A recent report published by Fact.MR points towards disequilibrium in the distribution of cancer immunotherapy in developing and developed regions. In the U.S., high frequency of knowledge-based awareness campaigns encourages individuals to undergo cancer diagnostics, and government-led insurance plans cover high treatment spending.
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In stark contrast, developing countries such as Brazil and Argentina lack primary cancer treatment tools. A similar scenario is witnessed in South Africa, where the mortality rate is high, owing to the late diagnosis of cancer. Developing countries of Asia Pacific with high population density and average penetration of quality treatment are serving as high potential cancer immunotherapy markets.
Analysing a number of dynamics, the Fact.MR study foresees high opportunities in developing regions such as Latin America, the Middle East & Africa, and Asia Pacific, and projects nearly 1.7X growth of the cancer immunotherapy market during the forecast period (2020-2025).
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Key Highlights of Cancer Immunotherapy Market Study
- Qualitative approach of therapeutic development turns highly cost-intensive for players in the cancer immunotherapy market. Additionally, high product rejection in trial phases leads to huge losses, which discourages manufacturers towards the development of new therapeutics.
- Progressive rise in the popularity of generic drugs, on account of the affordability factor, is diverting the patient base from spending on branded drugs, thereby weakening the sales prospects of manufacturers.
- Incentives offered by central healthcare authorities on development of ‘orphan drugs’ are encouraging established manufacturers to venture into this space.
- Though hospitals are holding a dominant position as end users in the cancer immunotherapy market, a shift of patients towards clinics will remain noteworthy for market players, on account of shorter wait windows and improvements in healthcare services offered by these institutions.
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Threat from Conventional Therapies to Remain Growth Barrier for Manufacturers
Lack of proper awareness regarding advanced cancer treatment implies that, conventional therapies such as radiography and chemotherapy will not go obsolete, at least in the near future. Manufacturers are intensifying efforts towards product innovation to achieve orphan drug status and ensure high marketability.
Pfizer, Inc. best illustrates this strategy. The company has taken multiple initiatives such as collaborations, alliances, mergers, and licensing agreements to launch biologics and receive orphan status for its products. Monetary support from governments to manufacturers, with an intent to develop a promising pipeline of cancer therapeutics, is attracting a large number of new entrants, especially in North America. However, leading players would encounter a low threat of new entrants, on account of their high developmental knowhow and strong distribution networks.
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