Cancer Immunotherapy Drug Discovery Outsourcing Market Growth & Trends
The global cancer immunotherapy drug discovery outsourcing market size is expected to reach USD 2.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.2% from 2022 to 2030. The main drivers of this market are the increasing prevalence of cancer Worldwide, increasing investment by pharmaceutical and biotechnology companies in cancer research, and the rise in awareness among people for advanced treatment of cancer.
In the early stages of the COVID-19 pandemic, there was a halt in the growth of the cancer immunotherapy drug discovery market. This decrease in cancer immunotherapy drug discovery is due to the influx of a large number of patients that are infected with COVID-19 and require immediate intensive care and treatment. Also, disruptions in the supply chain, travel restrictions to prevent pandemics, and strict regulations have resulted in delays in the cancer immunotherapy drug discovery market. However, this impact will be significantly reduced by adopting strategic methods taken by pharmaceutical companies and regulatory authorities.
Other drivers of the market are the rising demand for outsourcing of drug discovery, which is increasing rapidly due to low cost as compared to in-house R&D costs, and the use of a tax credit that allows several benefits. For instance, reduces problems that are generally encountered with taxation authorities and it allows pharmaceutical and biotechnology companies to plan effectively their global projects with CRO. Also, the governments are actively participating and taking initiatives for cancer treatment. For instance, in April 2022, the government of India launched 17 hospitals for the treatment of cancer. This is a joint initiative taken by Tata trust and the government, to create an affordable cancer care network.
Also, there is the development of various new molecules for cancer immunotherapy and new immunotherapeutic options such as checkpoint inhibitors, immunomodulators, tumor-infiltrating lymphocytes, and CAR-T cell therapy. Several others are still in the pipeline to check their efficacy against cancer.
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Cancer Immunotherapy Drug Discovery Outsourcing Market Report
Cancer Immunotherapy Drug Discovery Outsourcing Market Report Highlights
- The monoclonal antibodies segment dominated the market and accounted for the largest revenue share of 64.3% in 2021. This growth is due to high efficacy and a rise in regulatory approvals
- The lead screening and characterization segment is expected to account for the fastest CAGR of 10.5% during the forecast period. This is due to a rise in new and effective ways to decrease the time for effective assays in this segment
- The lung cancer segment accounted for the largest revenue share of 24.0% in 2021. This rise is due to the large number of prevalent effective immunotherapies for this cancer type
- North America dominated the market and accounted for a revenue share of 36.3% in 2021. This is due to a rise in demand for new technologies and an increasing incidence of cancer in the region
