Top Companies in the Immunotherapy in Oncology Market

The immunotherapy in oncology market size was valued at USD 119 billion in 2023, driven by personalized medicine and combination therapies, as well as the rising prevalence of cancer. The market is anticipated to grow at a CAGR of 11.6% during the forecast period of 2024-2032 to achieve a value of USD 319.5 billion by 2032.

Cancer is a broad category of disorders that can originate in nearly any organ or tissue in the body when aberrant cells proliferate out of control, cross normal boundaries to infect other body parts, or spread to other organs. The latter process, known as metastasizing, is a primary contributor to cancer-related deaths. Other frequent names for cancer are neoplasm and malignant tumor.

Approximately 9.6 million deaths, or 1 in 6 deaths, were attributed to cancer in 2018, making it the second most common cause of death worldwide. Men are most likely to develop lung, prostate, colorectal, stomach, and liver cancers, whereas women are more likely to develop breast, colorectal, lung, cervical, and thyroid cancers.

Recently, various immunotherapies have been approved by government agencies for cancer treatment that do not cause any side effects on the body. Hence, the increase in approvals for cancer immunotherapies has led to market expansion. As an example, in February 2024, the cellular therapy for melanoma was approved by the U.S. Food and Drug Administration (FDA). The therapy, known as Amtagvi (lifileucel), is suitable for treating adults with skin cancer. Opdualag, which consists of relatlimab and nivolumab, is the first FDA-authorized LAG-3 antibody therapy as well as the first novel cancer immunotherapy approved for a new immune checkpoint in almost a decade. Following PD-1 and CTLA4 antibodies, the LAG-3 antibody is the third immune checkpoint inhibitor authorized for commercialization.

Top Companies Leading the Immunotherapy in Oncology Market in 2024

1.    Amgen Inc.

Amgen Inc., a global biopharmaceutical firm based in Thousand Oaks, California, was formerly known as Applied Molecular Genetics Inc. As of 2022, Amgen, one of the biggest independent biotechnology companies in the world, employed about 24,000 people. Amgen recently made the announcement that it will present fresh information from its extensive oncology portfolio at the American Society of Clinical Oncology's (ASCO) 2024 Annual Meeting.

2.    AstraZeneca Plc.

One of the biggest pharmaceutical companies in the world, AstraZeneca is a British-Swedish biopharmaceutical company that sells its products in over 130 countries. AstraZeneca has multiple ongoing projects in the areas of biopharmaceutical intervention, rare diseases, and oncology research and development. With the newly approved drug of As traZeneca, adult patients with early-stage (IIA-IIIB) non-small cell lung cancer (NSCLC) who do not have known EGFR mutations or anaplastic lymphoma kinase (ALK) can be treated with Imfinzi (durvalumab) in combination with chemotherapy.

3.    F. Hoffmann-La Roche Ltd

F. Hoffmann-La Roche AG, or Roche as most people know it, is a multinational holding company based in Switzerland and operates in two divisions, namely, medicines and diagnostics. Roche's structure, which is driven by science and built for innovation, is the foundation of its success. Roche encourages a range of scientific methodologies and welcomes novel concepts. Recently a licencing agreement and strategic partnership have been signed by MOMA Therapeutics and Roche to find potential cancer drug targets. Through the partnership, Roche will have access to MOMA's KnowledgeBase platform, enabling it to find and pursue novel therapeutic targets that contribute to the proliferation and viability of cancer cells.

4.    Bayer AG

Friedrich Bayer (1825–80), a chemical salesman, and Johann Friedrich Weskott (1821–76), the owner of a dye company, founded the German chemical and pharmaceutical company Bayer in 1863. Since 1912, the company's headquarters have been in Leverkusen, north of Cologne, having previously been in Barmen (now Wuppertal). Bayer and Recursion Pharmaceuticals, Inc., a clinical-stage TechBio company that uses biology decoding to industrialize drug discovery and is based in the US, announced that their research collaboration has been updated to focus on precision oncology. This oncology-focused partnership will make use of Recursion's specifically designed artificial intelligence-guided drug discovery platform in addition to Bayer's small molecule compound library and medicinal chemistry and biology expertise.

5.    Bristol-Myers Squibb Company

The multinational pharmaceutical company based in the United States is one of the biggest pharmaceutical companies in the world with its headquarters located in Princeton, New Jersey, and regularly appears on the Fortune 500 list of the biggest American corporations. The U.S. Food and Drug Administration approved Bristol Myers Squibb's (BMY.N) new tab combination therapy in June 2024 for treating colorectal cancer in patients with a particular gene mutation. Based on an early- to mid-stage study in which 94 previously treated patients received the oral medication Krazati in addition to cetuximab, the approval was granted under the agency's expedited process.

6.    Eli Lily and Company

With offices across 18 nations, Eli Lilly and Company is an American pharmaceutical corporation with its headquarters located in Indianapolis, Indiana. Its merchandise is available in about 125 nations. Eli Lilly and Company and Aktis Oncology, a biotech company that specializes in innovative targeted radiopharmaceuticals for solid tumors, announced a multi-target drug discovery partnership in May 2024. The potential USD 1.16 billion deal intends to leverage Lilly's vast oncology knowledge and commercialization skills along with Aktis' cutting-edge miniprotein technology platform.