According to Report, the cancer immunotherapy market is expected to grow at a notable CAGR of 12.6% over forecast period 2021 to 2030 and to reach over US$ 277.1 billion by 2030.
According to Report, the cancer immunotherapy market is expected to grow at a notable CAGR of 12.6% over forecast period 2021 to 2030 and to reach over US$ 277.1 billion by 2030.
Growth Factors
The cancer immunotherapy helps to boost the immune system of patients for fighting against cancer. The technologies used in the cancer immunotherapy market are checkpoint inhibitors, monoclonal antibodies, and cytokines and immunomodulators. There are different types of cancer that can be treated with cancer immunotherapy. Those are prostate cancer, lungs cancer, head and neck cancer, colorectal cancer, breast cancer, and melanoma. Thus, the rising prevalence of various cancer is driving the growth of the global cancer immunotherapy market during the forecast period.
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The treatment of cancer is highly risky. That’s the reason, the immune system of patients should be active. For that, the cancer immunotherapy is used. This is type of therapies are highly recommended by doctors for cancer patients. With the technological advancements and advanced features devices, the market for cancer immunotherapy is growing at a rapid pace. In addition, major market players are highly involved in the development of new techniques and devices for the treatment of cancer. Thus, this is resulting into growing research and development activities.
The development of healthcare sector has also contributed to the expansion of the worldwide cancer immunotherapy market over the projected period. Moreover, the launch of new drugs and medications for the treatment of cancer is boosting the cancer immunotherapy market growth. The new techniques and tests are also being accepted and adopted for the detection of cancer, which is driving the expansion and development of global cancer immunotherapy market. Thus, all of these aforementioned factors is creating opportunities for the cancer immunotherapy market.
Report Highlights:
- Based on the technology, the monoclonal antibodies segment dominates the global cancer immunotherapy market in 2020 with highest market share. The monoclonal antibodies technology helps in detection of cancer with precision and accuracy.
- On the basis of cancer type, the lungs cancer segment holds the largest market share the global cancer immunotherapy market in 2020.As per the World Cancer Research Fund International, there are 2 million of cases registered for lung cancer in 2018. Thus, the cancer immunotherapy market is growing due to this reason.
- Based on the end user, the hospitals segment dominates the global cancer immunotherapy market in 2020 with highest market share. This is attributed to the growing number of hospital visits for the treatment of cancer.
- North America is the largest segment for cancer immunotherapy market in terms of region. The factors such as growing geriatric population, rising incidents of cancer, and economic development are contributing towards the growth of the cancer immunotherapy market.
- Europe region is the fastest growing region in the cancer immunotherapy market.The growth of the cancer immunotherapy market in Europe region is attributed to the growing fatalities due to cancer in the region.
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Future of Cancer Immunotherapy Market
One of the prominent factors for the growth of the global cancer immunotherapy market is the rising prevalence of cancer. In each and every nation, cancer is regarded as prominent death factor in all over the globe. As per World Health Organization (WHO), cancer is the major cause of death before the age of 70 in almost every region. The rise of cancer as a leading cause of death is partly due to significant improvements in coronary heart disease mortality and stroke rates in several nations when compared to cancer. Initially, the treatment of cancer was not so precise. But as the healthcare and health science started developing with innovative technologies, the demand for cancer immunotherapy also increased. As a result, the growing incidents of cancer are expected to expand the market for cancer immunotherapy in the near future.
COVID-19 Impact Analysis:
- The impact of the COVID-19 pandemic is negative on the growth of the global cancer immunotherapy market.
- The supply chain disruptions caused decline in the revenue of cancer immunotherapy market during 2020.
- However, the growth of the cancer immunotherapy market is expected in coming years as the coronavirus outbreak effect is slowly declining.
Key Developments in the Marketplace:
- Bristol Myers Squibb Company performed a study in September 2021 that included 250 oncologists, specialists, and surgeons from all over the world. The results of the study highlighted the possibility of immunotherapy for tumors that are discovered at early stages.
- Amgen PLC. declared the first results from its phase 1b/2 CodeBreak 101 study, a global clinical development program in patients with KRAS G12-C mutated advanced colorectal cancer in September 2021. It demonstrates the safety and efficacy when sotorasib and panitumumab are used together.
Segments Covered in the Report
By Technology Type
- Monoclonal Antibodies
- Cytokines & Immunomodulators
- Checkpoint Inhibitors
- Others
By Cancer Type
- Lungs Cancer
- Colorectal Cancer
- Melanoma
- Breast Cancer
- Head & Neck Cancer
- Prostate Cancer
- Others
By End User
- Hospitals
- Clinics
- Cancer Research Centers
By Geography
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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