Cancer Immunotherapy Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Cancer Immunotherapy Market is segmented by Product Type (Monoclonal Antibodies, Cancer Vaccines, Immune Checkpoint Inhibitors, Others) by Cancer type Cancer, Breast cancer, Head and neck cancer, Melanoma, Colorectal cancer, Ovarian cancer, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Cancer Immunotherapy Market Size

The global cancer immunotherapy market size was valued at USD million in 2021 and is estimated to reach USD million by 2031, growing at a CAGR of 7.1% during the forecast period (2024-2031). Cancer immunotherapy is a type of cancer treatment that helps the immune system fight cancer.

The immune system helps the body fight infections and other diseases. It is made up of white blood cells and organs and tissues of the lymph system. Immunotherapy can treat many different types of cancer. It can be used alone or in combination with chemotherapy and/or other cancer treatments.

Cancer Immunotherapy Market Dynamics

The rise in prevalence of cancers drives the global cancer immunotherapy market growth, due to growing demand for the monoclonal antibodies, robust product pipelines of the companies in cancer immunotherapy, and increasing investments in the R & D for the development of the novel drugs are some of the major factors driving the growth and size of the cancer immunotherapy market. Rising R&D activities and increasing the effectiveness and accuracy of newer therapies will drive market growth.

The rising R&D activities mainly drive the cancer immunotherapy therapeutics market. For instance, the Breast Cancer Research Foundation (BCRF) is a non-profit organization providing critical funding for cancer research across the globe to fuel advances in tumor biology, genetics, prevention, treatment, metastasis, and survivorship. Also, breastcancer.org provides the most reliable, complete, and updated information about breast cancer to create awareness among patients. The increasing incidence of cancer is found that has been a significant factor in the growth of the cancer immunotherapy market.

According to the National Clinical Trials (NCT) Registry, as of 8th September 2020, there are more than 1,000 ongoing clinical trials worldwide across different phases of development in the treatment of cancer with immune-based therapies moreover, as these therapies are in development if trials show can be expected for positive cancer outcomes shortly new effective immuno-therapies.

Cancer immunotherapy is found to play a vital role in maintaining the immune system, and it targets the infectious agents that may cause cancer through the production of antibodies. Cancer Immunotherapy is considered a new therapy. However, it has shown great potential over the past few years. Also, with the massive burden of cancer cases and side effects of the current therapies, the market is expected to grow at a high growth rate during the forecast period. 

The high cost of treatment will hamper the growth of the market

However, the cost of immunotherapies varies among different tumor types. Pembrolizumab incurred one-year per-patient costs of $145,010 and $130,511 for the treatment of MM and NSCLC, respectively, and achieved median progression-free survival (PFS) of 6.3 months for each type of cancer. As per NCBI, the one-year worldwide cost for treating these cancers with pembrolizumab was estimated to be $3.8 billion and $83.9 billion, respectively. Thus, these factors will hamper the market growth in the forecast period.

COVID-19 Impact on Cancer Immunotherapy Market

The COVID-19 pandemic has drastically affected buying capacity of hospitals, especially small-scale hospitals and scanning centers. According to an article by Cigna, there have been reductions in hospitalizations for non-elective conditions s that raise the possibility that patients may be deferring necessary elements of clinical care. The clinical trials of the new cancer immunotherapy drugs are kept on hold, as during this crisis the individual is more susceptible to suffering from COVID-19. COVID-friendly cancer treatments, however, are observed to be increased during the course of time and would propel in the coming years. Thus, the COVID-19 pandemic is anticipated to have a negative impact on the cancer immunotherapy market.

Cancer Immunotherapy Market Scope

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Segmentation Analysis

The breast cancer segment is expected to grow at the fastest CAGR during the forecast period (2024-2031)

Breast cancer is found to be cancer that develops in the breast cells. The signs of breast cancer include a lump in the breast, a change in breast shape, dimpling of the skin, a newly inverted nipple, or a red or scaly patch of skin. According to the (CDC) Centre for Disease Control and Prevention, breast cancer is the most common cancer in women. There is a rising number of breast cancer cases across the globe, driving the market's overall growth. Thus, the increasing urge for effective, lasting breast cancer treatment is necessary.

The rising R&D and awareness about breast cancer are expected to boost the market's overall growth. For instance, the Breast Cancer Research Foundation (BCRF) is a non-profit organization providing critical funding for cancer research across the globe to fuel advances in tumor biology, genetics, prevention, treatment, metastasis, and survivorship. Also, breastcancer.org provides the most reliable, complete, and updated information about breast cancer to create awareness among patients.

Cancer Immunotherapy Market Geoghraphical Share

North America region holds the largest market share of the global cancer immunotherapy market

North America is expected to dominate the overall cancer immunotherapy market in the forecast period. The major factors driving the market's growth in North America are developed healthcare infrastructure and increased government initiatives, which offer lucrative reimbursement policies. According to the estimates of the GLOBOCAN in 2020, there were an estimated 2,281,658 new cancer cases diagnosed and 612,390 deaths due to cancer in the United States. The Canadian Cancer Society (CCS) estimated that in 2020, approximately 29,800 Canadians would be diagnosed with lung cancer. Represents 13% of all new cancer cases. About 21,200 Canadians are expected to die from lung cancer. Means 25% of all cancer deaths in 2020. Indicates a significant potential market demand for cancer immunotherapy. The studied market is expected to grow owing to the increasing burden of various types of cancer.

The market players are also focusing on launching new products in the market. For instance, in 2019, the USFDA approved Merck's cancer therapy known as Keytruda, a part of combination therapy for previously untreated patients with the most common type of kidney cancer. Furthermore, various organizations are increasing awareness regarding cancer. Therefore, with the increasing cancer burden and the rising R&D in cancer, the market is expected to experience lucrative growth during the forecast period.

Cancer Immunotherapy Market Companies and Competitive Landscape:

The cancer immunotherapy market is a moderately competitive presence of local and global companies. Some of the key players contributing to the market's growth include Amgen Inc., Astellas Pharma, Inc., AstraZeneca, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Co., F. Hoffman La Roche, Merck and Co., Novartis, OSE Immunotherapeutics, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the growth of the Cancer Immunotherapy Market globally. For instance, on 16th April 2021, U.S. Food and Drug Administration approved Opdivo (nivolumab), in combination with certain types of chemotherapy, for the initial treatment of patients with advanced or metastatic gastric cancer gastroesophageal junction cancer, and esophageal adenocarcinoma. The first FDA-approved immunotherapy for the first-line treatment of gastric cancer.

Amgen Inc.

Overview: Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures, and markets medicines for grievous illnesses. The Company focuses on human therapeutics and innovating novel drugs based on cellular and molecular biology.

Product Portfolio: BLINCYTO (Blinatumomab):  BLINCYTO is the first BiTE antibody construct and the first single-agent immunotherapy approved by the U.S. Food and Drug Administration (FDA). BLINCYTO was granted breakthrough therapy and priority review designations by the FDA and is now supported in the U.S. for the treatment of Philadelphia chromosome-negative (Ph-) relapsed or refractory B-cell precursor acute lymphoblastic leukemia (ALL). 

The global cancer immunotherapy market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 205 (approximate) pages.