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The global market for cancer immunotherapy is being driven by the increased prevalence of various types of cancer such as breast, lung, prostate, colorectal, and liver cancer. With 19.3 million cases reported in 2020, cancer remained the second leading cause of death worldwide. As a result, the demand for effective cancer immunotherapy treatment to strengthen the patient's immune response against cancer-causing viruses has surged. Moreover, with the growing geriatric population worldwide, governments are increasingly investing in healthcare infrastructure to reduce the mortality risks associated with chronic diseases like cancer. The rapid diagnosis of diseases and the growing awareness about the advantages of immunotherapy over conventional treatment methods are providing impetus to the market expansion. Immunotherapy is accompanied by minimal side effects that can be managed safely if addressed early. Additionally, it gives the possibility for long-term control of cancer as it trains the immune system to remember cancer cells, which can result in potentially permanent protection against cancer recurrence. The growing investments in research activities to develop new immunotherapies are contributing to the market development. For instance, in December 2021, scientists at the University of Oslo developed a new type of immunotherapy for cancer that makes the patient's immune cells remember that cancer is a transplanted organ that should be rejected. The efficiency of the new treatment was demonstrated on patient leukaemia cells and in mouse models and the researchers are aiming to conduct a clinical trial in patients with acute leukaemia. Over the forecast period, the advancement in genetic engineering is likely to aid the market for cancer immunotherapy.
The growing focus of the leading players to develop advanced clinical solutions to fight cancer-causing viruses is expected to positively impact the market growth in the forecast period. In July 2021, Amgen Inc. (NASDAQ: AMGN) announced the acquisition of multispecific immunotherapy biotech startup, TeneoBio, which is in the process of developing multispecific and bispecific molecules, including biologics known as human-chain antibodies.
Market Breakup by Therapy Type, Application, End Use, and Region:
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The major players in the global cancer immunotherapy market are Amgen Inc., Astellas Pharma Inc., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, and F. Hoffmann-La Roche AG., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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