Continuous Research Activities and Highly Promising Pipeline to Shape Future of Global Cancer Immunotherapy Market
The continuous research in the field and highly promising treatments in the pipeline are likely to shape the future of the market. For instance, in April 2017, a team of researchers from the University of North Carolina discovered that by binding two compounds to a single nanoparticle can enhance the efficiency of immunotherapy treatments for cancer. According to a report by Transparency Market Research (TMR), the global cancer immunotherapy market had a valuation of US$37.50 bn in 2015 and is poised to reach US$124.88 bn by 2024, progressing at a CAGR of 14.6% from 2016 to 2024.
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The report indicates that the growth of the market will be, however, hampered by the lack of awareness regarding the merits of immunotherapy and high level of attrition within development stages of immunotherapies.
ow will the nature of the competitive landscape of the global cancer immunotherapy market be in the near future?
Roche has been the torch bearer in the global cancer immunotherapy market over the last decade. Its dominance can be attributed to the early approvals of monoclonal antibody drugs such as Rituxan and Avastin. Players such as Merck, Novartis, and Bristol-Myers Squibb are strong contenders in the arena and are expected to witness expansion in their shares over the coming years.
The immense potential offered by the market is attracting new players to venture into the marketplace, which is anticipated to intensify the competition in the near future. The growing investments by public and private organizations along with increasing initiatives by governments are promoting the entry of new players. New players are trying to consolidate their position in the market by introducing novel technologies and obtaining licenses. To put this in perspective, in April 2017, Immune-Onc Therapeutics gained global rights to develop and commercialize new cancer immunotherapies from The University of Texas Southwestern Medical Center (UTSW) and The University of Texas Health Science Center at Houston (UTHealth).
What are the factors providing an edge to developed regions over developing regions?
Developed regions will be prominent destinations for cancer immunotherapy developers, owing to top level research and development efforts in these regions. North America and Europe will account for substantial shares in the market throughout the forecast period. The high awareness levels among the populace and better access to healthcare facilities are providing an edge to these regions over other regions. However, developing countries in Asia Pacific will provide a significant momentum to the market in the region, owing to the booming medical tourism sector and rising incidence of cancer.