Cancer Immunotherapy Market - Forecast(2024 - 2030)
Cancer Immunotherapy Market Overview
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.
By Type: Immune Checkpoint Inhibitors, T-cell Transfer Therapy, Monoclonal Antibodies, Treatment Vaccines and Immune System Modulators.
By Cancer: Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma, Prostate Cancer, Head and Neck Cancer, Ovarian Cancer, Pancreatic Cancer and Others.
By Route of Administration: Intravenous, Oral, Topical and Intravesical.
By Geography: North America (the U.S., Canada and Mexico), Europe (Germany, Uthe UK, France, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan India, South Korea, Australia and New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and the Rest of the World (the Middle East and Africa).
Key Takeaways
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
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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:
Recent Developments
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