Cancer Immunotherapy Market Size to Hit USD 261.9 Bn by 2030
According to Nova one advisor, the global Cancer Immunotherapy market was valued at USD 82.10 billion in 2021 and it is expected to hit around USD 261.9 billion by 2030 with a CAGR of 13.11% during the forecast period 2022 to 2030.
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Overview of Global Cancer Immunotherapy Market
Immunotherapy is a cancer treatment that improves the immune system's ability to fight cancer. It is a kind of biological treatment. Biological therapy makes use of compounds derived from biological creatures or lab-created copies of these substances.
Increase in R&D activities, improvements in efficacy & accuracy of newer medicines, surge in adoption of target therapy over standard therapy, and rise in prevalence of cancer are the major factors propelling the global cancer immunotherapy market. In addition, rise in incidence of cancer is a key factor driving the global cancer immunotherapy market. In the U.S., cancer is the biggest cause of mortality and disease, and it not only has a significant effect on the health of patients and survivors, but also has a major financial impact.
Several companies are increasingly investing in R&D activities to develop more effective treatments for cancer. For instance, TILT Bio therapeutics has announced over $10 million financing to the oncology immunotherapy assets. Companies such as Justin Wilson, partner & attorney at Withers & Rodgers, have discussed their opinion on innovations in the microbe in supporting the discovery of new drugs & treatments in the immunotherapy market.
Report Scope of the Cancer Immunotherapy Market
USD 261.9 Billion by 2030
CAGR of 13.11% from 2022 to 2030
Fastest Growing Market
2022 to 2030
Therapy Type, Therapeutic Area, End-user And Geography
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Popularity of Cancer Immunotherapy Treatment among Patients Due to Cost-effectiveness and Less Side Effects
In terms of therapy type, the global cancer immunotherapy market has been classified into immune system modulators, immune checkpoint inhibitors, immune checkpoint inhibitors, and monoclonal antibodies. Monoclonal antibodies have been the treatment method of choice for a large segment of the global healthcare industry, giving it a significant advantage over other segments. Monoclonal antibodies have gained, as it is less expensive than other therapies. However, the global cancer immunotherapy market is expected to witness increase in demand for immune checkpoint inhibitors due to higher success rates and overall efficiency.
Based on therapeutic area, the global cancer immunotherapy market has been categorized into blood cancer, prostate cancer, melanoma, breast cancer, lung cancer, colorectal cancer, and other minor cancers. Breast cancer has been the most common target for immunotherapy. Increase in population of smokers and rise in total air pollution in metropolitan areas drive the lung cancer segment.
Rise in R&D Activities and High Efficacy of Newer Therapies to Augment Market
Rise in R&D activities in the field of cancer immunotherapy has led to the introduction of advanced variants with improved treatment efficacy and effectiveness. Immuno oncology has shown promising results in terms of increased survival and decreased toxicity. The market is likely to be propelled by a paradigm shift from traditional chemotherapies to immunotherapies. Immunotherapies in development are expected to offer more treatment options and better outcomes than currently available therapies. The introduction of newer drug classes, such as monoclonal antibodies and histone deacetylase (HDAC) inhibitors, aimed at multiple myeloma receptors, is projected to propel the global market. The market is likely to be driven by ongoing research on similar drugs with the goal of reducing side effects.
Monoclonal Antibodies to Remain Dominant Immunotherapeutic Drugs in Global Market
In terms of therapy type, the global cancer immunotherapy market has been classified into monoclonal antibodies, immune checkpoint inhibitors, PD-1/PD-L1, CTLA-4, immune system modulators, cancer vaccines, and others. The monoclonal antibody segment accounted for key market share in 2021. Monoclonal antibodies are the most commonly prescribed immunotherapeutic drugs in the world. Following Amgen's approval of Blincyto (blinatumomab), a bispecific antibody that targets B-cell lymphoblastic leukemia, monoclonal antibodies were developed as effective immunotherapeutic options.
Increase in research & development on the use of monoclonal bodies as naked antigen binding antibodies, conjugated antibodies, and bispecific antibodies has led to the discovery of new cancer therapeutic options.
