Wilmington, Delaware, United States, May 11, 2023 (GLOBE NEWSWIRE) -- The global cancer immunotherapy market is projected to flourish at a CAGR of 13.6% from 2022 to 2031. As per the report published by TMR, the global cancer immunotherapy market is expected to exceed a value of US$ 261.7 billion by 2031. The market was valued at over US$ 82.8 billion in 2021.
The increasing prevalence of and incidence of different forms of cancer such as lung cancer, breast cancer, and blood cancer, will boost the cancer immunotherapy market over the forecast period. For instance, according to the World Health Organization cancer cause nearly 10 million deaths in 2020.
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Rising government activities and other private groups to raise awareness about the early detection of cancer identification and prevention are expected to drive the market expansion.
Other treatment options for cancer such as chemotherapy and radiation therapy have more side effects compared to immunotherapy, immunotherapy improves the immune system’s ability to fight cancer. Increased investment in healthcare and increased funding for cancer immunotherapy research activities continue to drive growth in the coming years.
The cancer immunotherapy market is expected to expand in coming years owing to the increased research and development activities and the introduction of new novel immunotherapies that are more effective and have fewer side effects.
Key Takeaways from the Market Report
- As of 2023, the cancer immunotherapy market is forecast to reach US$ 106.9 billion
- By therapy type, the monoclonal antibody segment is expected to account for key market share in 2023
- Breast Cancer segment to remain popular due to the most common target for immunotherapy
- Based on end users, hospitals remain the most favored medical setting
- North America is projected to be the lucrative market for cancer immunotherapy
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Cancer Immunotherapy Market: Prominent Drivers and Trends
- Increased awareness and increased prevalence of disease coupled with increasing treatment rates and increased advancement in healthcare settings to drive the market growth during the forecast period
- Introduction of new novel drug classes such as monoclonal antibodies, histone deacetylase inhibitors, and improved treatment offers an opportunity for market expansion.
- Technological innovation and an increase in research & development activities in the field of cancer immunotherapy accelerate the growth of the market during the forecast period.
Cancer Immunotherapy Market: Regional Analysis
- North America is expected to lead the cancer immunotherapy market. An increase in government initiatives and the presence of well-established healthcare infrastructure are the key factors driving the growth of the market. The increasing adoption rate of immunotherapy in the United States and Canada is expected to provide an opportunity for market growth.
- Asia Pacific is likely to emerge as yet another opportunistic hub, due to the approval of new treatment drugs in China and Japan boosting the demand for immunotherapy for tumor treatment. The growing geriatric population and large consumer base for the targeted diseases are fueling the regional market growth.
Competitive Landscape
Transparency Market Research has profiled the following players in its global cancer immunotherapy market report:
- Amgen Inc.
- Bristol Mayer’s Squibb Company
- Astra Zeneca Plc
- Eli Lily and Company
- F. Hoffmann-La Roche Ltd
- Sanofi
- Janssen Biotech Inc.
- Merck & Co. Inc.
- Pfizer Inc.
- Sprectrum Pharmaceuticals Inc.
- Novartis AG
- Takeda Pharmaceutical
- Other Prominent Players
Key cancer immunotherapy market players are engaged in regulatory approvals, the launch of new products, and new and strategic collaborations. Some specific developments are as follows:
- In December 2021 – Novartis announced a collaboration and licensed agreement with BeiGene Ltd, for ociperlimab (BGB- A1217), expanding the company’s research & development activities in immune-oncology. Ociperlimab is currently evaluated in two phases III lung cancer trials.
- In December 2022 - Janssen pharmaceutical companies of Johnson & Johnson announced the approval of CARVYKTI by Unites States Food & Drug Administration for the treatment of adults with relapsed or refractory multiple myeloma.
- In January 2023- Merck announced the United States Food and Drug Administration (FDA) has approved KEYTRUDA, Merck’s anti-PD-1therapy, as a single agent, for adjuvant treatment following surgical resection and platinum-based chemotherapy for adult patients with stage IB, II or IIA non-small cell lung cancer (NSCLC)
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Cancer Immunotherapy Market: Key Segments
Therapy Type
- Monoclonal Antibiotics
- Immune Checkpoint Inhibitors
- PD-1/PD-L1
- CTLA-4
- Immune System Modulator
- Cancer Vaccines
- Other
Therapeutic Area
- Lung Cancer
- Colorectal Cancer
- Breast Cancer
- Prostate Cancer
- Melanoma
- Blood cancer
- Others
End-User
- Hospitals
- Ambulatory Surgical Centres
- Cancer research center
- Clinics
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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