Rise in prevalence of cancer diseases, growth in geriatric population, surge in expenditure for healthcare sector, and increasing awareness among consumers for cancer immunotherapy drive the growth of the global cancer immunotherapy market. Moreover, the market across the North America region dominated in 2020, and is expected to lead the trail by the end of 2030.
Portland, OR, Aug. 05, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Cancer Immunotherapy Market generated $85.60 billion in 2020, and is estimated to generate $309.66 billion by 2030, witnessing a CAGR of 14.1% from 2020 to 2030. The report provides a detailed analysis of changing market dynamics, key segments, value chain, regional scenario, top investment pockets, and competitive landscape.
Rise in prevalence of cancer diseases, growth in geriatric population, surge in expenditure toward health related issues, and increasing awareness among consumers for cancer immunotherapy drive the growth of the global cancer immunotherapy market. However, risk of allergic reaction and limitations of the cancer immunotherapy treatment and strict government regulations hinder the market growth. On the other hand, surge in research and development in cancer immunotherapy presents new opportunities in the coming years.
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The COVID-19 pandemic has drastically affected the buying capacity of hospitals, especially small-scale hospitals and scanning centers.
The clinical trials of the new cancer immunotherapy drugs are kept on hold, as during this crisis individual are more susceptible to suffer from COVID-19. COVID friendly cancer treatments, however, are observed to be increased during the course of time.
Also, the government bodies have issued vaccination drives all across the globe along with relaxing regulations, which is expected to help the industry revive soon.
The report offers detailed segmentation of the global cancer immunotherapy market based on technology type, application, end-user, and region.
Based on technology, the monoclonal antibodies segment held the highest share in 2020, accounting for around two-thirds of the total share, and is projected to maintain its lead position throughout the forecast period. In addition to this, the segment is also estimated to witness the highest CAGR of 14.5% from 2020 to 2030. The report also covers segments including cytokines & immunomodulators and others.
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Based on end user, the hospital segment contributed to the highest market share, holding nearly three-fifths of the global cancer immunotherapy market in 2020, and is expected to maintain its lead in terms of revenue throughout the forecast period. Furthermore, the segment is also expected to manifest the largest CAGR of 14.7% from 2020 to 2030. The report also studies segment including Cancer Research Centers and clinics.
Based on region, North America accounted for the highest share in 2020, contributing to more than two-fifths of the total market share, and is expected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is expected to register the fastest CAGR of 15.5% during the forecast period.
Leading players of the global cancer immunotherapy market analyzed in the research include Amgen, Inc., Astrazeneca, PLC, Bayer AG, Bristol-Myers Squibb Company, Eli Lily And Company, F. Hoffmann-La Roche, Ltd. (Genentech, Inc.), Pfizer, Inc., Johnson & Johnson (Janssen Global Services, LLC), Merck KGAA, and Novartis AG. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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