According to WHO, cancer burden worldwide has increased to 18.1 million new cases and the number of death due to cancer is 9.6 million in the year 2018. This increment in the number of cancer worldwide in different regions is backing an increase in the global immuno oncology therapy market. Prevalence of various types of cancer such as prostrate, skin, breast, bronchus, lung etc. is rising across various regions of the world, which in turn is estimated to boost the utilization of immuno oncology therapy by oncologists. Countries such as Australia, U.S., Canada and Germany among European countries have high penetration of cancer in terms of the overall population.
The increased prevalence of cancer across the globe have enhanced governments per capita health care expenditure. More amount of money is being invested in research and development in the field of cancer. Many international and domestic policies made by the governments of several countries which includes India, Germany, U.S., U.K. and several other nations have enhanced the healthcare support to citizens which is further expected to augment the growth of the global immuno oncology market. Higher investment in different types of global healthcare programs financed by organisations and various governments which includes Global Health Protection Program by the German government followed by the National Cancer Control Programs by the World Health Organisation showcases increased investment is estimated to support the growth of the market.
The market is witnessing high growth as immuno oncology is safer than other conventional cancer treatment methods like chemotherapy and radiotherapy. Immuno oncology has low toxicity and it is convenient for the cancer patients to undergo this treatment. This therapy has shown impressive results in the clinical trials. It is extensively used to cure melanoma. Moreover, increased prevalence of cancer worldwide is estimated to augment the growth of the market.
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The global immuno oncology market is anticipated to grow with a CAGR of 17.5% over the forecast period i.e. 2018-2027 The market is segmented on the basis of treatment into monoclonal antibodies (Mab), therapeutic vaccines, checkpoint inhibitors and cytokines. The checkpoint inhibitor therapy is the most popular therapy which are used for the treatment of different types of carcinogenic disorders. They help the body to fight with proteins which are used by various cancerous tumours for the suppression of immune response.
Immuno oncology therapy is very expensive as compared to conventional chemotherapy and radiotherapy. The average cost of immuno oncology therapy in the United States is approximately USD 100,000 which is very high for some cancer patients who are not financially strong whereas the average cost of initial treatment of chemotherapy is approximately USD 7000. These factors are anticipated to limit the market growth over the forecast period.
Our-in depth analysis of the global immuno oncology market includes the following segments:
On the basis of regional analysis, the global immuno oncology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
On the back of increased awareness and presence of major key players in the region, North America is anticipated to lead the market. Further, Asia- Pacific region is expected to show a significant growth in immune oncology market which can be attributed to increasing number of diseases coupled with high mortality rate, which is further increasing the demand for immune oncology.
The global immuno oncology market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani