Cancer Immunotherapy Market Global Forecast Report by Products (Monoclonal Antibodies, Immunomodulators, Cancer Vaccines) Application (Lung Cancer, Breast Cancer, Colorectal Cancer, Melanoma, Prostate Cancer, Head & Neck Cancer, Others) End Users (Hospital, Cancer Research Centre, Clinics) Countries and Company Analysis, 2024-2032

Growth Factors in the Cancer Immunotherapy Industry

Increasing incidence of cancer

The global rise in oncology prevalence and the surge in research and development efforts aimed at creating new oncology medicines are the primary drivers of the cancer immunotherapy market. The availability of numerous organizations that fund immunotherapy research will additionally propel market growth. For instance, the Parker Institute for Cancer Immunotherapy worked with researchers and business executives to develop innovative cancer immunotherapies.

According to projections from the Global Cancer Observatory, there were roughly 2,281,658 cancer cases and 612,390 cancer-related deaths in the United States in 2020. Lung, prostate, and breast cancers are the three most prevalent cancer types in the United States. Australia saw 50,000 cancer-related fatalities and 150,000 new cases in 2020, according to the Cancer Council. The growing number of malignant tumors is anticipated to promote the growth of the cancer immunotherapy industry.

Growing acceptance of novel immunotherapies

It is anticipated that the growing approval of novel immunotherapies will propel market expansion. Several anti-PD-1 antibodies were approved by the US FDA between 2020 and 2022. Among them are dostarlimab, avelumab, and nivolumab. NSCLC, kidney cancer, melanoma, and breast cancers are all treated with them. The increase in immunotherapeutic drug approvals has sped up market expansion.

Key challenges in the cancer immunotherapy market

High Development Costs and Pricing Pressures

One of the primary challenges in the cancer immunotherapy market is the high cost associated with the research, development, and manufacturing of these therapies. However, despite these challenges, the market holds significant potential for growth. Developing effective immunotherapies requires substantial financial investment, lengthy clinical trials, and extensive regulatory approval processes. This results in high treatment prices, which can limit patient access and create affordability issues, especially in low- and middle-income countries. Additionally, pricing pressures from healthcare providers and insurers can hinder the market's growth, leading to ongoing debates over the cost-effectiveness of immunotherapies compared to traditional treatments. Balancing innovation with accessibility remains a significant challenge, but the potential for growth in this market is a reason for optimism.

Variable Patient Responses and Biomarker Identification

Another challenge in the cancer immunotherapy market is the variability in patient responses to treatments. Not all patients benefit from immunotherapy, and identifying suitable candidates remains complex. However, it's important to note that researchers are working tirelessly to better understand these response variations and improve patient selection. While biomarkers can help predict responses, the development and validation of these biomarkers are still ongoing, limiting personalized treatment approaches. Moreover, the emergence of resistance mechanisms in tumors can lead to treatment failure, further complicating the therapeutic landscape. But with the ongoing efforts of researchers, the future of cancer immunotherapy looks promising.

North America Cancer Immunotherapy Market Overview:

The established healthcare infrastructure and rising government efforts, which offer lucrative reimbursement policies, are the main drivers of the market's growth in North America.

In the United States, there were an expected 2,281,658 new cancer cases diagnosed and 612,390 cancer-related deaths in 2020, according to GLOBOCAN estimates.

According to estimates from the Canadian Cancer Society (CCS), 29,800 Canadians were given a lung cancer diagnosis in 2020, accounting for 13% of all new cancer cases. Lung cancer was predicted to claim the lives of 21,200 Canadians in 2020, accounting for 25% of all cancer-related deaths. This suggests that there is a sizable market for cancer immunotherapy. The market under investigation is anticipated to expand due to the rising incidence of different cancer forms.

Furthermore, The US National Cancer Institute has released a call to action, a roadmap, and an anticipated national cancer plan aimed at improving all phases of care for cancer patients, including prevention, detection, and diagnosis during treatment and recovery, according to an article published in April 2023 by Elsevier Ltd.

Middle East Cancer Immunotherapy Market

The Middle East cancer immunotherapy market is growing rapidly, driven by increasing cancer prevalence and rising healthcare investments. Governments are prioritizing advanced cancer treatments and fostering collaborations with global pharmaceutical companies. The demand for innovative therapies, coupled with expanding clinical trial activities, is propelling the development and adoption of immunotherapy in the region.

Saudi Arabia Cancer Immunotherapy Market

The cancer immunotherapy market in Saudi Arabia is experiencing significant growth, driven by a rising incidence of cancer and increased healthcare spending. The government actively invests in healthcare infrastructure and promotes initiatives to enhance access to innovative treatments, including immunotherapies. Collaborations with international pharmaceutical companies facilitate the introduction of advanced therapies, providing patients with more options for effective cancer treatment. Furthermore, the increasing awareness of cancer prevention and treatment among the population is boosting demand for immunotherapy solutions. Ongoing clinical trials and research projects also contribute to the market's expansion, positioning Saudi Arabia as a key player in the region's healthcare landscape.

Cancer Immunotherapy Market Company Overview

Some of the industry leaders seen in the Global Cancer Immunotherapy Market Includes Amgen Inc., AstraZeneca, Bayer AG, Bristol-Myers Squibb Company, Pfizer Inc, Novartis AG, Johnson & Johnson, Eli Lily Company, Seattle Genetics Inc.

Cancer Immunotherapy Market News

In December 2023, The FRUZAQLA (fruquintinib) for Takeda's previously treated metastatic colorectal cancer was authorized by the US FDA.

In October 2023, The U.S. Food and Drug Administration (FDA) approved Merck's anti-PD-1 drug KEYTRUDA as neoadjuvant and adjuvant treatment after surgery for patients with resectable non-small cell lung cancer (NSCLC).

In October 2023, The U.S. Food and Drug Administration (FDA) has authorized Pfizer's MEKTOVI (binimetinib) + BRAFTOVI (encorafenib) combination for the treatment of adult patients with metastatic non-small cell lung cancer (NSCLC) who have a BRAF V600E mutation as identified by an FDA-approved test.

Products – Market breakup in 3 viewpoints:

1. Monoclonal Antibodies
2. Immunomodulators
3. Cancer Vaccines

Application – Market breakup in 7 viewpoints:

1. Lung Cancer
2. Breast Cancer
3. Colorectal Cancer
4. Melanoma
5. Prostate Cancer
6. Head & Neck Cancer
7. Others

End User – Market breakup in 3 viewpoints:

1. Hospital
2. Cancer Research Center
3. Clinics

Country – Market breakup in 25 viewpoints:

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Switzerland

Asia Pacific

• Japan
• China
• India
• Australia
• South Korea
• Indonesia

Latin America

• Brazil
• Argentina
• Mexico

Middle East & Africa

• South Africa
• Saudi Arabia
• United Arab Emirates

Rest of the World
 

All the Key players have been covered from 4 Viewpoints:

1. Overviews
2. Key Person
3. Recent Developments & Strategies
4. Product Portfolio & Product Launch in Last 1 Year
5. Revenue

Company Analysis:

1. Amgen Inc.
2. AstraZeneca
3. Bayer AG
4. Bristol-Myers Squibb Company
5. Pfizer Inc
6. Novartis AG
7. Johnson & Johnson
8. Eli Lily Company
9. Seattle Genetics Inc

Report Details: