Immuno-oncology Treatment Devices and Drugs Market size is set to expand at significant growth rate during the forecast period i.e., between 2024-2036.
The increasing prevalence of cancer globally, along with the growing investments in the healthcare sector are expected to fuel the development of this market in the near future. 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. According to the WHO, cancer is currently the second leading cause of death worldwide. As per their the Globocan report, global cancer burden is estimated to have risen to 19.3 million cases and 10 million cancer-related deaths in 2020.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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Regional Scope |
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The immuno-oncology treatment devices and drugs 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 market share by the end of 2029 on account of its high level of specificity and lesser side-effects. Moreover, increasing government approval for new treatments and drugs globally is also projected to contribute to the growth of the segment during the forecast period.
On the basis of indication, the breast cancer segment in the immuno-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 immuno-oncology treatment devices and drugs market on the back of increasing patient influx and increasing spending by the hospitals on immuno-oncological treatments.
Our in-depth analysis of the global market includes the following segments:
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Treatment Type |
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By Indication |
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End-User |
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Geographically, the immuno-oncology treatment devices and drugs market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific industry is expected to dominate majority revenue share by 2036, owing to increasing birth rates, and rising geriatric population in the region. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue during the forecast period, 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 immuno-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.
Author Credits: Radhika Pawar
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