20 February 2020
Visiongain has launched a new pharma report Cancer Immunotherapy Drug Discovery Outsourcing Market Report 2020-2030: Prospects by Drug Type (Monoclonal Antibodies, Immunomodulators, Cancer Vaccines and Oncolytic Therapies, Others), Services (Target Identification and Validation, Lead Screening and Characterization, Cell Based Assays), Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma, Prostate Cancer, Head and Neck Cancer, Ovarian Cancer, Pancreatic Cancer), and Geography.
The global cancer immunotherapy drug discovery outsourcing market is projected to grow at a lucrative CAGR of ~13% and anticipated to surpass USD 2,800 million by 2030.
The increasing prevalence of cancer disease and the growing awareness among consumers for cancer treatment around the globe are driving the growth of the market. Increasing R&D spending in the healthcare industry and favorable government policies to treat cancer are also boosting the market growth.
Additionally, advanced technologies for drug discovery that is more refined, accurate and less time-consuming further boost market growth. On the other hand, excessive drug development costs and time can hamper the market growth. Although ongoing technological advances in biotechnology and genomics are expected during the forecast period to generate potential opportunities.
Over the forecast period, it is anticipated that the future of the market will influence the launch of innovative therapeutic solutions such as cancer vaccines, monoclonal antibodies, oncolytic viral therapies, & Histone deacetylase inhibitors among others. Also, there is an increasing emphasis on exploring therapeutic options such as checkpoint inhibitors, immunomodulators, tumor-infiltrating lymphocytes and Chimeric antigen receptor T cells therapies for enhanced efficacy.
In the year 2018, lung cancer was the major market based on different cancer types. Late diagnosis of this disease renders it difficult to treat patients with chemotherapy. Immunotherapy should overcome this drawback as it has been shown to have positive effects on the conditions of NSCLC (non-small cell lung cancer). Moreover, the availability of most NSCLC immunotherapies is contributing to market growth.
Immunotherapy is one of the most effective oncological treatments owing to advantages such as lesser side effects, enhanced efficiency, & increased patient comfort over other treatment methods. As a result, market players are investing heavily in the research and development of immunotherapy-based therapies.
In the year 2018, North America dominated the global cancer immunotherapy drug discovery outsourcing market owing to the presence of major CROs & large pharmaceutical and biotech companies. It is also anticipated that the rising demand for innovative drugs in immunotherapy and growing outsourcing of drug discovery processes would help the North American region to maintain its dominance over the forecast period. Several leading players across the globe have their headquarters in the United States. These companies are setting up facilities in the Asia Pacific & European regions to widen their global reach. Such strategical moves are helping these companies to compete with their competitors.
However, the Asia Pacific region is anticipated to grow at a lucrative growth rate due to the growing number of CROs offering cost-effective drug discovery services in economies like India & China. These regions are a key hub for major pharmaceutical and biotech companies due to the presence of cheap skilled labor and low manufacturing costs.
Some of the major players operating in this industry are Aquila Biomedical, BPS Biosciences Inc., Celentyx Ltd., Covance, Inc, Crown Bioscience Inc., Explicit Immuno-Oncology, Gen script Biotech Corporation, HD Biosciences Co. Ltd., Horizon Discovery Group plc, ImmuneXperts SA, Molecular Imaging Inc. (MI Bioresearch Inc.), Personalis, Inc., Promega Corporation, STC Biologics, among other prominent players.
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