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Cancer Immunotherapy Market - Forecast(2024 - 2030)
Cancer Immunotherapy Market Overview
The Cancer Immunotherapy Market Size is estimated to reach $152.6 billion by 2028 and it is poised to grow at a CAGR of 14.7% over the forecast period of 2023-2028. Cancer immunotherapy is a rapidly growing form of cancer treatment, which is designed to use the body’s own immune system to attack and prevent cancer cells from growing and forming. Immunotherapy carries immense market potential with several pharmaceutical industry companies actively working towards getting FDA approval. Some of the common forms of cancer immunotherapy types are monoclonal antibodies, immunomodulators, cancer vaccines, oncolytic viral therapies and cell therapy. A significant increase in the incidence of various cancer types rightly aids in the growth of the market, as new players are trying to fund various clinical research for advanced treatment. According to World Health Organisation (WHO), Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. A growing clinical base substantiated by significant investments from private and public players forms a moderate to high industry outlook for the Cancer Immunotherapy Market.
Cancer Immunotherapy Market Report Coverage
The report: “Cancer Immunotherapy Market Forecast (2023-2028)" by IndustryARC, covers an in-depth analysis of the following segments in the Cancer
Immunotherapy Market.
Key Takeaways
- Geographically, North America held a dominant market share in 2022. It is due to a plethora of market players providing extensive research and development services along with a nuanced and favorable environment for pharmaceutical finances. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2023-2028.
- A growing population base of cancer across the region supplemented by ailing immunotherapies as a mode to tackle cancer aids market growth. However, extensive usage of other cancer treatments along with the high cost associated with immunotherapies impede the market growth.
- A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Cancer Immunotherapy Market Report.
Cancer Immunotherapy Market- Market Share (%) by region, 2022.
Cancer Immunotherapy Market Segment Analysis - by Type
Cancer Immunotherapy Market based on type can be further
segmented into Immune Checkpoint Inhibitors, T-cell Transfer Therapy,
Monoclonal Antibodies, Treatment Vaccines and Immune System Modulators.
Monoclonal Antibodies held a dominant market share in 2022 and are estimated to be the fastest-growing type, with a CAGR of 15.9% over the forecast period
of 2023-2028. Monoclonal antibodies flag cancer cells, triggers cell-membrane
destruction, block cell growth, prevents blood vessel growth and various other
function in resolving cancer. This form of treatment methodology
is highly prescribed by doctors across the countries due to higher
specificity and better cost control along with a safety profile. Moreover, this segment provides a targeted approach that rightly aids market
growth. Moreover, as per a recent statement of Bristol Myers Squibb, around a 5%
increase in revenues from Opdivo and Yervooy was reported in Q1 2022 against
Q1 2021.
Cancer Immunotherapy Market Segment Analysis - by Cancer
The Cancer Immunotherapy Market based on cancer type can be
further segmented into Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma,
Prostate Cancer, Head and Neck Cancer, Ovarian Cancer, Pancreatic Cancer and
Others. Lung Cancer held a dominant market share in 2022. It is owing
to the high prevalence of this cancer type and the availability and
effectiveness of immunotherapy to aid. As per the American Cancer Society, nearly
236,000 new lung cancer cases would be diagnosed in the U.S. in 2022 with high prevalence in older people than younger generations. However, Breast Cancer
is estimated to be the fastest-growing cancer type, with a CAGR of 15.7% over the forecast
period of 2023-2028. As per BreastCancer.Org, nearly 1 in 8 women in the
U.S. would develop cancer each year. Critically, the rampant utilization of
drugs such as dostarlimab and pembrolizumab as immune checkpoint inhibitors
would aid market growth.
Cancer Immunotherapy Market Segment Analysis - by Geography
North America held a dominant market share of nearly 43% in 2022. This is owing to the presence of a large number of companies. Also, various strategic initiatives are undertaken by both private and public players to eradicate cancer. Active drug regularization from leading authorities allows for the launch in commercial settings which rapidly aids market growth. As per Cancer Statistics Canada 2021, nearly 229,200 cancer cases were diagnosed in the country, with an incidence of 2 in 5 Canadians developing cancer over a lifetime. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2023-2028 owing to significant development in regions like Korea, Japan and India which would aid the market participation.
Cancer Immunotherapy Market Drivers
Substantial Case Growth in a Variety of Cancer Types:
The proliferation of cancer can start in almost any organ of
the body and turn into a malignant form of the disease in no time. As per WHO,
cancer is the second leading cause of death globally, with nearly one in six
deaths in 2019 alone. Some of the common forms of cancer in men recorded are
lung, prostate, colorectal, stomach and liver cancer, whilst breast,
colorectal, lung and cervical cancer were the most recorded in women. As per
WHO 2020, nearly 2.26 million cases of breast cancer were diagnosed, amongst
various other forms of cancer. The usage of immunotherapy rightly aids in market growth.
Substantiated Research and Development Activities Pertinent to Immunotherapy:
A high focus on the development of immunotherapy as a form of
treatment for cancer is seen in leading countries, especially, the HDE (Highly
Developed Economies). As per Cancer Research Institute UK, nearly $400
million is invested by the organization each year for the prevention,
diagnosis and treatment of cancer. Similarly, in 2022, nearly $13 million was
granted to Stanford Scientists by U.S. National Cancer Institute and Cancer
Research UK for Cancer Treatment. Furthermore, rampant clinical research
trials using e-tools have successfully aided in the deployment of
immunotherapy as a treatment form. Lastly, around 13 antibody therapeutical
drugs were granted approval from 2019-2021 (January) within the EU and the U.S.
Cancer Immunotherapy Market Challenges
High Prevalence of Alternate Treatment Methodologies for Cancer along with Significant Price Challenges:
As per Cancer.Gov, immunotherapy drugs have received wide
recognition across the treatment class. However, it is not as widely used as
surgery, chemotherapy or radiation therapy. As per Cancer Research UK,
nearly 45% of treatment cases for cancer in the United Kingdom opt for
surgery; 28% for chemotherapy and nearly 27% for radiotherapy. Furthermore, the cost of
utilizing immunotherapy as a treatment method is highly expensive. For example,
CAR-T Therapy costs above $475,000 per patient (Kymirah). Similarly, monoclonal
antibodies for Nivolumab are $6580 per infusion. These factors hamper the market growth.
Key Market Players
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Cancer Immunotherapy Industry. The top 10 companies in the Cancer Immunotherapy Market are:
- Pfizer Inc
- Astra Zeneca
- Merck and Co
- F-Hoffman-La Roche
- Bristol Myers Squibb Company
- Novartis AG
- Lily
- Johnson and Johnson
- Immunocore
- BioNTech
Recent Developments
- In October 2022, Researchers from the University of Rhode Island and Yale University demonstrated the efficacy of a promising new approach to deliver immunotherapy agents to fight cancer. The approach is known as the Stimulator of Interferon Gene Agonist to an acid-seeking molecule called pH-low insertion peptide.
- In October 2022, the FDA approved a new immunotherapy drug for advanced liver cancer. The drug is known as IMJUDO. It is for use in the combination immunotherapy regimen for adults with HCC or Hepatocellular Carcinoma Cancer.
- In February 2022, BioNTech and MEDIGENE announced a global collaboration to advance T-cell Receptor Immunotherapies against Cancer. As per the agreement, MEDIGENE would receive EUR 26 million upfront from BioNTech under research funding.
Relevant Titles
Report Code: HCR 0320
Report Code: HCR 0195
Report Code: HCR 0366
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