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(Publishing-NewsWire.com, August 21, 2021 ) According to research report the Cancer Immunotherapy Market is projected to reach USD 119.39 Billion by 2021 from USD 61.97 Billion in 2016, at a CAGR of 14.0%.
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This growth can be attributed to factors such as increasing adoption of target therapy over traditional therapy, emergence of biosimilars, increasing demand for mAbs, high prevalence of cancer.
The global cancer immunotherapy market is consolidated in nature, marked with the presence of a few large players. The prominent players in this market are Amgen (U.S.), AstraZeneca (U.K.), F. Hoffmann-La Roche Ltd(Switzerland), Bayer AG (Germany), Bristol-Myers Squibb (U.S.), Eli Lilly and Company (U.S.), Janssen Global Services, LLC (Belgium), Merck (U.S.), Novartis (Switzerland), and Pfizer (U.S.).
Amgen was the largest player in the global cancer immunotherapy market in 2015. The company has a strong presence in the U.S., Europe, Asia-Pacific, the Middle East, and Africa. In order to sustain its foothold and further increase its share in the market, the company pursues the strategy of new product launches, which significantly impacts the companys customer base.
In 2015, F. Hoffmann-La Roche AG accounted for the second-largest share in the cancer immunotherapy market. The company focuses on developing innovative products to provide efficient solutions to its customers.
Bristol-Myers Squibb (BMS) held the third position in the cancer immunotherapy market in 2015. The company has a first-mover advantage as two of its drugs (Opdivo and Yervoy) have already been approved and commercialized. These products recently received an approval of oncolytic virus Imlygic and cancer vaccine Empliciti from the U.S. FDA.
The key strategies followed by most companies in the cancer immunotherapy market are new products launches and approvals; expansions; acquisitions; and partnerships, agreements, and collaborations. The strategy of new products launches and approvals accounted for the largest share of the overall growth strategies mapped from 2013 to 2016. Companies seek new and advanced product approvals to strengthen their product portfolios and cater to the unmet needs of their customers. Some of the leading players that adopted this strategy include Amgen (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Bristol-Myers Squibb (U.S.), and Merck (U.S.).
The current immunotherapies for lung cancer treatment, such as checkpoint inhibitors, monoclonal antibodies, therapeutic vaccines, and other cell therapies, have benefited some patients with advanced lung cancer in the form of durable remission and prolonged survival.
Monoclonal antibodies are emerging as the most effective therapeutic agents for the treatment of malignancy. They are currently one of the largest classes of agents approved for the treatment of cancer. Several antibodies are widely adopted, owing to their lesser side effects as compared to chemotherapy.
The treatment options for cancer, such as chemotherapies and radiation therapy, although have more side effects, are more widely used as compared to immunotherapies. The former are all based on destroying cancer cells by irradiation, chemotherapy, or surgery.
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Geographically, the North American market accounted for the largest share of the global cancer immunotherapy market in 2016. The large share can be attributed to factors such as rising number of patients suffering from cancer, increasing adoption rate of immunotherapy, and development of bioinformatics tools are enhancing the drug development process.
Mr. Aashish Mehra
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Mr. Aashish Mehra