Cancer Immunotherapy Market Size, Share & Growth | Forecast 2031

Report Description

Cancer Immunotherapy Market Outlook 2031:

The global cancer immunotherapy market  size was valued at USD 115.01 Billion in 2022 and is projected to reach USD 243.67 Billion by 2031, expanding at a CAGR of 8.7% during the forecast period 2023 - 2031. The growth of the market is attributed to the developing advanced cancer treatment facilities and lowering the rate of tumor recurrence after chemotherapy.

Immunotherapy, also known as biologic therapy, is a major type of therapy method used for the cancer treatment. The therapy is based on improving a patient’s immune system to help fight against cancer by either pushing to build a person's own immune system or injecting body's immune components including man-made immune system proteins.

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Rising R&D activity in the field of cancer immunotherapy is leading to the development of advanced therapy versions with improved and effective treatments. Immuno-oncology has showed encouraging results in terms of increased survival and decreased toxicity. Immunotherapies in development are expected to offer additional treatment options and better outcomes than currently available medicines.

Furthermore, the introduction of additional medication classes, including monoclonal antibodies and histone deacetylase (HDAC) inhibitors are aimed to meet the needs for targeting multiple myeloma receptors. The market is expected to grow due to ongoing research on similar drugs with the goal of reducing side effects.

The market growth is further accelerated due to the growing approval of several techniques and therapy methods including PD-1 and CTLA-4 checkpoint inhibitors for melanoma. Meanwhile, innovative immunotherapy medication formulations including as vaccines and adjuvants, are gaining popularity over the years. Furthermore, more immunotherapies, such as immunomodulators and CAR T-cell treatment, are being investigated for improved outcomes.

Cancer Immunotherapy Market Trends, Drivers, Restraints, and Opportunities

• Growing prevalence of cancer and increasing cancer therapy facilities coupled with rising awareness of the existing cancer treatment methods are key factors driving the cancer immunotherapy market growth.
• Rising activities related to R&D programs and technological developments in treatment options are projected to boost the market growth during the forecast period.
• Increasing approvals of cancer therapy products and favorable government policies encouraging the development of innovative cancer treatment are expected to propel the cancer immunotherapy market growth during the forecast period.
• Showing resistance to chemotherapy & side-effects using radiation therapy for the cancer treatment are key challenges that can restrain the cancer immunotherapy market expansion.
• High cost of cancer therapies and limited information on cancer immunobiology are restraining factors hampering the cancer immunotherapy market growth.

Scope of Cancer Immunotherapy Market Report

The report on the global cancer immunotherapy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Cancer Immunotherapy Market Segment Insights

Monoclonal antibodies segment is projected to account for a key market share

On the basis of products, the global cancer immunotherapy market share is divided into monoclonal antibodies, immunomodulators, and oncolytic viral therapies & cancer vaccines. The monoclonal antibodies segment is projected to account for a key share of the market during the forecast period owing to increasing R&D programs for monoclonal antibodies such as conjugated monoclonal antibodies and bispecific antibodies.

On the other hand, the immunomodulators segment is anticipated to upsurge the market considerably in coming years owing to the wide adoption of Immunotherapy medications. These medications are extensively used to modify a patient's immune system, hence increasing the immune system's ability to fight malignancies. The rising market penetration of these immunomodulatory medicines is due to their increasing efficacy and accuracy.

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Melanoma segment is expected to grow at a significant pace

Based on cancer types, the market is segmented into lung cancer, breast cancer, colorectal cancer, melanoma, prostate cancer, head & neck cancer, ovarian cancer, and pancreatic cancer. The melanoma segment is expected to grow at a significant pace during the forecast period owing to wide approval of melanoma treatment medicines and development of several antibodies such as monoclonal antibodies and checkpoint inhibitors.

Monoclonal antibodies can effectively block tumor cells from forming new blood vessels, allowing for the inhibition of an alternative avenue for tumor cell proliferation. Furthermore, in individuals with advanced lung cancer, checkpoint inhibitors are utilized as a first-line treatment.

However, the lung cancer segment is projected to exhibit a high CAGR during the forecast period owing to wide availability of immunotherapeutic medications such as Opdivo, Keytruda, and Tecentriq. Moreover, rising approved for lung cancer treatment products and typically recommended when a tumor recurs after chemotherapy are propelling the segment growth.

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Asia Pacific is anticipated to dominate the market

On the basis of regions, the global cancer immunotherapy market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to dominate the market by expanding at an impressive during the forecast period. The regional market growth is attributed to the increasing use of immunotherapy for tumor treatment due to approval of new therapeutic medications in China and Japan.

However, North America held a large revenue share in 2019 and is anticipated to register a substantial growth rate in the coming years. Rising incidence of cancer, increasing development of modern therapeutics methods, and growing geriatric population are contributing to the growth of the regional market. Several clinical trials are now underway as well as the Food and Drug Administration’s approvals for new therapeutic compounds and combination medicines are other major drivers for the market.

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