The growing prevalence of cancer and increasing investment in R&D activities for the development of cancer cell therapies is stimulating market growth
The growing prevalence of cancer and increasing investment in R&D activities for the development of cancer cell therapies is stimulating market growth
The global Cancer Immunotherapy Market size is expected to reach USD 222.48 Billion in 2028, registering a CAGR of 10.1% over the forecast period, according to a new report by Reports and Data. Key factors driving cancer immunotherapy market revenue growth are increasing adoption of immunotherapy drugs over conventional treatments, increasing prevalence of cancer, increasing investments for development of biosimilars and monoclonal antibodies, along with a favorable drug approval scenario.
A paradigm shift away from standard chemotherapies and toward immunotherapies is paving the way for the cancer immunotherapy business to thrive. Immuno-oncology has shown promise in terms of reduced toxicity and increased survival rates. Patients will be more likely to undertake immunotherapy if the efficacy and effectiveness of stem cell therapies improves.
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According to a survey published in 2018, the global cancer burden has increased to 18.1 million new cases and 9.6 million deaths. Several government agencies and cancer research institutes have responded by investing in the research and development of various forms of cell therapies for cancer treatment.
Several immunotherapies, including immunomodulators and CAR T-cell treatment, are also being investigated for improved outcomes. Cancer immunotherapy market share is expected to grow through 2028 as a result of ongoing research and new approvals.
Further key findings from the report suggest
- In May 2020, the National Institute for Health and Care Excellence in the U.K. approved Tecentriq, immunotherapy by Roche, for patients with triple-negative breast cancer.
- On the basis of technology, the monoclonal antibodies segment accounted for the largest market revenue share in cancer immunotherapy market in 2020. This market dominance is on account of rise in product approvals to fulfill the demands of the growing need for cancer immunotherapy.
- On the basis of application, the lung cancer segment is expected to contribute significantly to the cancer immunotherapy market revenue share. The rapid development can be linked to the rising number of smokers worldwide, as well as the widespread use of tobacco products such as electronic cigarettes, which has resulted in an increase in cancer cases.
- On the basis of end-use, the hospitals & clinics segment accounted for the largest market share in 2020. The robust growth is a result of increased patient preference for cancer immunotherapy, as they offer cutting-edge treatments to boost the immune system to fight cancer.
- North America dominated the cancer immunotherapy market and expected to register a CAGR of 14.1% over the forecast period. The growth can be attributed to rising technological advancements in the medical field such as the development of CRISPR for cancer treatment in the region.
- The cancer immunotherapy market in Europe is estimated to exhibit a CAGR of 13% over the forecast period on account of the introduction of favorable medical reimbursement policies in the region.
- The cancer immunotherapy market in the Asia Pacific is expected to register a CAGR of 17.2% over the forecast period on account of the presence of a massive patient pool suffering from various types of cancer in India and China.
- Key players in the global cancer immunotherapy market are Bristol-Myers Squibb, Celgene Corporation, Novartis International Ag, Amgen Inc., Merck & Co. Inc., Seattle Genetics Inc, Printegra, Janssen Global Services, LLC, Gristone Oncology, and Inc, Pfizer Inc., among others.
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Segments Covered in the Report:
For the purpose of this report, Reports and Data has segmented into the global cancer immunotherapy market on the basis of technology, application, end use, and region:
Technology Outlook (Revenue, USD Billion; 2020 – 2028)
- Monoclonal Antibodies
- Vaccines
- Checkpoint Inhibitors
- Cell Therapies
- Immune System Modulators
- Adoptive Cell Transfer
- Cytokines
- Others
Application Outlook (Revenue, USD Billion; 2020 – 2028)
- Head & Neck Cancer
- Blood Cancers
- Liver Cancer
- Lung Cancer
- Breast Cancer
- Prostate Cancer
- Melanoma
- Others
End Use Outlook (Revenue, USD Billion; 2020 – 2028)
- Cancer Research Centers
- Hospitals
- Clinics
- Others
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Regional Outlook (Revenue, USD Billion; 2020 – 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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