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The global cancer immunotherapy market size is likely to reach USD 126.9 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 9.6% during the forecast period. Increasing patient pool and higher mortality rate are augmenting the need for cancer immunotherapy globally. Furthermore, increasing number of approvals for new immunotherapeutic drugs is driving the global market.
Cancer immunotherapy has emerged as a new avenue for revenue generation for pharmaceutical companies. In addition, adverse effects, such as recurrence of cancer and organ failure, associated with conventional chemotherapies and rising demand for technologically advanced healthcare solutions are boosting the demand for immunotherapies. Moreover, introduction of newer drug classes, such as target receptors for multiple myeloma and checkpoint inhibitors, is poised to make way for advanced therapeutics in the market.
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Introduction of new molecules has been proving to be beneficial for patients who are not responding to chemotherapy. Several new immunotherapeutic options, such as immunomodulators and CAR-T cell therapy, are in the pipeline and are being tested for their ability to provide better cancer treatment.
Monoclonal antibodies are the most widely used immunotherapeutic drugs globally. Development of monoclonal antibodies as effective immunotherapeutic options started after the approval of Blincyto (blinatumomab) by Amgen, a bispecific antibody that targets B-cell lymphoblastic leukemia. Increasing R&D pertaining to the use of monoclonal bodies as naked antigen binding antibodies, conjugated, and bispecific antibodies is resulting in discovery of new therapeutic options for cancer treatment.
Further key findings from the report suggest:
- Majority of immunotherapy drugs are being used in treatment of cancer of lung, breast, and prostate
- Monoclonal antibodies emerged as the largest segment because of increasing regulatory approvals and higher efficacy
- Lung cancer accounted for the largest share in 2018 and will continue to dominate the market through 2025
- North America was the leading revenue contributor in the market in 2018. Rising incidence of cancer and increasing demand for novel technologies are facilitating the dominance of the region during the forecast period
- Europe is projected to witness rapid growth during the forecast period owing to rapid adoption of advanced cancer therapeutics for effective treatment
- Some of the key players are Amgen, Inc.; AstraZeneca; F. Hoffmann La Roche Ltd.; Bayer AG; Bristol-Myers Squibb Company; Eli Lilly and Company; Merck and Co., Inc.; Novartis AG; and Pfizer, Inc.