Cancer Immunotherapy Market is expected to witness a CAGR of 12.2% during the forecast period. Certain factors that are driving the market growth include rising R&D activities, increasing effectivity and accuracy of newer therapies, growing prevalence of cancer.
The incidence of cancer is increasing significantly and has been the major factor for the growth of the cancer immunotherapy market. Cancer damages the immune system, as cancer cells produce the self-antigen. The cancer immunotherapy plays a vital role in the maintenance of the immune system, and it targets the infectious agents that may cause cancer through the production of the antibodies. Cancer Immunotherapy is considered as new therapy and is not popular compared to the other alternative therapeutic drugs. However, cancer immunotherapy have shown great potential over the past few years. Also, with healthcare physicians looking for the alternate therapies due to the huge burden of cancer cases and side effects of the present therapies, the market of cancer immunotherapy is expected to grow with a high growth rate during the forecast period.
However, in the expanding market for medical therapies, there are stringent regulatory policies in place to ensure the safety of therapies. The FDA review process takes twice as much as time as European regulatory commissions’ review bodies. The presence of stringent regulations is dampening the innovation in the market and hindering the growth of this market.
Key Market Trends
Cancer Vaccines are Expected to Show Lucrative Growth Opportunity in the Therapy Type Segment
Various advancements are taking place in the field of cancer vaccines owing to the ongoing research studies all across the globe. Cancer vaccines can majorly be classified into two types i.e. preventive vaccines and therapeutic vaccines. Preventive cancer vaccine or prophylactic vaccine is the vaccines intended to prevent cancer from developing in healthy people. These vaccines work by preventing infectious agents that cause or contribute to the development of cancer. These vaccines are similar to a traditional vaccine that help prevent infectious diseases, such as polio and measles, by protecting the body against infections. Most of the preventive vaccines stimulate the production of antibodies, which bind to specifically targeted microbes and block their ability to cause infection.
North America Dominates the Market and Expected to do Same in the Forecasted Period
This is due to the high prevalence of cancer, along with developed healthcare infrastructure in the region. According to the National Cancer Institute, preventive cancer vaccines were approved to treat cancers caused by the use of vaccines, namely Human papillomavirus (HPV) vaccines and the Hepatitis B virus (HBV). However, there are many other immunotherapies that were approved by the FDA for the prevention of cancer. Recently, 2020, Bristol Myers Squibb received a US FDA (Food & Drug Administration) approval for the combined immunotherapy of nivolumab and ipilimumab for the treatment of advanced liver cancer. Thus, it is expected to impact positively on the cancer immunotherapy market in this region.
The Cancer Immunotherapy market is highly competitive and consists of a few major players. Companies like Amgen Inc., Astellas Pharma, Inc., AstraZeneca, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Co., F. Hoffman La Roche, Merck and Co., Novartis, OSE Immunotherapeutics, among others, hold the substantial market share in the Cancer Immunotherapy market.
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