by Cancer immunotherapy is a type of treatment that utilizes the body’s own immune system to fight cancer cells. It works either by unleashing the existing immune cells or by prompting them to attack cancer cells. Some common types of cancer immunotherapy include checkpoint inhibitors, novel cell therapies, oncolytic viruses, and cancer vaccines. Checkpoint inhibitors help in activating the body’s T-cells to attack cancer cells more effectively by blocking certain checkpoint proteins that are expressed on the surface of T-cells. Novel cell therapies involve genetically modifying a person’s own T-cells or immune system cells to recognize and destroy cancer cells. Oncolytic viruses are genetically engineered viruses that selectively infect and kill cancer cells while leaving normal cells unharmed. Cancer vaccines help train the immune system to recognize and fight cancer cells by delivering harmless versions of foreign molecules that are found on cancer cells. With the growing burden of cancer globally and limitations of traditional therapies, cancer immunotherapy is becoming an integral part of cancer treatment with higher efficacy and fewer side effects compared to chemotherapy and radiation.
The global Cancer Immunotherapy Market is estimated to be valued at US$ 129291.49 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cancer immunotherapy market size is the rising adoption of combination immunotherapies. Combination therapies involve using two or more immunotherapies simultaneously or sequentially to enhance treatment efficacy. Several ongoing clinical trials are evaluating the safety and efficacy of combining checkpoint inhibitors like PD-1/PD-L1 inhibitors with other immunotherapies or with targeted therapies, chemotherapies, and radiotherapies. Combination strategies are demonstrating promising results and wider application in different cancer types. This is expected to further drive the demand for cancer immunotherapy over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cancer immunotherapy market is moderate as it requires high initial investments for R&D and clinical trials.
Bargaining power of buyers: The bargaining power of buyers is moderate as the availability of several immunotherapy treatment options provides buyers with some bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of alternative raw material suppliers and contract manufacturing capabilities.
Threat of new substitutes: The threat of new substitutes is high as new biologics and biosimilars are developed as alternatives to existing cancer immunotherapies.
Competitive rivalry: The competition in the cancer immunotherapy market is high owing to the presence of many global and regional players.
Key Takeaways
The global cancer immunotherapy market is expected to witness high growth.
The market is projected to reach US$ 129291.49 Bn by 2024 at a CAGR of 17%. North America is expected to dominate the market during the forecast period owing to the rising prevalence of cancer and increasing R&D investments in cancer immunotherapies in the US.
Key players operating in the cancer immunotherapy market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systà ̈mes, and eElinicalHealth (CLINPAL), among others. Key players are focusing on partnerships, collaborations and acquisitions to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
