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Global Cancer Immunotherapy Market to Grow at a CAGR of 9.7% During 2022-2027, Aided by the Heightened Prevalence of Cancer

According to a new report by EMR titled, ‘Global Cancer Immunotherapy Market Report and Forecast 2022-2027’, the market attained a value of around USD 86,607 million in 2020. The market for cancer immunotherapy is further expected to grow at a CAGR of 9.7% between 2022 and 2027.

The global cancer immunotherapy industry is being driven by the increased prevalence of various types of cancer such as breast, lung, prostate, colorectal, and liver cancer. With 19.3 million cases reported in 2020, cancer remained the second leading cause of death worldwide. As a result, the demand for effective cancer immunotherapy treatment to strengthen the patient's immune response against cancer-causing viruses by identifying and attacking them has surged. Moreover, with the growing geriatric population worldwide, governments are increasingly investing in healthcare infrastructure to reduce the mortality risks associated with chronic diseases like cancer.

The growing focus of the leading players in developing cancer immunotherapy by applying advanced clinical solutions to strengthen their effectiveness is expected to positively impact the industry growth in the forecast period. For instance, in July 2021, Amgen Inc. (NASDAQ: AMGN) announced the acquisition of multispecific immunotherapy biotech startup, TeneoBio, which is in the process of developing multispecific and bispecific molecules, including biologics known as human-chain antibodies. Furthermore, another leading cancer immunotherapy provider, Bristol-Myers Squibb Company (NYSE: BMY), in July 2021, announced the approval by the European Commission for its Opdivo (nivolumab) as an ancilliary treatment for esophageal or gastroesophageal junction cancer patients with residual pathologic disease after chemoradiotherapy. The company successfully demonstrated the efficient use of immunotherapy in the early stages of cancer to prevent recurrence in certain patients.

Market Breakup by Therapy Type, Application, End Use, and Region:

  • The market is categorised, based on therapy type, into monoclonal antibodies, cancer vaccines, immunomodulators, and immune check point inhibitors, among others.
  • On the basis of application, the market can be divided into prostate cancer, breast cancer, skin cancer, and lung cancer, among others. 
  • Based on end use, the industry can be segmented into hospitals and clinics, cancer research centres, and others. 
  • Region-wise, the global market for cancer immunotherapy can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for cancer immunotherapy is being driven by the heightened prevalence of cancer worldwide. 
  • The increasing awareness regarding cancer and its potential prevention has significantly contributed to the market expansion. 
  • The rapid implementation of immunotherapy in the treatment of different types of cancers is also aiding the industry growth. 
  • The growing investments in research and development activities to develop new immunotherapy treatments are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for cancer immunotherapy for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the therapy types, applications, end uses, and regions of cancer immunotherapy.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cancer immunotherapy market are Amgen Inc., Astellas Pharma Inc., AstraZeneca plc, Bayer AG, Bristol-Myers Squibb Company, and F. Hoffmann-La Roche AG., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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