by The cancer immunotherapy market deals with products and therapies enhancing the body’s natural defenses to fight cancer. Immunotherapies work by either stimulating the existing immune system or by utilizing manufactured versions of immune system components. Key products in this market include monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, and cancer vaccines. Advantages include increased patient survival and long-lasting remissions. With several forms of cancer becoming a leading cause of death worldwide, the need for more effective and personalized treatment options is growing rapidly.
Global cancer immunotherapy market is estimated to be valued at USD 141.06 Bn in 2024 and is expected to reach USD 314.53 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.1% from 2024 to 2031.
Key Takeaways
Key players operating in the Cancer Immunotherapy market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eElinicalHealth (CLINPAL), among others.
The rising Cancer Immunotherapy Market Demand incidence of cancer has been a key driver of demand for immunotherapies. According to the World Health Organization (WHO), cancer burden rose to 19.3 million new cases and 10 million cancer deaths in 2020. Further, cancer immunotherapy adoption is increasing due to their targeted approach and lower toxicity compared to other treatments.
Leading players are expanding globally to tap growing demand from developed as well as developing markets. For instance, in 2022, Accenture acquired U.K based specialist medtech consulting firm Clinical Ink to bolster its digital clinical solutions globally. Similarly, in 2021, Dassault Systèmes acquired Medidata to drive further expansion in the clinical trials and biosciences domain.
Market Key Trends
Personalized therapy and combination treatment with other modalities have emerged as a key trend bolstering cancer immunotherapy drugs and services demand. Combining immunotherapies such as checkpoint inhibitors with targeted therapies, chemotherapy, and radiation therapy results in enhanced therapeutic outcomes. Leading pharmaceutical companies are conducting extensive R&D to develop novel combination regimens leveraging the latest advances in disease understanding. This is expected to significantly drive the market revenues over the forecast period.
Porter’s Analysis
Threat of new entrants: High development and operational costs pose barriers for new players to enter the market.
Bargaining power of buyers: Healthcare providers and payers handle demand-side bargaining power by influencing treatment costs.
Bargaining power of suppliers: Major biopharma players supply innovative immunotherapies dominating the market and wielding influence over pricing.
Threat of new substitutes: Emerging therapeutic areas like gene therapy pose threats but immunotherapies maintain strong efficacy against cancer types.
Competitive rivalry: Strong competition exists between biopharma majors to develop advanced immunotherapies targeting new cancer indications.
Geographical Regions
North America currently holds the major Cancer Immunotherapy Market Regional Analysis share, contributing over 40% of value, aided by high healthcare spending and widespread adoption of novel therapies. The presence of leading immunotherapy developers in the US and Canada boost regional dominance.
Asia Pacific marks the fastest regional growth projected at a CAGR above 20% through 2031. Rapid economic development, increasing disposable incomes, and expanding healthcare infrastructure drive the Asia Pacific cancer immunotherapy market. Additionally, the large patient population and regional focus on novel therapeutic areas support market rise across China, India, Japan, and South Korea.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Priya Pandey
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn Profile
