The global cancer immunotherapy drug discovery outsourcing market size is projected to reach USD 1.7Billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 13.5% during the forecast period. Increasing prevalence of cancer and rising mortality associated with cancer, along with growing development in the field of cancer immunotherapy, are anticipated to stimulate the growth of the market.
In order to maintain pace with increasing competition in the cancer therapeutics industry, pharmaceutical companies spend 2.5% more than other high tech industries in the in-house R&D. Hence, they are swiftly shifting towards outsourcing of drug discovery in order to achieve lower in-house R&D costs.
Additionally, favorable tax credit allows pharmaceutical companies to appropriately plan their global projects with a reputed CRO and therefore, receive benefits and reduce problems associated with taxation authorities or other bodies administering such incentive programs.
Several new molecules for cancer immunotherapy and new immunotherapeutic options, such as tumor infiltrating lymphocytes, check point inhibitors immunomodulators, and CAR-T cell therapy, have been introduced. Some are in the pipeline and are being tested for their ability to provide better cancer treatment
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Further Key Findings From the Report Suggest:
Monoclonal antibodies emerged as the largest segment in 2017 because of increasing regulatory approvals and higher efficacy
Target identification and validation accounted for the largest share in the global market owing to higher costs incurred and increased investments in new drug development
North America dominated the market with the largest share in 2017. Rising incidence of cancer and increasing demand for novel technologies are facilitating the dominance of the region during the forecast period
Some of the key players are Covance, Inc.; Explicyte; Aquila BioMedical; Horizon Discovery Group PLC; Crown Bioscience, Inc.; Promega Corporation; HD Biosciences Co., Ltd.; BPS Bioscience, Inc.; Genscript Biotech Corporation; DiscoverX Corporation; Celentyx Ltd.; ImmunXperts SA; Personalis, Inc.; STC Biologics; and Molecular Imaging, Inc. dominated the cancer immunotherapy drug discovery outsourcing market.
Grand View Research has segmented the global cancer immunotherapy drug discovery outsourcing market based on drug type, service type, cancer type, and region:
Cancer Immunotherapy Drug Discovery Outsourcing Drug Type Outlook (Revenue, USD Million, 2014 - 2025)
Oncolytic Viral Therapies and Cancer Vaccines
Cancer Immunotherapy Drug Discovery Outsourcing Service Type Outlook (Revenue, USD Million, 2014 - 2025)
Target Identification and Validation
Lead Screening and Characterization
Cell Based Assays
Cancer Immunotherapy Drug Discovery Outsourcing Cancer Type Outlook (Revenue, USD Million, 2014 - 2025)
Head and Neck Cancer
Cancer Immunotherapy Drug Discovery Outsourcing Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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