Cancer Immunotherapy Market Set to Reach $412.8 Billion by 2034, Driven by Rising Cancer Prevalence and Advancements in Treatment

Monoclonal Antibodies and Immune Checkpoint Inhibitors Popular and Effective Cancer Immunotherapies: Fact.MR Report

The global cancer immunotherapy market is approximated at a value of US$ 159.2 billion in 2024 and is foreseen to increase at a CAGR of 10% from 2024 to 2034, says Fact.MR, a market research and competitive intelligence provider, in its updated industry report.

Immunotherapy is a type of cancer treatment process where the patient's immune system is improved through drugs and therapeutics to fight against cancer. To enhance the efficiency of this biological treatment, several key market players are investing in research and development activities. Rising prevalence of cancer coupled with a busy and stressful lifestyle, growing senior population (who are more prone to chronic disorders), and bad eating habits are contributing to overall cancer immunotherapy market growth.

• According to a World Health Organization report, in 2022, around 20 million new cancer cases and 9.7 million deaths were recorded worldwide.
• The same source also estimates that 1 in 5 people develop cancer in their lifetime, and 1 in 12 women and 1 in 9 men approximately die due to cancer.
• As per PubMed Cancer Statistics, in 2023, 1,958,310 new cancer cases were detected in the United States alone.

Some of the leading therapies for cancer treatment include monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, and cancer immunotherapy vaccines. Monoclonal antibodies and immune checkpoint inhibitors are widely used for cancer treatment worldwide due to their effective results.

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Key Takeaways from Market Study:

• The global cancer immunotherapy market is calculated to reach US$ 412.8 billion by 2034.
• The United States is estimated to hold 44.5% of the North American market share in 2024.
• Demand for cancer immunotherapies in Japan is forecasted to rise at a CAGR of 10.5% during the next 10 years.
• Sales of immune checkpoint inhibitors are projected to reach US$ 100.7 billion by 2034.
• Cancer research centers are expected to capture 27.6% of the global market share by 2034.
• The South Korea market is foreseen to register 10.8% CAGR through 2034.

“Lung cancer, being one of the most prevalent malignancy types, is set to account for high demand for cancer immunotherapies over the coming years,” says a Fact.MR analyst.

Competitive Landscape:

Leading cancer immunotherapy providers are Amgen Inc., Bristol-Myers Squibb Company, Janssen Biotech, Inc., GlaxoSmithKline Plc., Novartis AG, AstraZeneca Plc., and F. Hoffmann-La Roche Ltd. These companies are focusing on the integration of bioinformatics tools to enhance the drug development process. Investments in research and development activities are set to offer reliable and effective cancer immunotherapies over the years ahead.

To enhance their product offerings, industry giants are also collaborating with research institutions. Furthermore, mergers and acquisitions of small companies are set to increase their market reach and revenue growth.

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Cancer Immunotherapy Industry News:

• The United States Food and Drug Administration (FDA) authorised Bristol Myers Squibb's "Opdivo® (nivolumab)" in March 2024 for use as the first-line therapy of adult patients with metastatic or incurable urothelial carcinoma (UC) when combined with gemcitabine and cisplatin.
• Amgen Plc. revealed the first combination study results in 2021 from its Phase 1b/2 CodeBreaK 101 study, a thorough worldwide clinical research program for patients with advanced colorectal cancer that contains a KRAS G12C mutation. It demonstrated the safety and effectiveness of combining LUMAKRASTM (sotorasib) with Vectibix® (panitumumab).
• A survey of 250 oncologists, surgeons, and specialists from nations such the US, Germany, and Japan was carried out in September 2021 by the Bristol-Myers Squibb Company. According to the poll, immunotherapy may be able to eradicate cancer in its early stages.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global cancer immunotherapy market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on therapy (monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, cancer immunotherapy vaccines, others), cancer type (lung, colorectal, breast, prostate, melanoma, blood, others), and end user (hospitals, ambulatory surgical centers, cancer research centers, clinics), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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