High Cost of Cancer Immunotherapy Manufacturing R&D to Hamper Global Market Growth
The global cancer immunotherapy market is concerned about both research and manufacturing costs as well as market price for the end-user. For a developing organization, cancer immunotherapy research & development requires large amounts of resources, which raises worries about receiving finances. Research activities involving new technology development require significant investment, which is expected to be received with significant profits by the innovator. Cancer immunotherapy is a niche segment and requires high investment. This deters companies to enter the market due to uncertainty of receiving expected profit.
Regional Outlook of Global Cancer Immunotherapy Market
In terms of region, the global cancer immunotherapy market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is projected to be a highly lucrative market for cancer immunotherapy during the forecast period. Well-established healthcare infrastructure and increase in government initiatives are the major factors driving the market in the region. North America's large market share can be attributed to rise in number of patients suffering from cancer, increase in adoption rate of immunotherapy, and development of bioinformatics tools that enhance the drug development process.
The market in Asia Pacific is expected to experience the fastest growth during the forecast period. New and advanced immunotherapy drugs have been introduced in China and Japan. These countries have several ongoing clinical trials as well as FDA approvals for new drug molecules and combination therapies. Approval of new treatment drugs in China and Japan boosts the adoption of immunotherapy for treatment of tumors.
Analysis of Key Players in Global Cancer Immunotherapy Market
This report profiles major players in the global cancer immunotherapy market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The global cancer immunotherapy market is quite competitive, with the top players accounting for major share of the market and companies focusing on research & development to produce better pharmaceutical products for the existing diseases.
Leading players operating in the global cancer immunotherapy market are Amgen, Inc., Bristol-Myers Squibb Company, AstraZeneca plc, GlaxoSmithKline plc, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Sanofi, Janssen Biotech, Inc., Merck & Co., Inc., Pfizer, Inc., Spectrum Pharmaceuticals, Inc., Novartis AG, and Takeda Pharmaceuticals.
Key Developments in Global Cancer Immunotherapy Market
Key players in the global cancer immunotherapy market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global cancer immunotherapy market. A few expansion strategies adopted by players operating in the global cancer immunotherapy market are:
- In February 2022, The Janssen Pharmaceutical Companies of Johnson & Johnson announced that the U.S. Food and Drug Administration (FDA) approved CARVYKTI (ciltacabtagene autoleucel; cilta-cel) for the treatment of adults with relapsed or refractory multiple myeloma (RRMM)
- In April 2021, the U.S. Food and Drug Administration approved Opdivo (nivolumab), in combination with certain types of chemotherapy, for the initial treatment of patients with advanced or metastatic gastric cancer, gastroesophageal junction cancer as well as esophageal adenocarcinoma. This is the first FDA-approved immunotherapy for the first-line treatment of gastric cancer.
Some of the prominent players in the Cancer Immunotherapy Market include:
- Amgen, Inc.
- Bristol-Myers Squibb Company
- AstraZeneca plc
- GlaxoSmithKline plc
- Eli Lilly and Company
- F. Hoffmann-La Roche Ltd.
- Janssen Biotech, Inc.
- Merck & Co., Inc.
- Pfizer, Inc.
- Spectrum Pharmaceuticals, Inc.
- Novartis AG
- Takeda Pharmaceuticals
- Other Prominent players
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Cancer Immunotherapy market
- Therapy Type
- Monoclonal Antibodies
- Immune Checkpoint Inhibitors
- Immune System Modulators
- Cancer Vaccines
- Therapeutic Area
- Lung Cancer
- Colorectal Cancer
- Breast Cancer
- Prostate Cancer
- Blood Cancers
- Ambulatory Surgical Centers (ASCs)
- Cancer Research Centers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Cancer Immunotherapy industry analysis from 2022 to 2030 to identify the prevailing Cancer Immunotherapy industry opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global Cancer Immunotherapy industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Cancer Immunotherapy industry trends, key players, market segments, application areas, and market growth strategies.
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