by Cancer Immunotherapy Market, By Therapy Type (Monoclonal Antibodies, Cancer Vaccines, Immunomodulators, Immune Check Point Inhibitors, and Other Therapy Types), By Application (Prostate Cancer, Breast Cancer, Skin Cancer, Lung Cancer, and Other Applications), By End Users (Hospitals and Clinics, Cancer Research Centers, and Other End Users), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) – Size, Share, Outlook, and Opportunity Analysis, 2022 – 2028.
Market Overview:
Cancer immunotherapy refers to the use of the body’s immune system to fight cancer cells. It is a form of treatment that harnesses the power of the immune system to recognize and destroy cancer cells more effectively. Unlike traditional cancer treatments like chemotherapy and radiation therapy, which directly target cancer cells, immunotherapy focuses on enhancing the body’s natural defense mechanisms to combat cancer.
Competitive Landscape:
Major players operating in the global Cancer Immunotherapy Market include Bristol- Myers Squibb Company, OSE Immuno Therapeutics SA, Amgen Inc., Astellas Pharma Inc., AstraZeneca, Bayer AG, Eli Lilly and Company, F-Hoffmann La Roche, Merck & Co. Inc., and Novartis AG.
Key Market Drivers:
The increasing incidence of various types of cancers, such as lung cancer, breast cancer, colorectal cancer, and melanoma, has fueled the demand for effective treatment options like immunotherapy. Cancer immunotherapy has shown promising results in treating several types of cancers, driving its adoption. This is expected to augment the growth of the global cancer immunotherapy market. For instance, according to the World Cancer Research Fund, in 2020, there were around 18 million cancer cases in the world.
The development of novel immunotherapeutic agents, including immune checkpoint inhibitors, CAR-T cell therapies, and therapeutic vaccines, has revolutionized cancer treatment. These advancements have improved treatment outcomes and increased the effectiveness of cancer immunotherapy, thereby driving market growth.
Pharmaceutical companies and research institutions are investing heavily in R&D activities related to cancer immunotherapy. The focus on developing innovative therapies, combination treatments, and personalized medicine approaches is estimated to enhance the growth of the global cancer immunotherapy market.
Governments across the globe are taking initiatives to support the development and commercialization of cancer immunotherapy drugs. Regulatory agencies are providing accelerated approvals and fast-track designations, which facilitate the timely introduction of new therapies into the market.
Covid-19 Impact Analysis:
The COVID-19 pandemic had a mixed impact on the global cancer immunotherapy market. While the initial outbreak of the pandemic led to disruptions in the supply chain, delayed clinical trials, and reduced patient visits, the market rebounded quickly as healthcare systems adapted to the new normal. Moreover, the pandemic highlighted the importance of effective cancer treatments, boosting the demand for immunotherapy.
Key Takeaways:
North America is expected to dominate the growth of the global cancer immunotherapy market, owing to factors such as the presence of well-established healthcare infrastructure, high healthcare expenditure, strong R&D activities, and favorable reimbursement policies. The United States accounts for the largest share in this region. For instance, in May 2021, the United States Food and Drug Administration gave approval to Amgen’s LUMAKRAS (Sotorasib), in order to treat patients suffering from KRAS G12C.
The Asia Pacific is estimated to witness high growth in the global cancer immunotherapy market, owing to the improved healthcare infrastructure, rising healthcare expenditure, and increasing awareness about cancer immunotherapy. Countries such as China, Japan, and India are driving the market growth in this region. For instance, in May 2021, the European Commission approved Astellas Pharma’s XTANDI therapy (enzalutamide), which will be used to treat prostate cancer orally.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
