Cancer Immunotherapy Market Global Analysis | 2023-2028

"The cancer immunotherapy market is estimated to grow from USD 134.95 billion in 2022 to USD 273.32 billion by 2028 at a CAGR of 12.33% during the forecast period".

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Market Dynamics

Introduction

Cancer immunotherapy is a revolutionary approach to cancer treatment that uses the body's immune system to combat cancer cells. Unlike traditional cancer treatments such as chemotherapy and radiation therapy, which directly target cancer cells, immunotherapy works by enhancing the body's natural defenses, allowing cancer cells to be recognized and attacked more effectively.

The immune system is designed to recognize and eliminate abnormal cells, including cancer cells. Cancer cells, on the other hand, can develop mechanisms to evade or suppress immune system detection and activity. Immunotherapy seeks to overcome these barriers by stimulating the immune system to recognize and eliminate cancer cells.

Market Drivers

The market for cancer immunotherapy is greatly influenced and spurred by the growth and development due to several factors. The major drivers of the cancer immunotherapy market are:

• One of the key market drivers that holds a strong impact on immunotherapy is the growing number of cancer cases across the world.
• Events such as organizations’ funding of new clinical trials, global cancer awareness campaigns, and scientific advancement have led to the creation of more advanced treatments for cancer immunotherapy.
• Regulatory authorities have endorsed and encouraged immunotherapies through organizations such as the European Medicine Agency (EMA), the U.S. Food and Drug Administration (FDA), and so on.
• As the application of combination therapy is gradually increased, the results of combining immunotherapy with other treatments, including chemotherapy, radiotherapy, or many immunotherapeutic drugs, are more effective, according to clinical trials up to now.
• The rising nature of cancer is a dimension deemed responsible for driving the growth of the market. A peer-reviewed article in the journal of the American Cancer Society revealed the following projection of cancer in the U.S., it is projected that about 1,958,310 new cases and 609,820 cancer-related deaths will be recorded in the year 2023. The research and development activities by various pharma companies and the technological enhancement and introduction of new drugs in the cancer immunotherapy market will act as propelling forces in the projected period.
• That is why the market for this product is experiencing a growing number of cases of cancer, which drives demand. The IARC data indicates that in the year 2020, the estimated number of NRIs was approximately 19.29 million cancer cases; however, this figure is expected to rise and reach 24 million. 58 million cases by 2030: a study involving secondary data at the University of Nairobi. The above indication of disease prevalence increase has predicted that the market in this global domain will be highly driven during the given forecasted period.
• The market growth for immunotherapies is expected to increase due to the approval of new treatments. The FDA approved quizartinib, also known as Vanflyta, in July 2023 for treating acute myeloid leukemia. Quizartinib targets the FLT3 kinase protein, which is mutated in about one-third of AML cases. AML treatment typically involves a three-step process: induction, transition, and stabilization. Induction involves chemotherapy, which eliminates most leukemia cells; consolidation involves chemotherapy to eliminate remaining cells; and maintenance involves treatment to prevent further disease development.

Compared to immunotherapies, cancer treatment alternatives including chemotherapy and radiation therapy are more frequently employed despite having higher negative effects. The former is based on the elimination of cancer cells through surgery, chemotherapy, or radiation. These treatments can efficiently kill or eliminate cancer cells, but their use is frequently limited since they also frequently kill significant numbers of healthy cells. Immunotherapies are preferred above other treatment alternatives because they work by boosting the body's natural defenses with the help of synthetic proteins like monoclonal antibodies.

In summary, the cancer immunotherapy market is being pushed by a combination of several scientific discoveries, rising demand for effective cancer therapies, regulatory backing, and expenditures in research & development. These elements together contributed to the market's growth and expansion.

What Stimulates the Growing Demand for Cancer Immunotherapy in Hospitals?

Hospitals are still the most preferred medical setting since these facilities have the most cutting-edge technology for accurate diagnosis and treatment. The high adoption of cutting-edge treatments, diagnostics, and medical technology, supported by public and private funding, raises the standard of healthcare provided by hospitals.

By 2031, hospitals are anticipated to account for about 61% of the market for cancer immunotherapy as a result of a combination of these variables. It is anticipated that a larger patient base will choose clinic-based healthcare due to the relatively short wait times and convenience of scheduling appointments. Clinicians are focusing on providing cancer immunotherapy to patients due to the steadily increasing demand for high-quality cancer therapies, which is fueling the exponential adoption of these treatments.

Segment Analysis

By Drug Type

"Monoclonal antibodies held the major share of the market in 2022"

The market is bifurcated into monoclonal antibodies, cancer vaccines, checkpoint inhibitors, cell therapies, immunomodulators, and interferons alpha. Monoclonal antibodies held the major share of the market in 2022, and are expected to remain the biggest demand generator for the cancer immunotherapy market in the foreseen future. Key factors such as cost-effectiveness and increasing investments in the R&D of monoclonal antibodies are expected to drive market growth in the coming years.

By Diagnosis Type

"Lung cancer captured the largest share of the cancer immunotherapy market in 2022"

The market is segmented as lung cancer, breast cancer, multiple myeloma, colorectal cancer, head & neck cancer, prostate cancer, melanoma, and other cancer types. Lung cancer captured the largest share of the cancer immunotherapy market in 2022, due to factors such as the increasing number of patients suffering from lung diseases. The segment is likely to remain dominant during the forecast period, owing to the growing awareness of the early therapeutics of lung cancer.

By End-User Type

"Hospital dominates the market and is expected to grow with the highest CAGR during the forecast period"

The market is segmented into hospitals, clinics, and others. Among these end-user types, hospital dominates the market and is expected to grow with the highest CAGR during the forecast period. Hospitals are highly preferred for cancer immunotherapy, and the rising demand for cancer immunotherapy in hospitals is expected to drive market growth over the forecast period.

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Regional Analysis

"North America is expected to remain the largest market for cancer immunotherapy over the forecast period"

North America is expected to remain the largest market for cancer immunotherapy over the forecast period. Major factors such as the rising incidence of cancer, increasing demand for modern cancer therapeutics, and growing geriatric population are fuelling the growth of the regional cancer immunotherapy market. 

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Key Players

The following are the key players in the cancer immunotherapy market (arranged alphabetically)

• Amgen Inc.
• AstraZeneca plc
• Bayer AG
• Bristol-Myers Squibb Co.
• ELI Lilly and Company
• F Hoffman-La Roche Ltd.
• Janssen Global Services, LLC (Johnson and Johnson)
• Merck & Co., Inc.
• Novartis AG
• Pfizer Inc

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players and those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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