The FINANCIAL -- The global cancer immunotherapy market is prognosticated to encounter a high rate of development over the coming years, inferable from the rise in number of people suffering from different types of cancers. In 2015, the global cancer immunotherapy market was esteemed at US$37.50 bn. its revenue is anticipated to progress at an extremely solid CAGR of 14.6% inside a conjecture period from 2016 to 2024, the global cancer immunotherapy market is required to achieve US$124.88 bn before the finish of 2024.
The increasing incidence of life threating diseases such as cancer has grown largely in the recent past. Number of research and development have taken place to find a solution for such diseases. The growth of cancer immunotherapy has grown immensely and is expected to grow further in the next few years. The availability of various types of therapy to treat cancer, cancer immunotherapy is the most preferred choice by the cancer patient.
The market is estimated to show high development rate in couple of years. The market for cancer immunotherapy includes blood cancer, colorectal cancer, melanoma, breast cancer, lung cancer, prostate cancer, and other minor areas. Breast cancer is most commonly found among various individual, thus it is the leading areas for cancer immunotherapy.
The cancer immunotherapy market includes monoclonal antibodies, immune system modulators, immune checkpoint inhibitors, and immune checkpoint inhibitors. Among these segments monoclonal antibodies is highly preferred method of treatments at a large scale in the global healthcare sector. The reason to gain higher popularity among the large population, monoclonal antibodies are effective and reasonably priced. Additionally, immune checkpoint inhibitors are also expected to gain traction and higher overall efficacy in coming years.
The rising incidence of cancer among the huge population, lung cancer is also growing simultaneously due to increasing air pollution in developed areas. Moreover, increasing number of smokers are high susceptible to get affected by cancer.
Regardless of various beneficial factors growing the cancer immunotherapy market certain restrains have to be met. The slow progress in the development cycles in it various product type will hamper the market from growing. Additionally, lack of awareness especially for cancer immunotherapy as compared to conventional treatments is projected to lower the hinder the cancer immunotherapy market in coming years.
Geographically, the developed countries in the regions of North America and in Europe have outperformed in the cancer immunotherapy market where high level of innovation techniques are used. Improved healthcare facilities and health conscious among the huge population has triggered the demand for cancer immunotherapy in these regions.