Immunotherapy is the treatment given to suppress or amplify the immune response of a person using immunomodulators. The amplification of immune response is called as activation immunotherapy and the suppression of the immune response is called suppression immunotherapy. The global immunotherapeutics market is divided based on the segments, application and geography. Based on the segments, the immunotherapeutics are divided into monoclonal antibodies, vaccines, checkpoint inhibitors and non specific therapies. By application, the immunotherapeutics are divided into oncology, inflammatory disease, CNS and others. There are many cancer types such as lung cancer, melanoma, head and neck cancer, leukemia, colorectal cancer (CRC), lymphoma and others.
Geographical wise North America is the largest market, followed by Europe and Asia-pacific. The APAC regions suggest an array of opportunities for growth and are likely to be getting into the eyes of new investors in the immunotherapeutics market. Growth in the Asian market is attributed to rising incidence of target diseases, growing geriatric population and better healthcare initiatives by governments and various private organizations.
The immunotherapeutics global market is expected to grow at CAGR of 4.7% to reach $138.9 billion by 2021. The factors driving the growth of this market are increasing incidence of immunological diseases such as cancer, autoimmune diseases, high potency of immunotherapy drugs over small molecule drugs, mutual agreements among the companies for drug development to commercialization, adoption of biological therapies in disease management, increasing importance of CART therapies, market penetration of key players across emerging nations, commercialization and distribution of immunotherapy drugs. In addition to this, emerging Asia Pacific and Latin American countries engaging in immunotherapeutics development and increasing government funding are some of the opportunities that are propelling the growth of the market. However, the high cost of the drug development process with a threat of failure in the end stage and reimbursement issues are hampering the growth of the market. The threat to the immunotherapeutics market is reimbursement issue.
The global immunotherapeutics market is a highly competitive market and all the existing players in this market are involved in developing new and advanced products to maintain their market shares. Some of the key players of the immunotherapeutics market are AbbVie (U.S.), Amgen (U.S.), Biogen (U.S.), Bristol-Myers Squibb (U.S.), Celgene (U.S.), Johnson & Johnson (U.S.), Merck &Co., Inc (U.S.), Novartis (Switzerland), Pfizer (U.S.) and Roche (Switzerland).