Market Trends of Cancer Immunotherapy Industry
This section covers the major market trends shaping the Cancer Immunotherapy Market according to our research experts:
Breast Cancer Segment Expected to Hold a Major Share in the Cancer Immunotherapy Market
Breast cancer is cancer that develops in the breast cells. The signs of breast cancer include a lump in the breast, a change in breast shape, dimpling of the skin, a newly inverted nipple, or a red or scaly patch of skin.
The COVID-19 pandemic affected many market aspects, including screening, diagnosis, treatment, and follow-up care for breast cancer. The people diagnosed with breast cancer and people at high risk for breast cancer found themselves in a uniquely difficult position since the pandemic began. A retrospective multicentric study by Li J. et al. collected data on 8397 breast cancer patients from 97 Chinese cancer centers. Therefore, the Hubei province recorded the lowest incidence of early breast cancer (5.3%) in comparison to the other provinces (15.3%). Surgical procedures also decreased dramatically from 16.4% (December 2019) to 2.6% (February 2020), and there was also a delay in timelines from surgery to adjuvant therapy. Therefore, due to the shutdowns and increasing social distancing, there were a large number of delays in breast cancer surgeries that impacted the overall market negatively. Also, some breast cancer treatments, including chemotherapy, targeted therapies, and immunotherapy, weaken the immune system and possibly cause lung problems.
According to the Center for Disease Control and Prevention (CDC), breast cancer is the most common cancer among women. There is a rising number of breast cancer cases across the globe, which is driving the overall growth of the market. Thus, the increasing need for effective and lasting breast cancer treatment is necessary.
The increasing R&D and awareness about breast cancer are expected to boost the overall growth of the market. For instance, the Breast Cancer Research Foundation (BCRF) is a non-profit organization providing critical funding for cancer research across the globe to fuel advances in tumor biology, genetics, prevention, treatment, metastasis, and survivorship. Also, breastcancer.org provides the most reliable, complete, and updated information about breast cancer to create awareness among patients.
North America Expected to Continue Market Dominance over the Forecast Period
The major factors driving the market's growth in North America are developed healthcare infrastructure and increased government initiatives, which offer lucrative reimbursement policies.
The COVID-19 pandemic affected the continuity of essential routine healthcare services and procedures, including chimeric antigen receptor T-cell (CAR-T) therapy, a life-saving option for patients with relapsed/refractory (R/R) hematologic malignancies. Companies such as Pfizer, Eli Lilly and Company, and Bristol-Myers Squibb halted clinical trials due to the COVID-19 pandemic. Hence, it negatively impacts the market studied due to the shortage and irregular supply of cancer immunotherapy products.
According to the estimates of the GLOBOCAN in 2020, there were an estimated 2,281,658 new cancer cases diagnosed and 612,390 deaths due to cancer in the United States.
The Canadian Cancer Society (CCS) estimated that in 2020, approximately 29,800 Canadians were diagnosed with lung cancer, which amounted to 13% of all new cancer cases. About 21,200 Canadians were expected to die from lung cancer, which represented 25% of all cancer deaths in 2020. This indicates a huge potential market demand for cancer immunotherapy. Owing to the increasing burden of various types of cancer, the market studied is expected to grow.
The market players are also focusing on launching new products in the market. Furthermore, various organizations are increasing awareness among consumers regarding cancer. Therefore, with the increasing cancer burden and the rising R&D in the field of cancer, the market is expected to experience lucrative growth during the forecast period.
