The cancer immunotherapy market is expected to grow at a Compounded Annual Growth Rate (CAGR) of 10.2% in the coming 6 years and will reach a market valuation worth US$ 115.4 Billion. This growth can be directly projected to increasing cancer incidence all around the world. Hence to counter this ever-increasing number, it is projected that more resources will go into R&D activities which will aim to increase the effectiveness of cancer diagnosis mechanisms and treatment therapies.
This industry is overly competitive in the current times. But in the coming years, it is projected that this competition is about to soar high with each passing day. The predominant participants in this industry include several big and small names like Amgen Inc., AstraZeneca, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Co, F. Hoffman, La Roche, Merck and Co, Novartis, and Pfizer.
The major parameters affecting the competitiveness of these ventures are as follows:
- The sector is rapidly adopting upgraded treatment mechanisms for optimal healthcare measures
- The sector is also deeply affected by the rising need for optimum utilization of capital and other resources.
- Additionally, to diversify the product portfolio and retain their shares, these big players are taking mergers and acquisitions as a way out to thrive in this scenario
Key immunotherapy industry trends to be looking out for in the coming future
New, less toxic treatments are emerging, but chemotherapies for cancer treatments are not disappearing anytime soon.
Obviously with the new and better treatments coming in, the pertinent question becomes: Is chemotherapy on its way out? Experts say that though its days are numbered but this is not happening anytime soon. One of the main reasons is that chemotherapy for some kind of cancers are very effective and even curative. Worldwide, a total of 57.7% of cancer cases required chemotherapy which accounts for 9.8 million cases out of 17 million cancer cases in 2018. It is also said that by 2040, the number of cancer cases will rise by 26 million and out of that 53% are expected to be treated by chemotherapy.
Monoclonal antibodies will keep dominating the cancer immunotherapy market
Monoclonal antibodies were quite dominant in the sector in 2018, as dominant as that they took up a 27% share in the global immunotherapy market. In the coming times, it is expected that 60% of previously treated cancer patients will opt for immunology. We are likely to see more advancement in the same field of therapy treatments being adopted for cancer treatments. Cancer cases are expected to be cured by immunotherapy where the patient’s own immune system will be used to fight off these diseases unlike the current medical treatments like radiotherapy, chemotherapy or surgery. But the rising effectiveness of immunomodulatory drugs is becoming the main reason for it to gain deep market penetration in shorter durations. While thorough research is going on these approved drugs, these market giants are also full-fledged working towards introducing novel therapies.
- In the cancer therapeutic space, immunotherapeutic drugs have gained worldwide acceptance which paves the way for further mind-boggling developments in the field.
- To date, cancer immunotherapy drugs have a market standing of over and above 50 percent of the overall oncology medicine market and are worth $100 billion globally
- Taking this further, stronger and higher growth rates are expected in the future pertaining to increasing trends of hematological cancers.