by Cancer immunotherapy is a type of treatment that helps the body’s natural defenses (the immune system) fight cancer. It employs either naturally occurring or synthetic versions of specific substances that can boost, direct, or restore the body’s natural defenses against cancer in order to inhibit or destroy cancer cells. Some types of cancer immunotherapies in use or under investigation include monoclonal antibodies such as checkpoint inhibitors, cancer vaccines, and other approaches targeting the tumor microenvironment and immune checkpoints pathways. Advances in cancer immunotherapies provide targeted treatment options and improved survival rates for patients. With rising cases of cancer globally especially lung cancer, melanoma, leukemia and breast cancer; the demand for effective treatment options is also increasing thereby driving the demand for cancer immunotherapies. 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 39.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Some of the notable trends in the cancer immunotherapy market include increasing pipeline drugs and combinations, growing emphasis on personalized immunotherapy, and rising focus on solid tumors. Pharmaceutical companies are developing innovative drugs and combination therapies to improve treatment outcomes. For example, the combination of checkpoint inhibitors with other immunotherapies, targeted therapies, chemotherapies, and radiation therapies are yielding promising results. Companies are also investing in biomarker-based clinical trials to identify the patients who would most likely benefit from specific immunotherapies to enable personalized treatment approach. Due to success with checkpoint inhibitors in melanoma and lung cancer, drug developers have started exploring immunotherapy for other solid tumors like liver, pancreatic, prostate, and gastrointestinal cancers. These trends will continue to shape the cancer immunotherapy landscape in coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The cancer immunotherapy market requires high R&D investments and regulatory approvals which act as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players providing differentiated products. Buyers can negotiate for better prices and demand customized cancer immunotherapy solutions.
Bargaining power of suppliers: The bargaining power of suppliers is low since there are many component suppliers for cancer immunotherapy. Suppliers do not have control over pricing and cannot influence the overall market.
Threat of new substitutes: The threat of substitutes is low as cancer immunotherapy is considered a breakthrough with minimal substitutes available.
Competitive rivalry: The competitive rivalry is high owing to the presence of many global and local players competing on the basis of product differentiation and pricing.
Key Takeaways
The global Cancer Immunotherapy Market Growth is expected to witness high over the forecast period owing to the rising adoption of targeted therapies to treat cancer.
Regional analysis: North America currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to factors such as rising cancer incidence, availability of advanced healthcare infrastructure, and high adoption of immunotherapy. Asia Pacific is expected to grow at the fastest rate owing to increasing healthcare spending, rising cancer awareness, and improving access to cancer treatments.
Key players: Key players operating in the Cancer Immunotherapy market are Solvay, Samsung SDI Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc., and Solid Power. Companies are focusing on developing innovative products and targeting new application areas to strengthen their market position.
The global Cancer Immunotherapy Market size for 2023 is US$ 112232.19 Bn. Over the forecast period of 2023 to 2030, the market is expected to witness a CAGR of 39.%. The key factors driving market growth are rising prevalence of cancer worldwide, growing focus on targeted therapies, and increasing demand for non-toxic and cost-effective treatments.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
