Australia Cancer Immunotherapy Market Analysis

Australia Cancer Immunotherapy Market Executive Analysis

Australia's cancer immunotherapy market is expected to grow from $1.35 Bn in 2022 to $2.61 Bn in 2030 with a CAGR of 8.6% for the forecasted year 2022-30. To support the proposals of the Strengthening Medicare Taskforce, the government has set up 750 Mn dollars for the Strengthening Medicare Fund. We are happy to see that the government intends to proceed swiftly with the distribution of $229.7 Mn in General Practitioner (GP) infrastructure grants of up to $50,000 apiece, which will aid general practices in improving their digital capacity, making investments in infection control, and meeting accreditation standards. The government's $143.3 Mn pledge to promote healthcare access in rural and regional areas is also welcomed by the American Medical Association (AMA). Any additional federal funding will simply be devoured by rising healthcare expenses before it even reaches a single patient, leaving no funding to provide additional services to address community health needs. Inflation is predicted to reach 7.75 % by the December quarter of this year.

In Australia, there were 48,266 cancer-related fatalities in 2020 (27,167 men and 21,099 women). A projected 49,996 people will pass away in 2022 (28,022 men and 21,974 women). A person's risk of dying from cancer by the age of 85 is predicted to be 1 in 7 (or 15%) in 2022 (1 in 6 or 17% for men and 1 in 8 or 13% for women).

There are various forms of immunotherapy, and each one functions differently. Immunotherapy can improve the immune system's ability to fight cancer or lower obstacles in the way of the immune system's immunological onslaught. The immune system can be prevented from attacking cancer cells by 'checkpoints', proteins that are found on the surface of T-cells. Drugs called checkpoint inhibitors are made to stop these proteins so that the T-cells can recognize and eliminate cancer cells. The most popular type of immunotherapy now uses these medications. The Pharmaceutical Benefits Scheme (PBS) offers subsidies for some. Some immunotherapy regimens are intended to reawaken and combat cancer cells by stimulating the immune system. The use of CAR (chimeric antigen receptor) T-cell therapy increases T-cells' capacity to combat malignancy. Before being reintroduced into the circulation via an intravenous drip, these cells are taken from the blood and modified to better recognize cancer cells. Clinical trials are examining whether CAR T-cell therapy is effective for treating different cancer types in addition to leukaemia and lymphoma that it is used to treat in some cases. Utilizing viruses that infect cancer cells and kill them while activating the immune system to fight the disease, this treatment is known as oncolytic virus therapy. Oncolytic virus therapies are being tested in clinical trials for brain cancer and a few other tumours, and this therapy is occasionally used to treat melanoma. The research is still in its early stages.

Market Dynamics

Market Growth Drivers

With more than 150,000 new cases of cancer identified each year, Australia is a country with a significant cancer epidemic. The need for potent therapies like immunotherapy is anticipated to increase as cancer incidence rates keep rising. The use of immunotherapy is expanding quickly in Australia as a viable treatment option for a variety of cancers. The demand for these treatments is anticipated to increase as more medical professionals and patients become aware of the advantages of immunotherapy. The Australian government has put in place a number of programs to aid in the creation and marketing of cancer immunotherapies. These include of providing money for research and development, streamlining the regulatory system, and paying for approved medical procedures. The Australian government and a number of private groups have made significant investments in cancer research, including studies into immunotherapy. This has sparked the creation of novel medicines and the improvement of current ones, both of which are anticipated to spur the Australian cancer immunotherapy market expansion.

Market Restraints

Immunotherapy treatments are only partially covered by the Australian government, which may restrict patient's access to these medicines. Immunotherapy treatments have the potential to be very beneficial, but they also carry a risk of serious adverse effects, some of which might be life-altering for certain patients. The number of patients who are able or willing to receive these treatments may be constrained as a result. Chemotherapy and radiation therapy are two more cancer treatments that may compete with immunotherapy treatments for market share which can limit the growth of Australia's cancer immunotherapy market.

Competitive Landscape

Key Players

• Luina Bio (AUS)
• Westlab (AUS)
• Telix Pharmaceuticals (AUS)
• Bioarc (AUS)
• Pharmaxis (AUS)
• Bristol-Myers Squibb
• Eli Lily
• F. Hoffmann-La Roche
• Pfizer
• Johnson & Johnson
• Merck
• Novartis

Healthcare Policies and Regulatory Landscape

The government-funded health insurance program Medicare, which offers access to a variety of medical services, including cancer treatments like chemotherapy, radiation therapy, and surgery, covers a major portion of the cost of cancer treatment in Australia. There are private health insurance choices available in addition to Medicare, which can offer extra coverage for cancer treatments, such as access to private hospital rooms or more specialized care. Private health insurance, however, can be pricey and not available to all individuals. Drugs must fulfil specific requirements, such as being accepted by the Therapeutic Goods Administration (TGA), the Australian government body in charge of overseeing medications and medical devices, in order to qualify for PBS subsidies. The Medical Benefits Schedule (MBS), a different program run by the Australian government, offers compensation for medical operations and services, including cancer treatments like radiation therapy and surgery. Patients can be required to pay out of pocket for some cancer treatments because not all cancer therapies are covered by the PBS or MBS. Furthermore, some treatments might only be accessible through clinical trials or as a part of programs for compassionate use, which might not be reimbursed by insurance or supported by the government.