Rockville, MD, July 11, 2024 (GLOBE NEWSWIRE) -- The global cancer immunotherapy market size is approximated at a value of US$ 159.2 billion in 2024 and is foreseen to increase at a CAGR of 10% to reach a market value of US$ 412.8 billion by 2034, says Fact.MR, a market research and competitive intelligence provider, in its updated industry report.
Immunotherapy is a type of cancer treatment process where the patient's immune system is improved through drugs and therapeutics to fight against cancer. To enhance the efficiency of this biological treatment, several key market players are investing in research and development activities. The rising prevalence of cancer coupled with a busy and stressful lifestyle, a growing senior population (who are more prone to chronic disorders), and bad eating habits are contributing to overall cancer immunotherapy market growth.
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- According to a World Health Organization report, in 2022, around 20 million new cancer cases and 9.7 million deaths were recorded worldwide.
- The same source also estimates that 1 in 5 people develop cancer in their lifetime, and 1 in 12 women and 1 in 9 men approximately die due to cancer.
- As per PubMed Cancer Statistics, in 2023, 1,958,310 new cancer cases were detected in the United States alone.
Some of the leading therapies for cancer treatment include monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, and cancer immunotherapy vaccines. Monoclonal antibodies and immune checkpoint inhibitors are widely used for cancer treatment worldwide due to their effective results.
Key Takeaways from Cancer Immunotherapy Market Analysis
- The global cancer immunotherapy market is calculated to reach US$ 412.8 billion by 2034.
- The United States is estimated to hold 44.5% of the North American market share in 2024.
- Demand for cancer immunotherapies in Japan is forecasted to rise at a CAGR of 10.5% during the next 10 years.
- Sales of immune checkpoint inhibitors are projected to reach US$ 100.7 billion by 2034.
- Cancer research centers are expected to capture 27.6% of the global market share by 2034.
- The South Korea market is foreseen to register a 10.8% CAGR through 2034.
“Lung cancer, being one of the most prevalent malignancy types, is set to account for the high demand for cancer immunotherapies over the coming years,” says a Fact.MR analyst.
Competitive Landscape
Leading cancer immunotherapy providers are Amgen Inc., Bristol-Myers Squibb Company, Janssen Biotech, Inc., GlaxoSmithKline Plc., Novartis AG, AstraZeneca Plc., and F. Hoffmann-La Roche Ltd. These companies are focusing on the integration of bioinformatics tools to enhance the drug development process. Investments in research and development activities are set to offer reliable and effective cancer immunotherapies over the years ahead.
To enhance their product offerings, industry giants are also collaborating with research institutions. Furthermore, mergers and acquisitions of small companies are set to increase their market reach and revenue growth.
Key Market Players
List of the prominent players in the global market are Eli Lilly and Company; Pfizer, Inc.; Spectrum Pharmaceuticals, Inc.; GlaxoSmithKline Plc.; Amgen Inc.; Bristol-Myers Squibb Company; Janssen Biotech, Inc.; Novartis AG; AstraZeneca Plc.; F. Hoffmann-La Roche Ltd.; Merck & Co., Inc.; Sanofi; Takeda Pharmaceuticals; Immunocore, Ltd.
Cancer immunotherapy Industry News-
- In March 2024, the United States Food and Drug Administration (FDA) approved Bristol Myers Squibb’s ‘Opdivo® (nivolumab)’ in combination with gemcitabine and cisplatin for the first-line treatment of unresectable or metastatic urothelial carcinoma (UC) of adult patients.
- In 2021, Amgen Plc. announced its first combination study results from its Phase 1b/2 CodeBreaK 101 study, a comprehensive global clinical development program in patients with KRAS G12C-mutated advanced colorectal cancer. It showed that combining LUMAKRASTM (sotorasib) with Vectibix® (panitumumab) demonstrates efficacy and safety.
- In September 2021, Bristol-Myers Squibb Company conducted a survey that included 250 oncologists, surgeons, and specialists from countries such as the United States, Germany, and Japan. The survey revealed that immunotherapy has the potential to kill early-stage cancer.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cancer immunotherapy market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on therapy (monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, cancer immunotherapy vaccines, others), cancer type (lung, colorectal, breast, prostate, melanoma, blood, others), and end user (hospitals, ambulatory surgical centers, cancer research centers, clinics), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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The cancer immunotherapy market is segmented as follows:
By Therapy:
- Monoclonal Antibodies
- Immune Checkpoint Inhibitors
- Immune System Modulators
- Cancer Immunotherapy Vaccines
- Others
By Cancer Type:
- Lung
- Colorectal
- Breast
- Prostate
- Melanoma
- Blood
- Others
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Cancer Research Centers
- Clinics
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