According to The Business Research Company’s Cancer Immunotherapy , The cancer immunotherapy market size has grown rapidly in recent years.
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It will grow from $97.88 billion in 2023 to $110.91 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to rising prevalence of cancer, increased adoption of immunotherapy over traditional therapy, growing r&d activities for the development of targeted diseases, increased effectivity and accuracy of newer therapies, growing recognition of the limitations of traditional cancer treatments.
The cancer immunotherapy market size is expected to see rapid growth in the next few years. It will grow to $175.39 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to increasing approval of novel immunotherapies for cancer treatment, growing demand for personalized medicine, rising cases of people being detected with cancer, increasing investment in clinical trials to introduce cutting-edge treatments, growing awareness about cancer immunotherapy.
Major trends in the forecast period include emergence of adoptive cell therapies, including car-t cells, exploration of oncolytic viruses in cancer immunotherapy, development of personalized cancer vaccines, utilization of artificial intelligence in immunotherapy research, increasing emphasis on real-world evidence and patient outcomes in treatment decisions.
The rise in cancer incidence is expected to propel the cancer immunotherapy market. The factors contributing to the growth in cancer cases across the globe include tobacco, alcohol, obesity, a sedentary lifestyle, and environmental factors. This growth in cancer cases is expected to boost demand for cancer immunotherapies, as patients are increasingly investing in medical treatments with greater recovery and minimal pain. For instance, in October 2023, according to the European Union Science Hub, a Belgium-based European Commission’s Joint Research Centre, new cancer cases increased by 2.3% during the preceding two years, reaching 2.74 million in 2022. Similarly, cancer fatalities increased by 2.4% during the preceding two years. Therefore, the increase in cancer incidence is expected to boost demand for cancer immunotherapy during forecast period.
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The cancer immunotherapy market covered in this report is segmented –
1) By Product: Monoclonal Antibodies, Checkpoint Inhibitors, Immunomodulators, Vaccines, Cell Therapy
2) By Application: Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma, Prostate Cancer, Multiple Myeloma
3) By End User: Hospitals, Cancer Research Centers, ClinicsAdvanced technologies used in cancer immunotherapy are a key trend gaining popularity in the cancer immunotherapy market.
There has been a surge of new technologies and various therapies to help the immune system identify and attack tumors using different therapies and technologies such as immuno-oncology, cryoablation, bone marrow transplant, and radiation therapy. These technologies can make a significant difference in cancer treatment and cure. For instance, in October 2022, AstraZeneca plc, a UK-based pharmaceutical and biotechnology company, announced that it had received approval for its Capivasertib in combination with Faslodex. This drug is a cancer immunotherapeutic developed for the treatment of breast cancer and is effective in following recurrence or advancement on or after endocrine therapy in locally progressed or metastatic breast cancer with low or negative human epidermal growth factor receptor 2 (HER2).
Major Players:
The cancer immunotherapy market report table of contents includes:
1. Executive Summary
2. Cancer Immunotherapy Market Characteristics
3. Cancer Immunotherapy Market Trends And Strategies
4. Cancer Immunotherapy Market – Macro Economic Scenario
5. Global Cancer Immunotherapy Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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