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Albany, NY, April 15, 2019 (GLOBE NEWSWIRE) -- According to TMR, the global cancer immunotherapy market is estimated to expand at a CAGR of 14.6% over the forecast period from 2016 to 2024. With this robust CAGR, the market is expected to attain a value of US$124.88 bn by the end of 2024 from a value of US$37.50 bn in 2015.
Based on the type of therapies, the monoclonal antibodies segment dominated the global cancer immunotherapy market in the year 2017 and is expected to retain its dominance over the forecast period. Based on the therapeutic area, breast cancer is expected to be dominant in the global cancer immunotherapy market by the end of the forecast period. Based on the region, North America accounted for the leading share and is expected to remain dominant by the end of the forecast period. This growth is attributable to growing expenses on cancer treatment and its research & development.
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Growing Cancer Prevalence to Boost Cancer Immunotherapy Market
The growth of the overall cancer immunotherapy market is attributable to growing acceptance and inclination toward advanced therapies and treatments over conventional methods. Further, the National Cancer Institute stated that cancer is one of the leading causes of death globally and in 2012, there were 14.1 million newly found cases and 8.2 million cancer-related deaths. This number is expected to grow continuously due to the absence of perfect curing therapies. Thus, the rising occurrence of cancer globally due to sedentary and unhealthy lifestyle is driving growth of the global cancer immunotherapy market.
The growing inclination toward research & development of bioinformatics and cancer monoclonal antibodies is boosting the global cancer immunotherapy market. The launch of these effective treatments coupled with the growing number of drugs and therapies in the pipeline is driving growth of the global cancer immunotherapy market.
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Additionally, due to the effectiveness of these therapies over the conventional therapeutics or the chemotherapies, the adoption of cancer immunotherapies is growing. Also, growing awareness about the presence of these therapies globally and mainly in the developing countries is driving growth of the global cancer immunotherapy market.
High Cost and Risks of Side Effects to Restrain Market’s Growth
This immunotherapies are available at high cost coupled with its expensive development is major restraint for the growth of the global cancer immunotherapy market. Additionally, the presence of stringent regulations is also limiting growth of the global cancer immunotherapy market. Moreover, high possibilities of the side effects such as mouth sores and skin rashes coupled with rising risks of organ failure due to prolonged cancer treatment are hampering its adoption. Also, the late cancer diagnosis and screening is limiting growth of the cancer immunotherapy market.
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Nonetheless, the growing for efficiency and lowered risks of the side effects with the use of cancer immunotherapies than conventional therapies to offer lucrative opportunities for growth of the global cancer immunotherapy market.
The global cancer immunotherapy market has a fragmented vendor landscape, based on a detailed investigation by the analysts of Transparency Market Research (TMR). A large number of key players in the cancer immunotherapy market are leading to an increasing level of fragmentation. The key players in the global cancer immunotherapy market include Bristol-Myers Squibb Company, GlaxoSmithKline Plc., Amgen, Inc., F. Hoffmann-La Roche Ltd., and AstraZeneca Plc. Additionally, due to growing new product launches and the adoption of other macro-economic factors, the key players in the market are facing intense competition and rivalry to some extent.
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This information is encompassed in the report by TMR, titled, “Cancer Immunotherapy Market (Therapy Type - Monoclonal Antibodies, Immune Checkpoint Inhibitors (PD-1/PD-L1 and CTLA-4), Immune System Modulators, and Cancer Vaccines; Therapeutic Areas - Lung Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Melanoma, and Blood Cancers; End Users - Hospitals, ASC’s (Ambulatory Surgical Centers), and Cancer Research Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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