Increase in adoption of immunotherapy over other treatment options is driving the growth of the cancer immunotherapy market
The treatment options for cancer, such as chemotherapies and radiation therapy, although have more side effects, are more widely used as compared to immunotherapies. The former are all based on destroying cancer cells by irradiation, chemotherapy, or surgery. While they can effectively kill or remove cancer cells, the use of these treatments is often limited because they tend to destroy healthy cells in large numbers as well. As immunotherapies involve the mechanism of enhancing the body’s own immunity using man-made proteins such as monoclonal antibodies, they are accepted worldwide over other treatment options.
While immunotherapy has shown significant promise in the area of cancer treatment, its high cost has served to limit overall patient access. This poses a significant financial burden on low- and middle-income cancer patients. This is restricting the cancer immunotherapy market from growing at its full potential.
Some of the key players in this market are Amgen Inc. (U.S.) F. Hoffmann-La Roche Ltd (Switzerland) Bristol-Myers Squibb Company (U.S.) Merck & Co., Inc. (U.S.), Seattle Genetics Inc. (U.S.), Celgene Corporation (U.S.), Eli Lilly and Company (U.S.).
According to research report the global cancer immunotherapy market is expected to reach USD 119.39 Billion by 2021 from USD 61.97 Billion in 2016, at a CAGR of 14.0% from 2016 to 2021.
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