The cancer immunotherapy market is projected to register a CAGR of 9.8% during the forecast period, with a revenue of approximately USD 85,567 million in 2020 and expected to reach USD 1,50,433 million by 2026. Certain factors that are driving the market growth include the rising R&D activities and increasing effectivity and accuracy of newer therapies, rising adoption of target therapy over traditional therapy and the growing prevalence of cancer.
With the rising COVID-19 pandemic, the market is expected to negatively impact the overall market due to the shortage and irregular supply of cancer immunotherapy products. This might allow local manufacturers to increase their presence in the market. Additionally, some biopharmaceutical companies, such as Merck & Co. Inc., and Eli Lilly and Company had announced clinical trial delays. For instance, the data from ClinicalTrials.gov has shown that more than 200 interventional oncology studies were suspended in March and April 2020, as a result of the COVID-19 crisis. Also, 60% of institutions in the United States and 86% in Europe are enrolling new patients at a lower rate. Therefore, globally the companies are focused on the development of drug or vaccine especially immunotherapy-based drug for COVID-19 because immunotherapy is highly effective, which act by stimulating patients to own immune system, which is expected to impact on the market growth for a short period of time.
The increasing incidence of cancer is found significantly that has been the major factor for the growth of the cancer immunotherapy market. According to the National Clinical Trials (NCT) Registry, as of 8th September 2020, there are more than 1,000 ongoing clinical trials worldwide across different phases of development in the treatment of cancer with immune-based therapies. Moreover, as these therapies are in development if trials show positive outcomes shortly new effective immuno-therapies can be expected for cancer.
Cancer immunotherapy is found playing a vital role in the maintenance of the immune system, and it targets the infectious agents that may cause cancer through the production of antibodies. Cancer Immunotherapy is considered as new therapy however it has shown great potential over the past few years. Also, with the huge burden of cancer cases and side effects of the present therapies, the market is expected to grow with a high growth rate during the forecast period.
Therefore the presence of immunotherapy drugs like Keytruda has successfully extended life expectancy for some mesothelioma patients in clinical trials which are expected to show a positive impact on the market. Thus, increasing efficacy and accuracy of the newer therapies along with lesser side effects compared to traditional chemotherapy is expected to drive the market growth, over the forecast period.
Key Market Trends
Breast Cancer is Expected to Show a High Growth During the Forecast Period
Breast cancer is found to be cancer that develops in the breast cells. The signs of breast cancer include a lump in the breast, a change in breast shape, dimpling of the skin, a newly inverted nipple, or a red or scaly patch of skin.
With the rising COVID-19 pandemic, the market has affected just about every aspect of life, including screening, diagnosis, treatment, and follow-up care for breast cancer. The people who have been diagnosed with breast cancer and people who are at high risk for breast cancer have found themselves in a uniquely difficult since the coronavirus crisis began. A retrospective multicentric study by Li J. et al. has collected data on 8397 breast cancer patients from 97 Chinese cancer centres. Therefore, Hubei province recorded the lowest incidence of early breast cancer (5.3%) in comparison to the other provinces (15.3%). Surgical procedures also decreased dramatically from 16.4% (December 2019) to 2.6% (February 2020), and there was also a delay in timelines from surgery to adjuvant therapy. Therefore due to the shutdowns and rising social distancing, there was a large number of delays in breast cancer surgeries that had impacted the overall market negatively. Also, some breast cancer treatments including chemotherapy, targeted therapies, and immunotherapy are found to weaken the immune system and possibly cause lung problems.
According to the (CDC) Centre for Disease Control and Prevention, breast cancer is the most common cancer in women. There is a rising number of breast cancer cases across the globe, which is driving the overall growth of the market. Thus, the rising urge for effective, lasting breast cancer treatment is necessary.
The rising R&D and awareness about breast cancer are expected to boost the overall growth of the market. For instance, the Breast Cancer Research Foundation (BCRF) is a non-profit organization providing critical funding for cancer research across the globe to fuel advances in tumour biology, genetics, prevention, treatment, metastasis, and survivorship. Also, breastcancer.org provides the most reliable, complete, and updated information about breast cancer to create awareness among patients.
North America Dominates the Market and Similar is Expected Over the Forecast Period
The major factors driving the growth of the market in North America are developed healthcare infrastructure and increased government initiatives, which offer lucrative reimbursement policies.
The rising COVID-19 pandemic has been found affecting the continuity of essential routine healthcare services and procedures, including chimeric antigen receptor T-cell (CAR-T) therapy, a life-saving option for patients with relapsed/refractory (R/R) hematologic malignancies. Companies, such as Pfizer, Eli Lilly and Company, and Bristol-Myers Squibb has also halted the new clinical trials due to COVID-19. Hence it is expected to negatively impact the market studied due to the shortage and irregular supply of cancer immunotherapy products.
According to the estimates of the GLOBOCAN in 2020, there were an estimated 2,281,658 new cancer cases diagnosed and 612,390 deaths, due to cancer in the United States.
