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CANCER IMMUNOTHERAPY MARKET BY TYPE (MONOCLONAL ANTIBODIES, IMMUNOMODULATORS, CANCER VACCINES, CHECKPOINT INHIBITORS, AND OTHERS), BY INDICATION (LUNG CANCER, BREAST CANCER, PROSTATE CANCER, COLORECTAL CANCER, AND OTHERS), BY END-USER (HOSPITALS AND CLINICS, SPECIALTY CENTERS, AND OTHERS), AND BY GEOGRAPHY IS EXPECTED TO RISE AT A SIGNIFICANT CAGR FORECAST till 2030 OWING TO THE ACCELERATING PREVALENCE OF CANCERS AND SURGING HEALTHCARE EXPENDITURE ACROSS THE GLOBE
The global cancer immunotherapy market is found to be 85.23 billion in 2022 and will grow at a CAGR of 11.63% during the forecast period from 2024 to 2030 in order to reach USD 162.87 billion by 2030. The cancer immunotherapy market is observing an optimistic market growth due to the factors such as the rising prevalence of cancer across the globe and the increasing exposure to carcinogenic substances, smoking, radiation, viruses, and others. Further, the surging healthcare expenditure and the growing adoption of cancer immunotherapy over other treatment options will also drive the market of cancer immunotherapy market in the given forecast period. Therefore, the market for cancer immunotherapy is estimated to grow at a substantial CAGR during the forecast period from 2024 to 2030.
CANCER IMMUNOTHERAPY MARKET DYNAMICS:
One of the key aspect for driving the cancer immunotherapy market is the rising prevalence of cancers globally.
For instance, according to the World Health Organization (WHO) 2022, in 2020 the incidence of breast cancer was 2.26 million cases, followed by lung cancer -2.21 million cases, colon and rectum cancer with 1.93 million cases, prostate cancer with 1.41 million cases, skin cancer 1.20 million cases, and stomach cancer with 1.09 million cases, globally. Also, as per the database provided by the European Commission, the incidence of cancer among the women in Europe in 2020 was 1,912,080 and in males was 2,130,183. Thus, the increasing incidence of cancers across the globe will increase the demand of cancer immunotherapy in the upcoming years.
Further, smoking, radiation exposure, and exposure to certain chemicals have all been linked to the increased risk of cancers. For instance, Epstein-Barr virus, HIV and human T-cell lymphoma/leukemia virus infections are risk factors for developing lymphomas and leukemia. Thus, increased exposure to any of the above factor will increase the number of cases of blood cancer. In the same manner the above mentioned factors can increase the risk of any type of cancer, ultimately increasing the prevalence of cancer, thereby increasing the demand of cancer immunotherapy in the upcoming years.
Also, according to the World Health Organization (WHO) 2022, in 2020, 22.3% of the global population used tobacco, 36.7% of all men and 7.8% of the world's women. Thus, the increased consumption of tobacco will further increase the prevalence of cancers, ultimately increasing the demand of cancer immunotherapy in the given forecast period.
Additionally, increase in the awareness programs regarding the need for cancer immunotherapy is expected to help the market gain traction during the forecast period.
Therefore, the factors stated above collectively will drive the overall cancer immunotherapy market during the forecast period from 2024-2030.
However, high cost of the treatment, adverse effects of immunotherapy treatment, and others may prove to be challenging factors for cancer immunotherapy market growth.
The COVID-19 pandemic has slightly impacted the market for cancer immunotherapy. The outbreak of the pandemic led to the cancellation of outpatient visits and the suspension of non-emergency hospitals and procedures for chronic disorders such as cancers, diabetes, cardiovascular disorders, others. This resulted in the reduced number of patients for the routine treatments of the cancer and other above mentioned disorders. However, vaccine development of COVID-19 has produced the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape which has initiated the process of resumption of regular healthcare services such as outpatient's visits, thereby bringing the demand for products on track in the cancer immunotherapy market.
CANCER IMMUNOTHERAPY MARKET SEGMENT ANALYSIS:
Cancer Immunotherapy Market by Type (Monoclonal Antibodies, Immunomodulators, Cancer Vaccines, Checkpoint Inhibitors, and Others), Indication (Lung Cancer, Breast Cancer, Prostate Cancer, Colorectal Cancer, and Others), End-User (Hospitals and Clinics, Specialty Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the type segment of the cancer immunotherapy market, the monoclonal antibodies segment is expected to have a significant revenue share in the year 2023. This was primarily owing to the wider advantage circle of the segment as compared to the other type.
Monoclonal antibodies are the most commonly prescribed immunotherapeutic drugs across the globe as they are highly reproducible and scalable, and have unlimited production source. Moreover, the monoclonal antibodies offers sensitivity and specificity of assays.
Also, they block the connection between a cancer cell and proteins that promote cell growth, an activity that is necessary for cancer growth and survival, thereby making it an apt treatment for the cancer cells.
Further, the monoclonal antibodies are a type of targeted cancer therapy, which means they are designed to interact with specific targets. This property decreases the number of adverse events related with the therapy.
Also, the increasing investments in research & development of monoclonal antibodies as naked antigen binding antibodies, conjugated monoclonal antibodies, and bispecific antibodies have opened up new revenue streams for oncology therapeutics companies. These R&D efforts have resulted in the introduction of mAbs with properties such as adaptive immunity, antigen specificity, and antibody dependent cellular toxicity. Owing of their numerous advantages, mAbs are being used and researched for the treatment of various types of tumors.
