Dublin, June 27, 2024 (GLOBE NEWSWIRE) -- The "Cancer Immunotherapy Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for the Cancer Immunotherapy Market is forecast to surpass US$135 billion in 2024, with strong revenue growth through to 2034.
Cancer is a major cause of death worldwide, accounting for about 20 million new cancer cases and over 9 million deaths in 2022, according to data released by the World Health Organisation in February 2024. By 2040, the American Cancer Society, Inc. projects that the global cancer burden would have increased to over 28 million cases due to present and anticipated population ageing and growth. North America is fourth in terms of cancer deaths and fourth in terms of new cases, whereas China, which has the greatest population in the world, has the highest global proportion of both. The cancer burden may rise in the future due to factors such increased alcohol and tobacco use, poor diet, physical inactivity, and air pollution in many different parts of the world.
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.
Healthcare providers, insurance companies, and national and local government organisations all around the world have faced difficulties in getting reimbursement for cancer immunotherapy treatments. Cancer immunotherapy is one of the priciest medications available, costing more than $100,000 per patient. This covers the price of medications, hospital stays, and multiple days of intensive care because many patients receiving cancer immunotherapy treatments have serious adverse effects.
The Keytruda maker, Merck, states that the out-of-pocket expenses for each infusion might vary from $1,000 to $1,950. However, this rate can still be excessively expensive for many patients. In the event that the patient has Medigap or Medicare Advantage (Part C), additional coverage may be obtained.
The Keytruda treatment may potentially be completely covered, depending on the plan. In actuality, 41% of patients with Medicare Advantage Plans reported having no out-of-pocket costs, according to Merck. Patients in developing nations cannot afford the high cost of immunotherapy medications. One of the main obstacles facing businesses developing immunotherapy medications is high pricing. Thus, it is one of the main factors impeding this market's growth over the predicted period.
KeyMarket Dynamics
Market Driving Factors
- Increasing Prevalence of Cancer
- Increasing Research in Cancer Immunotherapy
- Increasing Funding for the Cancer Research by Government, Public and Private Sector
Market Restraining Factors
- Reimbursement Challenges for Cancer immunotherapy
- High Cost and Side-effects of Cancer Immunotherapy
Market Opportunities
- Increased Focus towards Advanced Treatment Protocols
- Significant Unmet Need in Cancer Diagnosis
- Growing use of AI in Cancer immunotherapy Manufacturing
Key Questions Answered
- How is the cancer immunotherapy market evolving?
- What is driving and restraining the cancer immunotherapy market?
- How will each point of care diagnostic submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
- How will the market shares for each cancer immunotherapy submarket develop from 2024 to 2034?
- What will be the main driver for the overall market from 2024 to 2034?
- Will leading cancer immunotherapy markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
- How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
- Who are the leading players and what are their prospects over the forecast period?
- What are the cancer immunotherapy projects for these leading companies?
- How will the industry evolve during the period between 2024 and 2034? What are the implications of cancer immunotherapy projects taking place now and over the next 10 years?
- Is there a greater need for product commercialisation to further scale the cancer immunotherapy market?
- Where is the cancer immunotherapy market heading and how can you ensure you are at the forefront of the market?
- What are the best investment options for new product and service lines?
- What are the key prospects for moving companies into a new growth path and C-suite?
Market Segmentation:
Technology
- Monoclonal Antibodies
- Immunomodulators
- Other Technology
Application
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Melanoma
- Prostate Cancer
- Head & Neck Cancer
- Ovarian Cancer
- Pancreatic Cancer
- Others
End-users
- Hospitals
- Cancer Research Centres
- Clinics
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 25 leading national markets.
The report also includes profiles for some of the leading companies in the Cancer Immunotherapy Market, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- AbbVie
- Amgen
- AstraZeneca
- Bayer
- Bristol-Myers Squibb
- F. Hoffmann-La Roche
- Gilead Sciences
- GSK
- Immunocore
- Johnson & Johnson Services
- Lilly
- Merck
- Novartis
- Pfizer
- Sanofi
- Takeda Pharmaceutical Company Limited
In summary, the report provides you with the following knowledge:
- Revenue forecasts to 2034 for the Cancer Immunotherapy Market, with forecasts for technology, application, end-users, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for five regional and 25 key national markets.
- Prospects for established firms and those seeking to enter the market - including company profiles for 16 of the major companies involved in the Cancer Immunotherapy Market.
For more information about this report visit https://www.researchandmarkets.com/r/a3fycp
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