The immuno-oncology treatment devices and drugs market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The increasing prevalence of cancer globally, along with the growing investment in the healthcare expenditure are expected to fuel the development of this market. The growth of the market can also be attributed to factors such as the increasing geriatric population and an increase in exposure to cancer risk factors linked to social and economic development. Cancer is currently the second leading cause of death worldwide. According to the Globocan report, global cancer burden is estimated to have risen to 19.3 million cases and 10 million cancer-related deaths in 2020.
The market is segmented based on treatment type into immune checkpoint inhibitors, immune system modulators, cancer vaccines, oncolytic virus, and others, out of which, the immune checkpoint inhibitors segment is anticipated to grab the largest share by the end of 2021 on account of its high level of specificity and lesser side-effects. Moreover, increasing government approval of new treatment & drugs globally is also projected to contribute to the growth of the segment during the forecast period.
On the basis of indications, the breast cancer segment in the global immune-oncology treatment devices and drugs market is projected to grow with a high CAGR over the forecast period. Obesity, lack of physical exercise, overexposure to radiation, and increased alcohol consumption are some of the major risk factors causing breast cancer in females. According to Globocan report 2020, the incidence rate of breast cancer was 5.20% which accounted for 2.26 million new cases globally with a mortality rate of 6.9%.
Based on end-user, the hospital segment held the largest share in the global immune-oncology treatment devices and drugs market on the back of increasing patient influx and increasing spending by the hospitals on immune-oncological treatments. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing birth rates and the rising geriatric population in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing healthcare investment, accompanied by the presence of leading healthcare service providers, and the increasing prevalence of cancer in the region. Along with this, the countries in North America such as the United States is promoting nutritional care for cancer patients, which is also expected to contribute to the market growth in the region. According to the report published by the National Cancer Institute, in 2020, 1.8 million new cancer cases were registered in the United States. Such increasing rate of cancer is further expected to drive the demand for immuno-oncology treatment devices and drugs products in the North American countries. Alternatively, the market in Europe is also anticipated to occupy a significant share in the global immune-oncology treatment devices and drugs market on account of its proven success in terms of technology development and a high prevalence of cancer in the region. As per the analysis of the European Society for Medical Oncology, 2.7 million new cancer cases were registered in the European Union, with 1.3 million deaths in 2020.
The global immuno-oncology treatment devices and drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global immuno-oncology treatment devices and drugs market include the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of cancer and increasing demand for monoclonal antibodies are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Lack of awareness and high-cost associated with the immune-oncological treatment are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to rising geriatric population and increasing cancer prevalence.
The major players dominating the immune-oncology treatment devices and drugs market are F. Hoffmann-La Roche Ltd, Merck & Company, Inc., AstraZeneca Plc., Novartis, Amgen Inc., Pfizer Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, Janssen, GlaxoSmithKline plc., and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by treatment type, indication, end-user and region.
With respect to indication, the Breast cancer segment is anticipated to hold the largest market share owing to the growing requirement for immune-oncology treatment devices and drugs products for the cancer patients undergone various cancer treatment such as chemotherapy, radiation therapy, and others.
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