Therefore, owing to the advantages and applications associated with the monoclonal antibodies, the category is expected to witness a considerable growth eventually contributing to the overall growth of the global cancer immunotherapy market during the forecast period.
NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL CANCER IMMUNOTHERAPY MARKET:
Among all the regions, the North America is expected to dominate the global cancer immunotherapy in the year 2023 and is expected to do the same during the forecast period from 2024-2030. This can be ascribed to the increasing prevalence of cancers, the increasing exposure to carcinogenic substances, smoking, radiation, viruses, and the presence of key market players in the region are factors which acts as a supportive factor for the North America cancer immunotherapy market growth.
According to the American Cancer Society 2022, in 2022, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States. Also, according to the Canadian Centre for Applied Research in Cancer Control 2022, nearly 233,900 estimated cases will be reported in 2022, in Canada. Further, the global cancer observatory 2022, stated that the incidence of cancer in 2020 in Mexico was 195,499. Thus, from the above mentioned sources and statistics it can be concluded that the incidence of cancer is quite high in the North America, ultimately increasing the demand of cancer immunotherapy in the region.
Further, the increasing geriatric population in the region, increasing consumption of tobacco, alcohol, chemicals, and other carcinogenic substances, will surge the market of cancer immunotherapy market. For instance, according to the United Health Foundation 2022, more than 54 million adults ages 65 and older live in the United States, in 2022. Further, as per the U.S. Census Bureau 2022, the geriatric population accounts for about 16.5% of the nation's population. The source also stated that the number of older adults living in the United States is large and growing and is estimated that by 2050, the total number of adults ages 65 and older is projected to rise to an estimated 85.7 million which is roughly 20% of the overall United States population. Thus, the increasing elderly population will increase the demand of cancer immunotherapy as the elderly patients have weak immune systems and are more prone cancers and other chronic disease.
Further, increasing ease of access to modern therapeutics, presence of key players, increasing healthcare expenditure, and others will also spur the market of cancer immunotherapy in the upcoming years.
Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the cancer immunotherapy market.
CANCER IMMUNOTHERAPY MARKET KEY PLAYERS:
Some of the key market players operating in the cancer immunotherapy market includes Amgen Inc., AstraZeneca, F. Hoffmann-La Roche Ltd, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Co., Merck & Co., Inc., Novartis AG, Pfizer Inc., Johnson & Johnson Services, Inc., Gilead Sciences, Inc., Dendreon Pharmaceuticals LLC., Fate Therapeutics, Precision BioSciences, IOVANCE Biotherapeutics, Inc., Spectrum Pharmaceuticals, Inc., Sanofi, Mylan N.V., Apotex Inc., Hikma Pharmaceuticals PLC, and others.
RECENT DEVELOPMENTAL ACTIVITIES IN CANCER IMMUNOTHERAPY MARKET:
In February 2022, The Janssen Pharmaceutical Companies of Johnson & Johnson announced that the U.S. Food and Drug Administration approved CARVYKTI, a cancer immunotherapy for the treatment of adults with relapsed or refractory multiple myeloma (RRMM).
In April 2022, the 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 as well as esophageal adenocarcinoma. This is the first FDA-approved immunotherapy for the first-line treatment of gastric cancer.
KEY TAKEAWAYS FROM THE CANCER IMMUNOTHERAPY MARKET REPORT STUDY
TARGET AUDIENCE WHO CAN BE BENEFITED FROM THIS CANCER IMMUNOTHERAPY MARKET REPORT STUDY
FREQUENTLY ASKED QUESTIONS FOR CANCER IMMUNOTHERAPY MARKET:
The cancer immunotherapy, also known as immuno-oncology, is a form of cancer treatment that uses the power of the body's own immune system to prevent, control, and eliminate cancer.
The global cancer immunotherapy market is found to be 85.23 billion in 2022 and will grow at a CAGR of 11.63% during the forecast period from 2024 to 2030 in order to reach USD 162.87 billion by 2030.
The cancer immunotherapy market is witnessing a positive market growth owing to the factors such as the rising prevalence of cancer across the globe and the increasing exposure to carcinogenic substances, smoking, radiation, viruses, and others will increase the demand of cancer immunotherapy in the market. Further, the surging healthcare expenditure and the growing adoption of cancer immunotherapy over other treatment options will also drive the market of cancer immunotherapy market in the given forecast period.
Some of the key market players operating in the cancer immunotherapy market includes Amgen Inc., AstraZeneca, F. Hoffmann-La Roche Ltd, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Co., Merck & Co., Inc., Novartis AG, Pfizer Inc., Johnson & Johnson Services, Inc., Gilead Sciences, Inc., Dendreon Pharmaceuticals LLC., Fate Therapeutics, Precision BioSciences, IOVANCE Biotherapeutics, Inc., Spectrum Pharmaceuticals, Inc., Sanofi, Mylan N.V., Apotex Inc., Hikma Pharmaceuticals PLC, and others.
Among all the regions, North America is estimated to hold the significant revenue share in the global cancer immunotherapy market. This can be ascribed to the increasing prevalence of cancers in the region, the increasing exposure to carcinogenic substances, smoking, radiation, viruses, and the presence of key market players in the region are factors which acts as a supportive factor for the North America cancer immunotherapy market growth.