LONDON, Oct. 30, 2018 (GLOBE NEWSWIRE) -- According to the latest publication from Meticulous Research®, the global cancer immunotherapy market is expected to grow at a CAGR of 13.8% from 2018 to reach USD 152.83 billion by 2024. The growth of this market will be driven by factors such as rising incidence of cancer globally, growing adoption of cancer immunotherapies over other conventional cancer treatments owing to the increased survival rate and less side effects with immunotherapy drug, increasing number of ongoing clinical trials with the help of rising investments by major players in the market, and development of bioinformatics tools that are enhancing the drug development process for cancer immunotherapy market.
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Monoclonal antibodies dominated the global cancer immunotherapy market, mainly due to their high adoption for cancer treatment, rising number of US FDA approvals owing to the demand in market, and better five year survival rates as compared to other cancer treatment options available in market.
Cancer immunotherapy market for lung cancer application commanded the largest share with the increasing incidence of lung cancer, significant benefit of cancer immunotherapy for lung cancer compared with other treatment options, and rising adoption of immunotherapies in lung cancer owing to the higher survival rate.
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Geographically, North America commanded the largest share of the global cancer immunotherapy market, followed by Europe and Asia Pacific. The rising incidence of cancer, growing investments in collaboration and mergers, and enhancement in the drug development process owing to development of bioinformatics are the major factors attributed to the large share of cancer immunotherapy market in North America. Furthermore, the regulatory bodies such as US FDA and European Commission are specially focusing on the research of cancer immunotherapy due to the advantages of this therapy compared with other treatment options. The faster drug approval in the cancer immunotherapy is also responsible for growth of this market.
The major players operating in the consolidated global cancer immunotherapy market are F. Hoffmann-La Roche, Celgene Corporation, Bristol-Myers Squibb, Merck & Co., Inc., Amgen Inc., ELI Lilly and Company, Janssen Global Services, LLC (Johnson and Johnson), Novartis, Pfizer, Inc., Gilead Sciences, Inc., Dendreon Pharmaceuticals, and Bayer among others.
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