MarketResearchReports.biz has recently added a new market study to its repository, titled “Cancer Immunotherapy Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.” According to the report, this market is driven by growing incidences of different types of cancer such as breast cancer, lung cancer, skin cancer, and ovary cancer. As cancer immunotherapy boosts the natural immune system of the human body to fight the cancer cells, this therapy is much in demand from cancer patients. The slowing down of the growth cells of cancer and the improved immunity for destruction of cancer cells are some of the benefits of cancer immunotherapy. These benefits of cancer immunotherapy are driving an increasing number of patients to opt for this treatment.
Some of the other factors fueling the growth of the cancer immunotherapy market are the growing number of research and development for the treatment of cancer, technological advancements in treatment therapies, effectiveness and specificity of cancer therapy for a wide range of cancer types. In addition to this, the growing healthcare expenditure and medical insurance will support the growth of the global cancer immunotherapy market. The deteriorating lifestyle and excessive smoking and consumption of alcohol are some factors increasing the risk of cancer and this will boost the demand for cancer immunotherapy market. The growing realization that cancer immunotherapy has less side effects on patients and are effective on account of localized treatment and reduced chances of recurrence will also help the market to grow.
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The report not only discusses the key factors fueling the growth of the market but also studies the various challenges which hamper the growth of the market. According to the report, the shortage of experienced healthcare professionals will act as a major restraint for the growth of the cancer immunotherapy market. In addition to this, the lack of awareness among the people, especially in the underdeveloped nations is hampering the growth of the market. The growing cost of clinical trials also poses a challenge for the market players. Only a few contenders in the pipeline are passing through the phase III trials, while all others are considered inefficient. This will also pose a challenge for the growth of the cancer immunotherapy market. Another challenge is that with many types and subtypes of cancer, there is not a single mode of treatment method. The report also discusses the impact analysis of both the drivers and the restraints.
On the basis of geography, the market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Of these, North America is leading in the market. The growing mortality rate and morbidity rate among cancer patients will boost the growth of the cancer immunotherapy market. The growing geriatric population base is another factor behind the growth of this market in North America. The favorable reimbursement policies and increasing initiatives by government and non government organizations to increase awareness about cancer will help drive the growth of the market in the region.
Asia Pacific will emerge as the fastest growing regional segment in the cancer immunotherapy market. The increased healthcare expenditure and growing instability in western countries will drive companies to concentrate on Asia Pacific region. The increasing ease of doing business in pharmerging nations such as China and India will boost the establishment of manufacturing set up in these nations.
Key players profiled in the report are: F.Hoffmann-La Roche Ltd., Eli Lilly and Company, AstraZenca Plc, Amgen, Inc., GlaxoSmithKline Plc., Bristol-Myers Squibb Company, Novartis AG, Pfizer, Inc., Merck & Co., Inc., Janssen Biotech, Inc., Janssen Biotech, Inc., Sanofi, Takeda Pharmaceuticals, Spectrum Pharmaceuticals, Inc., and Merck & Co., Inc.