Newark, Sept. 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global cancer immunotherapy drug discovery outsourcing market is expected to grow from USD 980.11 million in 2021 to USD 2562.58 million by 2030, at a CAGR of 11.27% during the forecast period 2022-2030.
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The number of people suffering from cancer has increased due to the rising trend of an inactive lifestyle and improper diet. The rising number of diabetes patients has been primarily attributed to the increasing consumption of processed foods and beverages with higher sugar contents, which also considerably adds to the rising number of cancer patients. The prolonged sun exposure has exposed individuals to UV rays which are causing skin cancer at an alarming rate. The number of elderly people has increased, which has added to the pool of patients with cancer. Heavy alcohol, tobacco, and cigars have also contributed to the rising number of cancer patients. The global cancer immunotherapy drug discovery outsourcing market will be driven by the increasing number of cancer patients brought on by unhealthy lifestyles, poor diets, excessive alcohol or cigarette use, or old age. The expansion of the cancer immunotherapy drug discovery outsourcing market will also be aided by the increased awareness about cancer's causes, symptoms, and treatments by various government initiatives, NGOs, and other civil society groups. New technological advancements and scientific breakthroughs that have paved the way for developing safer and more effective drugs/therapies/treatments to treat cancer will provide lucrative opportunities to the market players. However, the high cost of drug development and treatments can hamper the market's growth. Stringent government guidelines and regulations will also challenge the market during the forecast period. Innovations and comprehensive approval mechanisms can help overcome these challenges and provide an impetus to the global cancer immunotherapy drug discovery outsourcing market.
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Competitive Strategy
To enhance their market position in the global cancer immunotherapy drug discovery outsourcing market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• The governments are taking steps and actively participating in the fight against cancer. For instance, the Indian government opened 17 facilities to cure cancer in April 2022. the Tata Trust and the government have joined forces to establish a network of accessible cancer care.
Market Growth & Trends
The growth of contract research organizations worldwide is expected to be around 12% over the next decade. There are over a thousand CROs globally. CROs are institutions that provide expert services in the pharmaceutical and biotechnology sectors. They are also called clinical research organizations. They reduce the costs for companies that utilize their services in developing new drugs or medical devices. Since these organizations specialize in providing management services to the pharmaceutical and biotechnology sectors, they simplify the drug development process for these companies. The market players are now concentrating on outsourcing their drug development process and increasing efficiency. Increasing government healthcare expenditure is anticipated to make the drug development processes affordable, thereby contributing to the growth of the cancer immunotherapy drug discovery outsourcing market. Streamlining and improving regulatory procedures to increase approval rates of new drugs/therapies/treatments will also benefit the market.
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Key Findings
• In 2021, the monoclonal antibodies segment dominated the market with the largest market share of 46% and market revenue of 450.85 million.
The drug type segment is divided into immunomodulators, oncolytic viral therapies and cancer vaccines, monoclonal antibodies, and others. In 2021, the monoclonal antibodies segment dominated the market with the largest market share of 46% and market revenue of 450.85 million.
• In 2021, the lung cancer segment dominated the market with the largest market share of 34% and market revenue of 333.23 million.
The cancer type segment is divided into breast, melanoma, prostate, lung, head & neck, colorectal, ovarian, and pancreatic cancer. In 2021, the lung cancer segment dominated the market with the largest market share of 34% and market revenue of 333.23 million.
• In 2021, the target identification and validation segment accounted for the largest share of the market, with 47% and a market revenue of 460.65 million.
The service type segment is divided into cell-based assays, target identification and validation, & lead screening and characterization. In 2021, the target identification and validation segment accounted for the largest share of the market, with 47% and a market revenue of 460.65 million.
Regional Segment Analysis of the Cancer Immunotherapy Drug Discovery Outsourcing Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global cancer immunotherapy drug discovery outsourcing market, with a market share of around 39.60% and 388.11 million of the market revenue in 2021. The North American region is expected to be the largest market forecast period. North America's cancer immunotherapy drug discovery outsourcing market has been expanding rapidly. The United States dominates North America's cancer immunotherapy drug discovery outsourcing market. According to the CDC, I.e., the Center for Disease Control and Prevention, around 1.7 million new cancer cases were reported in 2019 in the US, and about half a million people died of cancer. For every 100,000 individuals in the US, there are 439 new cancer cases and 146 cancer deaths. Furthermore, the large presence of contract research organizations will positively contribute to the growth of the cancer immunotherapy drug discovery outsourcing market. The high capital spending on healthcare infrastructure and streamlining of approval processes has led to the safe and quick approval of clinical drugs and treatments in the USA, contributing to the increasing demand for cancer immunotherapy drugs and treatment options. The government's positive reimbursement policies also provide an impetus to the developing cancer immunotherapy drug discovery outsourcing market in North America.
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Key players operating in the global cancer immunotherapy drug discovery outsourcing market are:
• Aquila BioMedical
• Celentyx Ltd.
• Covance Inc.
• Crown Bioscience Inc.
• DiscoveRx Corporation
• Explicyte
• GenScript Biotech Corporation
• HD Biosciences Inc.
• Horizon Discovery Group PLC
• ImmunXperts SA
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global cancer immunotherapy drug discovery outsourcing market based on the below-mentioned segments:
Global Cancer Immunotherapy Drug Discovery Outsourcing Market by Drug Type:
• Immunomodulators
• Oncolytic Viral Therapies and Cancer Vaccines
• Monoclonal Antibodies
• Others
Global Cancer Immunotherapy Drug Discovery Outsourcing Market by Cancer Type:
• Breast
• Melanoma
• Prostate
• Lung
• Head & Neck
• Colorectal
• Ovarian
• Pancreatic
Global Cancer Immunotherapy Drug Discovery Outsourcing Market by Service Type:
• Cell-Base Assays
• Target Identification and Validation
• Lead Screening and Characterization
About the report:
The global cancer immunotherapy drug discovery outsourcing market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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