Cancer immunotherapy Market Expected to reach $309,667.65 Million by 2030

According to a new report published by Allied Market Research, titled, “Cancer Immunotherapy Market, by Technology Type, Application, and End User: Global Opportunity Analysis And Industry Forecast, 2020–2030,” the global cancer immunotherapy market size was valued at $85,603.50 million in 2020, and is projected to reach $309,667.65 million by 2030, registering a CAGR of 14.1% from 2020 to 2030.

Cancer immunotherapy, also known as biologic therapy, helps in cancer treatment by boosting the immunity of body to fight against cancer. In this type of therapy antibodies and live viruses are introduced in the body that slows the growth of the cancer cells. In addition, it also helps the immune system destroy the cancer cells. Some cancer immunotherapies contain antibodies that bind to, and inhibit the function of, proteins expressed by cancer cells. Other cancer immunotherapies include vaccines and T cell infusions.

The major factors that drive the growth of this market include increase in incidence of cancers worldwide, growth in geriatric population, and rise in cancer R&D. In addition, the surge in the healthcare expenditure is expected to help the market gain traction. Furthermore, the steep rise in the awareness among the consumers regarding cancer immunotherapy and its advantages is anticipated to help the market generate higher revenue in the coming years. However, stringent regulations given by cancer immunotherapy and risk associated with the cancer immunotherapy and the limitations of the procedure is projected to restrain the market growth during the forecast period.

The cancer immunotherapy market is categorized on the basis of technology type, application, end user, and region. By technology type, the market is divided into monoclonal antibodies, cytokines & immunomodulators, and other technologies. Monoclonal antibodies held the largest share in 2020, owing to surge in usage of monoclonal antibodies for cancer immunotherapy as they exhibit different immunomodulatory properties. These immunomodulatory properties would help in directly activating or inhibiting the molecules of immune system. The other advantage pose by the monoclonal antibodies such as inducing the antitumor immune response, is expected to contribute toward market growth during the forecast period. 

By application, the cancer immunotherapy market is categorized into lung cancer, breast cancer, colorectal cancer, melanoma, prostate cancer, head & neck cancer, and other applications. Lung cancer market held the largest share in 2020 and is expected to lead the market during the analysis period owing to increase in incidence of cancer 

By end user, the market is segmented into hospitals, cancer research centers, and clinics. Hospitals held the largest market share of cancer immunotherapy market in 2020, and this segment is estimated to show the highest growth rate during the analysis period due to the increase in use of cancer immunotherapy in the hospitals segment and higher preference of the patients towards the hospital.

Region wise, the cancer immunotherapy market analyzed across North America, Europe, Asia-Pacific, and LAMEA. Geographically, the global cancer immunotherapy market is analyzed by four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2020. This is attributed to the surge in amount of expenditure in healthcare, high incidence of cancer and well-established healthcare system in North America. However, Asia-Pacific region is projected to grow with the highest CAGR during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.

The key players operating in the market are Bayer AG, Bristol-Myers Squibb Company, Amgen, Inc., Astrazeneca, PLC, Eli Lily And Company, F. Hoffmann-La Roche, Ltd. (Genentech, Inc.), Pfizer, Inc., Johnson & Johnson (Janssen Global Services, LLC), Merck KGAA, and Novartis AG.

Key Findings Of The Study

• By technology type, the monoclonal antibody segment accounted for the largest market share for technology segment in 2020 and is also estimated to grow at the highest CAGR of 14.5%.
• By application, the lung cancer segment held the highest market share and is anticipated to lead the cancer immunotherapy market growth during the analysis period.
• By region, the U.S. was the major shareholder in the North America cancer immunotherapy market, accounting for 85.12% share in 2020.
• By region, Japan is expected to show the highest growth rate during the analysis period.