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Immunotherapy refers to a type of biological therapy that helps the immune system fight against cancer. Immune checkpoint inhibitors are a common type of immunotherapy that works by blocking immune checkpoints and stimulating immune cells to respond strongly to cancer. The rising prevalence of cancer and heightened awareness of immunotherapy as a treatment option are driving the market demand. Further, the expanding pipeline of novel immunotherapy agents and substantial funding for cancer research are expected to bolster market growth. Moreover, rising healthcare expenditure, a shift towards combination therapies, and favorable regulatory environment are some of the factors impacting the immunotherapy in oncology market dynamics.
According to the American Cancer Society, 2,001,140 new cases of cancer and 611,720 cancer deaths are predicted to occur in the United States in 2024. Further, the International Agency for Research on Cancer (IARC) revealed that around 1 in 5 individuals develop cancer in their lifetime. The rising burden of cancer is propelling the demand for effective treatments like immunotherapies. Moreover, the robust regulatory support from health agencies such as the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) is anticipated to expedite the market entry of novel immunotherapies, thereby contributing to the market growth.
Based on type, the market segmentation includes monoclonal antibodies, cytokines and immunomodulators, checkpoint inhibitors, and others. The monoclonal antibody segment holds a high market value which can be attributed to its proven efficacy and established use in the treatment of various types of cancer. Multiple monoclonal antibodies are approved by the regulatory bodies for diverse indications, which also boosts their market demand. Rituximab (for non-Hodgkin lymphoma) and Trastuzumab (for HER2-positive breast cancer) are some common examples of monoclonal antibodies.
The market report also offers insights based on the indication, route of administration, end user, and region.
The market segmentation by region includes the United States, EU-4 (Germany, France, Italy, Spain), and the United Kingdom, Japan, and India. The United States represents a significant market share owing to the presence of the major pharmaceutical and biotechnology companies focused on immunotherapy in the region. The high prevalence of cancer and regulatory support from the FDA further aid the market growth. Moreover, the rise in the number of clinical trials in immunotherapy and substantial research and development investments to advance cancer care are poised to fuel the market expansion in the region.
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