysis, with a list of vendors and industry stakeholders at each node in the value chain, pipeline snapshot, and cancer epidemiology in every region.
In order to provide stakeholders with a comprehensive view of the cancer immunotherapy market, authors of the report have included detailed competitive analysis and key players with unique selling propositions.
The dashboard provides a detailed comparison of manufacturers operating in the cancer immunotherapy market, on parameters such as collective market share and geographic concentration. This detailed study on the cancer immunotherapy market offers incisive insights regarding significant dynamics influencing the movement of the cancer immunotherapy landscape during the forecast period.
Authors of the cancer immunotherapy market report have taken ample care to track the latest market movements to ensure that only accurate information reaches to stakeholders.
The study helps these stakeholders in gaining an edge over their competitors. This exclusive guide also tracks the current as well as future trends that are likely to influence the growth of the cancer immunotherapy market during the forecast period. To add to that, the analysis also discusses the threat of substitutes and new entrants, which provides a brief idea regarding the future growth course of the cancer immunotherapy market.
The report provides a detailed competitive dashboard and company profiles of key participants operating in the global market. Some of the key players in the global cancer immunotherapy market include Amgen, Inc., Bristol-Myers Squibb Company, AstraZeneca PLC, Eli Lilly and Company, GlaxoSmithKline Plc., F.Hoffmann-La Roche Ltd., Janssen Biotech, Inc., Novartis AG, Merck & Co., Inc., Pfizer, Inc., Spectrum Pharmaceuticals, Inc., Sanofi, and Takeda Pharmaceuticals.
Cancer Immunotherapy Market – Research Methodology
A number of primary and secondary sources were consulted during the course of the study on the cancer immunotherapy market. Secondary sources include NCBI, cancerresearch.org, WHO, FDA, Google Books, articles, company annual reports, websites, press releases, and publications.
The top-down approach has been used to estimate the cancer immunotherapy market by region. Market numbers for global therapy and therapeutic area segments have been derived using the bottom-up approach, which is cumulative of each region’s demand. Company-level market share has been derived on the basis of revenues reported by key players in the cancer immunotherapy market space. The cancer immunotherapy market has been forecast based on current currency rates.
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