The latest report by IMARC Group, titled “Cancer Immunotherapy Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global cancer immunotherapy market size reached US$ 96.6 Billion in 2021. Cancer immunotherapy, also known as immuno-oncology, refers to biological therapy used to treat cancer. It works by altering or enhancing the immune system, enabling it to detect and destroy abnormal cells to prevent and curb the growth of various types of cancer. It uses substances produced by the body or synthesized in a laboratory to help the body fight cancer. It is more precise, effective, and personalized and has fewer side effects than traditional therapies. It can be used in combination with radiation, chemotherapy, surgery, or targeted therapies to enhance their effectiveness and prolong progression-free survival (PFS) and overall survival (OS) of cancer patients. As a result, cancer immunotherapy is widely used across hospitals, cancer research centers, and clinics to control and eliminate different cancers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cancer Immunotherapy Market Trends:
The increasing prevalence of cancer and the escalating demand for advanced cancer therapeutics represent the primary factors driving the market growth. In addition, there has been a significant shift from traditional chemotherapy toward cancer immunotherapy due to the growing awareness regarding its efficacy and fewer side effects. Besides this, the surging incidences of multiple myeloma and melanoma have augmented the demand for cancer immunotherapy. Moreover, the rising government and private investments in research and development (R&D) activities in the cancer immunotherapy field have propelled the market growth. Furthermore, the leading players are developing novel immunotherapy variants with enhanced treatment efficacy and effectiveness. In line with this, the launch of several pharmaceutical company-sponsored patient assistance programs (PAPs) that provide financial support to low-income individuals to augment prescription drug coverage has positively influenced the market growth. Other factors, including the expanding healthcare industry, rising adoption of monoclonal antibodies (mAbs), supportive government initiatives, increasing regulatory approvals for new cancer immunotherapy drugs, and technological advancements in clinical therapies, are also creating a favorable market outlook. Looking forward, the market value is anticipated to reach US$ 167.5 Billion by 2027, growing at a CAGR of 9.10% during the forecast period (2022-2027).
- Based on the therapy type, the market has been divided into monoclonal antibodies, cancer vaccines, checkpoint inhibitors, immunomodulators, and others.
- On the basis of the application, the market has been segmented into lung cancer, breast cancer, colorectal cancer, melanoma, prostate cancer, head and neck cancer, and others.
- The market has been classified based on the end user into hospitals, cancer research centers, clinics, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Amgen Inc., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, GlaxoSmithKline Plc, Johnson & Johnson Services, Inc., Merck KGAA, Novartis AG, Pfizer Inc., Sanofi Aventis Groupe, and Seagen Inc.
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