Cancer immunotherapy relies on guiding and empowering the body’s immune system to fight cancer. It offers targeted treatment options with minimal side effects compared to conventional therapies such as chemotherapy. Immunotherapies recognize cancer cells and train the immune system to attack them specifically. 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:
The growing adoption of immunotherapies, especially CAR T-cell therapy, is expected to drive the cancer immunotherapy market growth over the forecast period. CAR T-cell therapy is an innovative way to treat cancers like leukemia and lymphoma. It involves genetically modifying a patient’s own T cells to attack cancer cells. Clinical trials have shown high remission rates for certain blood cancers. Further research is exploring expanding the use of CAR T-cell therapy for solid tumors which have been difficult to treat. Increased investment in immunotherapy R&D and its success in clinical trials will continue to propel the cancer immunotherapy market forward in the coming years.
SWOT Analysis
Strength: Cancer immunotherapy allows more targeted treatment and reduces side effects compared to other therapies. It uses the body’s own immune system to fight cancer cells.
Weakness: Immuno-oncology drugs can cause severe side effects in some patients due to over-activation of the immune system. Success rates also vary between cancer types.
Opportunity: Rising demand for personalized medicines and increasing adoption of immunotherapies present opportunities for players in this market. Growing geriatric population also enhances market opportunities.
Threats: High investment required for R&D and manufacturing of immunotherapies poses financial challenges. Stringent regulations for approval of novel therapies further increase costs.
Key Takeaways
The global Cancer Immunotherapy Market Scope is expected to witness high. North America currently dominates the market due to increasing adoption of advanced cancer therapies and growing incidences of cancer cases in the region. The regional market is projected to be valued at US$ 55451.19 Bn by 2030.
The Asia Pacific region is expected to witness fastest growth in the forecast period owing to rising healthcare expenditure, increasing awareness regarding early disease diagnosis, growing geriatric population, and availability of late-stage immunotherapies.
Key players operating in the cancer immunotherapy market include Solvay, Samsung SDI Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc., and Solid Power. These companies focus on new product launches and enhancing existing product portfolios through collaborations and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it