Visiongain has published a new report entitled Cancer Immunotherapy Market Report 2024-2034: Cancer Immunotherapy Market Report 2024-2034: Forecasts by Technology (Monoclonal Antibodies, Immunomodulators, Other), by Application (Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma, Prostate Cancer, Head & Neck Cancer, Ovarian Cancer, Pancreatic Cancer, Others), by End-users (Hospitals, Cancer Research Centres, Clinics) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.
The Cancer Immunotherapy market is estimated at US$137.92 billion in 2024 and is projected to grow at a CAGR of 12.6% during the forecast period 2024-2034.
Growing use of AI in Cancer Immunotherapy Manufacturing is Expected to Rise the Demand for Cancer Immunotherapy
The field of biotechnology has greatly improved in the last several years. The desire for faster and more compact computers has increased due to the increased use of computers. Together with their significant volume growth, these devices' heterogeneity is growing in datasets. These advancements are accelerating the field of artificial intelligence in medicine, which presents enormous opportunities for cancer immunotherapy. The growing usage of AI platforms is revolutionising the medical field by making it easier and less error-prone for medical professionals to regularly record and interpret clinical data.
In order to create AI platforms and IT solutions for analysing the massive datasets produced in clinical trials, manufacturing facilities, and lab testing, many of the major pharmaceutical corporations are working with IT solution providers. In Mach 2024, Owkin, the first end-to-end unicorn in TechBio, announced that it and Sanofi would be expanding their relationship to include immunology. Owkin matches new biology to new populations to enable AI-driven precision drug discovery, development, and diagnostics. The Owkin team collaborated with Sanofi on target identification, utilising their AI drug target discovery engine to determine the most promising potential gene targets and the corresponding subpopulations of interest.
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How will this Report Benefit you?
Visiongain’s 286-page report provides 117 tables, 189 charts/graphs. Anyone in need of comprehensive, commercial assessments for the Cancer Immunotherapy Market and in-depth market segment analysis may consider our latest study. You may assess the total regional and global market for cancer immunotherapy with the aid of our most recent report. Achieve a larger market share by obtaining financial analyses of the market as a whole and its various segments, such as technology, application, and end-users. We think that the rapidly expanding cancer immunotherapy offers a lot of promising prospects. Examine how you may take advantage of the current and potential chances in this sector to increase your revenue soon. Additionally, by framing growth strategies, supporting the analysis of other market competitors, and optimizing corporate productivity, the report will help you make better strategic decisions.
What are the Current Market Drivers?
Increasing Funding for the Cancer Research by Government, Public and Private Sector is Driving Industry Growth
The government, public sector, and private sector have made significant investments in this subject due to the lack of effective treatment options that can permanently cure cancer. Funds for the development of cancer immunotherapy are provided by governments through national health programmes. In order to cover the high cost of research, the organisations doing this kind of study are soliciting donations from both the public and private sectors. Initiated by Cancer Research UK and the National Cancer Institute, Cancer Grand Challenges is an international research funding programme. It announced in March 2024 that it will award $125 million to five research teams to study T-cell receptors, early-onset cancers, cancer inequities, and solid tumours in children. These are some of the particularly difficult cancer phenomena to study. Up to $25 million in funding over five years will be awarded to each team, which will include of interdisciplinary scholars from all over the world, for their research. Because biological therapies are becoming more and more well-liked as viable treatment options, this component is anticipated to rise during the projected period.
Increasing Research in Cancer Immunotherapy is Driving Market Growth
Modern cancer treatments, such as those based on immunotherapy, have revolutionised the field in recent years. One such treatment that has greatly excited researchers and oncologists is cancer immunotherapy. Globally, cancer immunotherapy is being used as a treatment for cancer after years of intensive research. For instance, the German biomedical research institute BioMed X and one of the biggest pharmaceutical corporations in Japan, Ono Pharmaceutical Co., Ltd., announced in December 2023 the commencement of a new cooperative research initiative. Using neutrophils' anticancer properties to create next-generation immunotherapies is the aim of this research endeavour. Therefore, the primary driver propelling the growth of this market is the ongoing research into how to improve immunotherapy and the ongoing development of novel immunotherapies for the treatment of cancer.
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Where are the Market Opportunities?
Increased Focus Towards Advanced Treatment Protocols
Cancer incidence is still a problem that receives little attention in developing nations like China and India. However, because of a higher diagnosis rate, it is anticipated that the use of cancer immunotherapy would increase in emerging economies. Furthermore, patients' chances of developing cancer will be reduced by improved focused therapy and treatment.
As a result of the KEYNOTE-826 trial results, the use of pembrolizumab in second and third-line settings, and the potential use of induction chemotherapy in combination with weekly carboplatin and paclitaxel for the treatment of locally advanced cells, the NCCN updated its cervical cancer guidelines in December 2023. Two new category 1 recommendations for amivantamab-vmjw (Rybrevant) in combination with chemotherapy are included in the December 2023 update of the National Comprehensive Cancer Network's (NCCN) Clinical Practice Guidelines for Non-Small Cell Lung Cancer (NSCLC) for 2024.
Significant Unmet Need in Cancer Diagnosis
Given that cancer is a broad, expanding clinical field with an increasing global frequency of cases, the market for cancer immunotherapy is expected to stay appealing. The head of policy of Cancer Research UK determined in December 2023 that in order to prevent an impending financial shortfall of at least £1 billion over the following ten years, the Treasury must increase its investment in cancer research. The cost of living problem and rising inflation, along with rising energy and salary costs, will probably lead this gap to widen.
As a result, there is a large unmet need in the cancer market because patients are demanding better patient convenience and stronger clinical evidence. Other unmet needs in the cancer diagnosis market that are anticipated to drive future trends and developments include better decision tools and practice standards, better care coordination between therapies and places of care, and greater medical education to improve clinical practice.
Competitive Landscape
The leading companies in the Cancer Immunotherapy market are AbbVie Inc., Amgen Inc., AstraZeneca, Bayer AG, Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., Gilead Sciences, Inc., GSK plc, Immunocore Ltd., Johnson & Johnson Services, Inc., Lilly, Merck & Co., Inc., Novartis AG, Pfizer Inc., Sanofi, Takeda Pharmaceutical Company Limited. The major rivals in this industry have used a range of tactics, such as partnerships, collaborations, R&D investments, mergers and acquisitions, regional firm expansion, and new product introductions.
Recent Developments
- In April 2024, the FDA approved Imfinzi immunotherapy from AstraZeneca to treat stage 3 non-small cell lung cancer and extensive-stage lung cancer including small cells. Positive trial results for specific forms of lung cancer supported the FDA's clearance.
- On 16th January 2024, the European Commission (EC) authorised the subcutaneous delivery of Tecentriq SC (atezolizumab), an immunotherapy product manufactured by F. Hoffmann-La Roche Ltd., as a cancer treatment.
- On 12th December 2023, Novartis announced its second production facility in Zhejiang Province, a neighbouring province, as a sign of the international company's faith in the Yangtze River Delta Region's growing development momentum.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Precision Cancer Diagnostic Test Market Report 2024-2034
- Cancer Vaccines Market Report 2023-2033
- Precision Medicine Market Report 2023-2033
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