Immunotherapy Drugs Market Growth and Sales Forecast 2016 – 2024
Traditionally, the basis of cancer treatment is comprised of radiation therapy, surgery, and chemotherapy. Recently, many positive treatment options have emerged in the field of immuno-oncology. These next generation cancer treatment options point to the opportunity of new improved techniques of anticancer therapy. Immunotherapy is termed as a biological therapy in which the primary aim is to improve the human immunity system to fight against diseases such as cancer and infectious diseases. Immunotherapy treatment increases the overall immunity of the body and confines the growth of cancer cells. The treatment allows immune cells to kill cancer cells from the body.
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The global immunotherapy drugs market is driven by the rising incidences of cancer. The major factor for most cancers is the rise in geriatric population, as cancer rates increase with age. According to a report from WHO in 2015, approximately 50% of people treated with cancer in the U.K. are over the age of 60. Obesity, change in lifestyle, smoking, and eating habits are other important factors which are increasing the number of cancer patients. People are favoring toward cancer treatments with lesser side effects. This factor is likely to propel the growth of the global immunotherapy drugs market in the next few years, as immunotherapy drugs are found to have lesser side effects as compared to other treatments. Rise in opportunities in developing markets and immunotherapy as a substitute to chemotherapy for first line treatment are drivers which are expected to propel the growth of the market. In addition, quicker drug approval process and high prevalence rate of lifestyle diseases are projected to drive the market growth during the forecast period. However, high cost of immunotherapy devices, overall costly treatments, and lack of awareness about immunotherapy drugs and techniques are estimated to restrain the growth of the global immunotherapy drugs market in the near future.
The global immunotherapy drugs market is classified on the basis of type of drugs, application, end-user, and region. On the basis of type of drugs, the market is segmented into checkpoint inhibitors, adult vaccines, interleukins, monoclonal antibodies, interferons, alpha and beta, and others. The adult vaccines segment is subsegmented into therapeutic vaccines and preventive vaccines. The development of novel drugs and the entry of new molecules such as elotuzumab, obinutuzumab, zanolimumab, and onartuzumab into the market are projected to support the growth of this segment. On the basis of application, the market is classified as autoimmune and inflammatory diseases, cancer, infectious diseases, and others. The cancer segment is anticipated to hold a large part of the market share during the forecast period.
Geographically, the global immunotherapy drugs market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period due to favorable government initiatives, healthy R&D investment, personalized medicine, development of next generation sequencing, and availability of technologically advanced health care research framework. According to a report by WHO in 2016, it is anticipated that 1.75 million new cancer patients are likely to be detected in the U.S. only. Asia Pacific is estimated to register a high growth rate of the immunotherapy drugs market in the next few years due to development of health care infrastructure, high disposable income, rise in health and hygiene related awareness, large untapped market base, and economic development.
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Key players operating in the global immunotherapy drugs market include GE Healthcare; Thermo Fisher Scientific Inc.; Cepheid; F. Hoffmann-La Roche Ltd; OPKO Health, Inc.; Myriad Genetics, Inc.; Agilent Technologies; Koninklijke Philips N.V; Qiagen; Illumina, Inc.; Novartis AG; Abbott; PerkinElmer, Inc.; Genomic Health, Inc.; and Sysmex Corporation.
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