by Cancer immunotherapy is a type of cancer treatment that helps immune system to fight cancer in a natural way. It utilizes certain types of drugs or other agents to boost or guide the immune system to attack cancer cells. These agents include monoclonal antibodies, checkpoint inhibitors, non-specific immunotherapies, cancer vaccines, and adoptive cell transfer therapy. Monoclonal antibodies can target specific proteins on tumor cells or immune suppressor cells. Checkpoint inhibitors help immune cells to attack tumors by removing brakes on immune system. Cancer vaccines prepare the immune system to recognize and attack cancer cells. Adoptive cell transfer therapy involves removing immune cells from a patient’s tumors, multiplying them in the laboratory, and putting them back into the patient to boost the immune system.
The global cancer immunotherapy Market is estimated to be valued at US$ 112,232.19 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers fueling the cancer immunotherapy market growth is the growing adoption of targeted immunotherapies like monoclonal antibodies over conventional therapies. Monoclonal antibodies have revolutionized cancer treatment in recent years due to their ability to identify specific antigens on cancer cells and then recruit immune system cells to destroy those cancer cells in a focused manner with targeted delivery. This minimizes harm to normal cells and also reduces systemic side effects. With continued investments in R&D, more targeted immunotherapies are being developed which can recognize unique proteins expressed by specific cancer types. This will further drive the cancer immunotherapy market growth during the forecast period. In addition, supportive government policies fostering innovation in cancer immunotherapy along with increasing healthcare expenditure are also expected to boost the market growth over the coming years.
Segment Analysis
The global cancer immunotherapy market is dominated by checkpoint inhibitors segment. Checkpoint inhibitors help immune system to recognize cancer cells as abnormal and destroy them. They are proving to be very successful as monotherapies and combination therapies for various cancer types such as melanoma, lung cancer, kidney cancer etc. Checkpoint inhibitors have replaced traditional chemotherapy and are preferred first line treatments in many cases. The dominance of checkpoint inhibitors segment is expected to continue during the forecast period aided by increasing success rates and their combination usage.
PEST Analysis
Political: Stringent regulations encourage development of novel and effective immunotherapies. Government bodies support funding for cancer research.
Economic: High treatment cost is a challenge for commercialization but demand is rising with increasing cancer incidence and income levels.
Social: Growing awareness about immunotherapies drive patients to prefer them over chemotherapy. Success stories encourage adoption.
Technological: Advances in understanding of cancer-immunity cycle, new biomarker discovery and combination approaches aid improved drug development and efficiency.
Key Takeaways
The Global Cancer Immunotherapy Market Growth is expected to witness high during the forecast period aided by approvals of newer drugs and line extensions. The global cancer immunotherapy Market is estimated to be valued at US$ 112,232.19 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.
The United States captures around half of the total market share currently due to presence of majority of key players, higher adoption rates and more approvals. The Asia Pacific region is expected to be the fastest growing market led by China, India and Japan on account of rising incidence of cancer, growing healthcare infrastrure, increasing awareness and favorable reimbursements.
Key players operating in the cancer immunotherapy market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eElinicalHealth (CLINPAL), among others. Key players are focussing on expanding their portfolios through acquisitions and line extensions. They are also targeting smaller players through mergers and partnerships for technology access and geographic expansion. Significant investment is being made by players on combination therapy research to enhance clinical success rates.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
