Demand for Cancer Immunotherapy and Impact of COVID-19……..
Posted by Mrudula Karmarkar on December 27th, 2021
The global cancer immunotherapy market size is likely to reach USD 126.9 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 9.6% during the forecast period. Increasing patient pool and higher mortality rate are augmenting the need for cancer immunotherapy globally. Furthermore, increasing number of approvals for new immunotherapeutic drugs is driving the global market.
Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.
Cancer immunotherapy has emerged as a new avenue for revenue generation for pharmaceutical companies. In addition, adverse effects, such as recurrence of cancer and organ failure, associated with conventional chemotherapies and rising demand for technologically advanced healthcare solutions are boosting the demand for immunotherapies. Moreover, introduction of newer drug classes, such as target receptors for multiple myeloma and checkpoint inhibitors, is poised to make way for advanced therapeutics in the market.
Introduction of new molecules has been proving to be beneficial for patients who are not responding to chemotherapy. Several new immunotherapeutic options, such as immunomodulators and CAR-T cell therapy, are in the pipeline and are being tested for their ability to provide better cancer treatment.
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Monoclonal antibodies are the most widely used immunotherapeutic drugs globally. Development of monoclonal antibodies as effective immunotherapeutic options started after the approval of Blincyto (blinatumomab) by Amgen, a bispecific antibody that targets B-cell lymphoblastic leukemia. Increasing R&D pertaining to the use of monoclonal bodies as naked antigen binding antibodies, conjugated, and bispecific antibodies is resulting in discovery of new therapeutic options for cancer treatment.
Further key findings from the report suggest:
The global cancer immunotherapymarket size was valued at USD 58.1 Billion in 2018. Growing adoption of advanced cancer therapeutic options coupled with rising cancer incidence has been one of the primary growth stimulants for the market. Healthcare providers are focusing on improving cancer therapeutic facilities and reduction in reoccurrence rate of tumor post chemotherapy.
Rising R&D activities in the cancer immunotherapy field is resulting in introduction of advanced variants with enhanced efficacy and effectiveness of treatment. Immuno-oncologics have shown promising results with improved survival and lower toxicity. A paradigm shift from traditional chemotherapies to immunotherapies is propelling the overall market.
Grand View Research has segmented the global cancer immunotherapy market based on product, cancer type:
Cancer Immunotherapy Product Outlook (Revenue, USD Billion, 2015 - 2026)
Cancer Immunotherapy Cancer Type Outlook (Revenue, USD Billion, 2015 - 2026)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
Articles Posted: 402
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