LONDON, Oct. 02, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Cancer Immunotherapy Global Market Report 2023, the global cancer immunotherapy market is experiencing remarkable growth, driven by technological advancements and a rising incidence of cancer worldwide. The market has witnessed substantial expansion, with the global cancer immunotherapy market size increasing from $84.98 billion in 2022 to $95.85 billion in 2023, marking an impressive Compound Annual Growth Rate (CAGR) of 12.8%. This growth trajectory is expected to continue, propelling the market to an estimated $154.42 billion by 2027, with a projected CAGR of 12.7%.
Rising Incidence of Cancer Fuels Cancer Immunotherapy Market Growth
A pivotal driver behind the cancer immunotherapy market growth is the escalating incidence of cancer globally. Factors contributing to the increase in cancer cases include tobacco and alcohol consumption, obesity, sedentary lifestyles, and environmental factors. This surge in cancer cases is expected to drive the demand for cancer immunotherapies, as patients increasingly seek medical treatments that offer higher recovery rates and minimal pain.
For instance, according to the National Cancer Institute (USA), in 2020, cancer ranked among the leading causes of death worldwide, with an estimated 1,806,590 new cases and 606,520 cancer-related deaths in the United States alone.
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Key Players and Advanced Technologies
Major players in the cancer immunotherapy market include Amgen, AstraZeneca, F. Hoffman La-Roche, Bayer AG, Eli Lilly and Company, Pfizer Inc., Merck KGAA, Novartis AG, GlaxoSmithKline PLC, Janssen Global Services, OSE Immunotherapeutics, Celgene Corporation, Seattle Genetics Inc., AMAL Therapeutics, and Bluebird bio. The market is witnessing a surge in advanced technologies used in cancer immunotherapy. A variety of innovative therapies and technologies have emerged to assist the immune system in identifying and combating tumors, including immuno-oncology, cryoablation, bone marrow transplants, and radiation therapy. These technologies have the potential to make a significant difference in cancer treatment and outcomes.
For instance, in October 2022, AstraZeneca plc, a UK-based pharmaceutical and biotechnology company, received approval for Capivasertib in combination with Faslodex, a cancer immunotherapeutic developed for the treatment of breast cancer. This therapy is effective in cases of breast cancer recurrence or advancement after endocrine therapy in locally progressed or metastatic breast cancer with low or negative human epidermal growth factor receptor 2 (HER2).
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Regional Insights
In 2022, North America emerged as the largest region in the cancer immunotherapy market. Moreover, it is expected to be the fastest-growing region in the forecast period. The regions covered in the cancer immunotherapy market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation
The global cancer immunotherapy market is segmented into three primary categories:
- By Product: Monoclonal Antibodies, Checkpoint Inhibitors, Immunomodulators, Vaccines, Cell Therapy
- By Application: Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma, Prostate Cancer, Multiple Myeloma
- By End User: Hospitals, Cancer Research Centers, Clinics
Cancer Immunotherapy Global Market Report 2023 by The Business Research Company provides insights on the cancer immunotherapy market size, cancer immunotherapy market segments, cancer immunotherapy market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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