ALBANY, New York, June 20, 2018 /PRNewswire/ --
TMR prognosticates the global cancer immunotherapy market to rise at a 14.6% CAGR to achieve a valuation of US$ 124.88 bn by the completion of 2024. On the basis of type of therapy, monoclonal antibodies could make it to a top position of the market, taking into account their US$ 29.0 bn valuation attained in 2016. By region, Europe and North America are foreseen to bag larger shares of the market.
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Growing Adoption of Immunotherapy over Traditional Therapeutics to Augur Well
The world cancer immunotherapy market is foretold to gain impetus due to rising popularity of patient assistance programs and broad portfolio of promising pipeline drugs. However, there could be more significant factors augmenting the demand in the market. For instance, rise in requirement of cancer monoclonal antibodies and launch of more effective bioinformatics tools offering improved drug development options could help with more demand for cancer immunotherapy. Furthermore, surge in adoption of immunotherapy therapeutics compared to conventional ones and high incidence of cancer could help the market to increase growth in the coming years.
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In the U.S., Opdivo (nivolumab) and Keytruda (pembrolizumab) have been approved by the FDA. Product approvals could be another positive factor working in the favor of the world cancer immunotherapy market.
High Cost of Development of Novel Drugs to Pose Strong Challenge to Manufacturers
The international cancer immunotherapy market is forecasted to drop signs of promising growth for the next few years. However, certain factors have been analyzed by the authors of the TMR publication to raise fears of dwindling demand in the market. These include stringent government regulations, risk of side effects, and expensive development cost of new drugs. On the other hand, patent expiry of top drugs and poor infrastructure for cancer screening and diagnosis in developing nations are envisaged to trouble growth in the foreseeable future.
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Nonetheless, advent of combination and targeted therapies and biosimilars could create ample of opportunities in the international cancer immunotherapy market. Rapid penetration of social media resulting into high awareness about cancer in urban areas is expected to help the market to achieve the limelight.
The global cancer immunotherapy market is predicted in a publication by Transparency Market Research (TMR) to hold a fragmented characteristic because of the presence of several small and large companies. According to a finding of the publication, the market has witnessed the lead secured by Roche Holding AG in the recent years. The company's stronger position obtained in the market could be a result of the approval of Avastin, Rituxan, and other monoclonal antibody drugs. Showing their prominence in monoclonal antibody and immune checkpoint inhibitor domains, Novartis, Merck, and Bristol-Myers Squibb are some of the other leading players of the market.
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