CANCER IMMUNOTHERAPY MARKET ANALYSIS

Cancer Immunotherapy Market Size and Trends

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.

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The cancer immunotherapy market is expected to witness considerable growth over the forecast period. Increasing adoption of target therapy over conventional therapy drives the market growth. Increasing demand for effective, affordable and painless therapies for cancer treatment has led to major investments in R&D of immunotherapy by large pharmaceutical companies. The development of combination therapies using immunotherapy with chemotherapy and radiation therapy has shown promising results. Increasing focus on precision medicines and personalized treatment for patients are likely to create new opportunities in the market in the coming years. However, the high cost of therapy and need for further research to increase the efficacy is expected to restrain the market growth.

Rising prevalence of cancer

Increasing prevalence of cancer across the world has become a major driver for growth of cancer immunotherapy market. Cancer has been on the rise globally due to factors such as changing lifestyles, rising pollution levels, growing tobacco consumption, aging population, and genetic factors. According to estimates by the World Health Organization published in February 2024, the global burden of cancer is expected to increase significantly in the coming decades with the number of new cancer cases expected to rise from 20 million in 2022 to over 35 million by 2050. The four most common cancers in terms of incidence are lung cancer, breast cancer, colorectal cancer, and prostate cancer. Cancer is becoming one of the leading causes of death worldwide responsible for an estimated 9.6 million deaths in 2018. This rising prevalence of various cancer types puts enormous strain on healthcare systems and also affects public health. With the limitations of traditional treatment methods like chemotherapy, surgery, and radiation therapy, healthcare providers and patients are looking for more effective and targeted treatment options. Immunotherapy has emerged as a promising alternative as it helps stimulate the body's own immune system to identify and attack cancer cells precisely, thus, driving the market growth over the forecasted period.

There is a growing recognition in the oncology space that monotherapies may have limited efficacy against many solid tumor cancers. Combination therapies that amalgamate the mechanisms of two or more treatment types are demonstrating improved clinical outcomes as compared to single drug therapies. The paradigm is steadily shifting from sequential single agent treatments to rational combination regimens. Immunotherapy combinations that incorporate other modalities like targeted therapies, chemotherapy, and radiotherapy are showing especially promising results by overcoming the immune escape mechanisms. For example, combining immune checkpoint inhibitors like anti-PD-1/PD-L1 drugs with angiogenesis inhibitors is enhancing anti-tumor responses. The success of 'chemio-immunotherapy', which involves immune therapies along with chemotherapy, has encouraged many such combination trials.