The cancer immunotherapy market includes drugs that help in boosting a patient’s immune system to fight against cancer more effectively. The immunotherapy products treat cancer by either stimulating the body’s innate immune response or by modifying the characteristics of immune cells, such as T-cells, to attack cancer cells directly. Immunotherapy is becoming a standard of care for treating various types of cancers including lung cancer, melanoma, lymphoma, and leukemia among others. The global products are being preferred due to their targeted approach against cancer with minimal side-effects and broader therapeutic window as compared to other conventional treatment options.
The global Cancer Immunotherapy Market is estimated to be valued at US$ 112232.19 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cancer immunotherapy market is the rise in development of combination therapies. Combining immunotherapies that target different components and stages of cancer immunity offers improved clinical outcomes than single agent immunotherapy alone. Many drug makers are conducting research and clinical trials evaluating cancer immunotherapy alone and in combination with other treatment options such as targeted therapies, chemotherapy among others to maximize treatment benefits. For instance, combination of Opdivo (nivolumab) and Yervoy (ipilimumab) from Bristol Myers Squibb is approved for treating various cancers. Rise in adoption of such combination strategies is expected to drive robust growth of the cancer immunotherapy market during the forecast period.
Threat of new entrants: The cancer immunotherapy market has moderate threat from new entrants due to high capital requirements for R&D.
Bargaining power of buyers: Individual buyers have low bargaining power due to the need for immunotherapy drugs and complex treatment options.
Bargaging power of suppliers: Suppliers have moderate bargaining power due to concentration of suppliers and importance of inputs.
Threat of new substitutes: Threat of substitutes is low as cancer immunotherapy provides targeted treatment with fewer side effects than other therapies.
Competitive rivalry: The market is highly competitive with presence of many players offering varied treatment options.
The Global Cancer Immunotherapy Market Demand is expected to witness high growth. The global Cancer Immunotherapy Market is estimated to be valued at US$ 112232.19 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030.
North America dominates the market owing to advancements in immunotherapy treatment and presence of key players. Asia Pacific is expected to grow at the highest CAGR during the forecast period. This is attributed to increasing healthcare expenditure, rising incidences of cancer, and growing awareness about benefits of immunotherapy.
Key players related content comprises: Key players operating in the cancer immunotherapy market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault SystÃ ̈mes, and eElinicalHealth (CLINPAL), among others. They adopt strategies such as partnerships, collaborations, and new product launches to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it