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Immuno-oncology Therapy Market to Show $97.34 billion by 2024

Press Release   •   Jan 19, 2018 02:26 EST

Zion Market Research has published a new report titled “Immuno-oncology Therapy Market by Therapy Type (Monoclonal Antibodies, Immune Checkpoint Inhibitors (PD1/ PDL1 and CTLA-4), Immune System Modulators, Cancer Vaccines and Others), by Therapeutic Area (Lung Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Melanoma, Blood Cancer and Other Cancers) for Hospitals, Clinics, Ambulatory Surgical Centers and Cancer Research Institutes: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022”. According to the report, global immuno-oncology therapy market was valued at approximately USD 42.97 billion in 2016 and is expected to generate revenue of around USD 97.34 billion by 2022, growing at a CAGR of around 14.6% between 2017 and 2022.

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The next generation of drugs to treat cancer involves stimulating a person’s own immune system to selectively attack cancer cells while keeping normal cells unaffected, or delivering certain immune system components in order to inhibit the spread of cancer effectively. One of the hallmarks of certain types of cancers is the suppression of the body's immune system, rendering it unable to fight the disease. These therapies have shown great promise in several clinical trials as well as in patients currently being treated. The technological advancements are helping the growth of immuno-oncology therapy market. The biotechnology and pharmaceutical companies are striving to launch new and most effective therapies in the market.

The key factors that drive the growth of immuno-oncology market include rise in incidence & prevalence of cancer, technological advancements in treatment therapies, increase in number of R&D for the treatment of cancer, and specificity & effectiveness of cancer immunotherapy for the treatment of wide range of cancers such as lung cancer, breast cancer, skin cancer, and others. In addition, the rise in healthcare expenditure and healthcare insurance are expected to fuel the market growth during the forecast period. However, shortage of experienced healthcare professionals and lack of awareness among the population restricts market growth.

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Based on therapy type immuno-oncology therapy market has been segmented into monoclonal antibodies, immune system modulators, cancer vaccines and others. Immune checkpoint inhibitors are further segmented into PD1/ PDL1 and CTLA-4. On the basis of the therapeutic area, the market for immuno-oncology therapy is segmented into lung cancer, colorectal cancer, breast cancer, prostate cancer, melanoma, blood cancer and other cancers. Based on end-user the immuno-oncology therapy market is segmented into hospitals, clinics, ambulatory surgical centers (ASC’S) and cancer research institutes.

Over the last few years, North America and Europe have been the major contributors in the global immuno-oncology therapy market due to their reputation as a suitable place for research and development. The market for cancer immunotherapy has a huge demand in both region and is expected to grow in coming future. However, the global population witnessed an alarming surge in diagnosed cancer cases. For instance, according to GLOBOCAN, 14.1 million new cancer cases were diagnosed worldwide in 2012. According to WHO, the growth in cancer incidence is expected to increase by 70% over the next two decades with 22 million new cancer cases. Cancer is highly prevalent in lower and middle-income countries as they lack suitable healthcare infrastructure to effectively combat the condition. For instance, according to GLOBOCAN, 57% of 14.1 million new cancer patients diagnosed worldwide in 2012 were from less developed regions. Similarly, 65% of the total worldwide death related to cancer was reported from less developed regions.

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Some of the key players in immuno-oncology therapy market include Amgen, Inc., AstraZeneca Plc., Bristol-Myers Squibb Company, Eli-Lilly and Company, F.Hoffmann-La Roche Ltd., GlaxoSmithKline Plc., Janssen Biotech, Inc., Merck and Co., Novartis AG, Pfizer, Inc., Sanofi, Spectrum Pharmaceuticals and Takeda Pharmaceuticals. Currently, the market’s growth rate is very high, which has encouraged the leading players to focus on consolidation through product licensing and long-term partnerships in order to gain maximum share in the market. 

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