As per the Canadian Cancer Society (CCS), it was estimated that in 2020, approximately 29,800 Canadians would be diagnosed with lung cancer. This represents 13% of all new cancer cases. About 21,200 Canadians are expected to die from lung cancer. This represents 25% of all cancer deaths in 2020. This indicates a big potential market demand for cancer immunotherapy. Owing to the increasing burden of various types of cancer, the studied market is expected to grow.
The market players are also focusing on the launch of new products in the market. For instance, In 2019, the USFDA had approved the Merck's cancer therapy known as Keytruda that is a part of combination therapy for previously untreated patients with the most common type of kidney cancer.
Furthermore, there are various organizations that are increasing awareness regarding cancer. Therefore, with the increasing cancer burden and the rising R&D in the field of cancer, the market is expected to experience lucrative growth during the forecast period.
The cancer Immunotherapy market is highly competitive and consists of a few major players. Companies like Amgen Inc., Astellas Pharma, Inc., AstraZeneca, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Co., F. Hoffman La Roche, Merck and Co., Novartis, OSE Immunotherapeutics, among others, hold the substantial market share in the Cancer Immunotherapy market. The market players have also been significantly investing in the R&D of cancer therapy and the rising product approval, which is further driving the market growth.
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TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rising R&D Activities and Increasing Effectivity and Accuracy of Newer Therapies
- 4.2.2 Growing Burden of Cancer
- 4.2.3 Rising Adoption of Target Therapy over Traditional Therapy
- 4.3 Market Restraints
- 4.3.1 High Cost Coupled with Expensive Development
- 4.3.2 Stringent Regulatory Factors
- 4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Therapy Type
- 5.1.1 Monoclonal Antibodies
- 5.1.2 Cancer Vaccines
- 5.1.3 Immunomodulators
- 5.1.4 Immune Check Point Inhibitors
- 5.1.5 Other Therapy Types
- 5.2 By Application
- 5.2.1 Prostate Cancer
- 5.2.2 Breast Cancer
- 5.2.3 Skin Cancer
- 5.2.4 Lung Cancer
- 5.2.5 Other Applications
- 5.3 By End Users
- 5.3.1 Hospitals and Clinics
- 5.3.2 Cancer Research Centers
- 5.3.3 Other End Users
- 5.4 Geography
- 5.4.1 North America
- 220.127.116.11 United States (By Therapy Type, By Application and By End User)
- 18.104.22.168 Canada (By Therapy Type, By Application and By End User)
- 22.214.171.124 Mexico (By Therapy Type, By Application and By End User)
- 5.4.2 Europe
- 126.96.36.199 Germany (By Therapy Type, By Application and By End User)
- 188.8.131.52 United Kingdom (By Therapy Type, By Application and By End User)
- 184.108.40.206 France (By Therapy Type, By Application and By End User)
- 220.127.116.11 Italy (By Therapy Type, By Application and By End User)
- 18.104.22.168 Spain (By Therapy Type, By Application and By End User)
- 22.214.171.124 Rest of Europe (By Therapy Type, By Application and By End User)
- 5.4.3 Asia Pacific
- 126.96.36.199 China (By Therapy Type, By Application and By End User)
- 188.8.131.52 Japan (By Therapy Type, By Application and By End User)
- 184.108.40.206 India (By Therapy Type, By Application and By End User)
- 220.127.116.11 Australia (By Therapy Type, By Application and By End User)
- 18.104.22.168 South Korea (By Therapy Type, By Application and By End User)
- 22.214.171.124 Rest of Asia-Pacific (By Therapy Type, By Application and By End User)
- 5.4.4 Middle East and Africa
- 126.96.36.199 GCC (By Therapy Type, By Application and By End User)
- 188.8.131.52 South Africa (By Therapy Type, By Application and By End User)
- 184.108.40.206 Rest of Middle East and Africa (By Therapy Type, By Application and By End User)
- 5.4.5 South America
- 220.127.116.11 Brazil (By Therapy Type, By Application and By End User)
- 18.104.22.168 Argentina (By Therapy Type, By Application and By End User)
- 22.214.171.124 Rest of South America (By Therapy Type, By Application and By End User)
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Amgen Inc.
- 6.1.2 Astellas Pharma, Inc.
- 6.1.3 AstraZeneca Plc
- 6.1.4 Bayer AG
- 6.1.5 Bristol-Myers Squibb
- 6.1.6 Eli Lilly and Company
- 6.1.7 F. Hoffman La Roche Ltd
- 6.1.8 Merck and Co Inc.
- 6.1.9 Novartis AG
- 6.1.10 OSE Immunotherapeutics
- 6.1.11 Celgene Corporation
- 6.1.12 Seattle Genetics Inc.
- 6.1.13 Pfizer Inc.
- 6.1.14 Gilead Sciences
- 6.1.15 GlaxoSmithKline PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS