by Cancer immunotherapy is a type of cancer treatment that boosts a person’s own immune system to help the body fight cancer, tumors, or other diseases. It involves using substances made by the body or in a laboratory to improve, target, or restore immune system function. The increasing research funding by various organizations and government bodies for the development of new and effective cancer immunotherapies has propelled the growth of this market.
The global Cancer Immunotherapy Market is estimated to be valued at US$ 129291.49 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fuelling the growth of the cancer immunotherapy market size is the increasing research funding for cancer immunotherapy research. Various private and public organizations are funding extensive research for developing novel cancer immunotherapies with higher effectiveness and success rates. For instance, the National Cancer Institute (NCI), a division of National Institutes of Health (NIH), provided over USD 6 billion funding for cancer research in 2021, out of which a significant share was directed towards cancer immunotherapy research. Similarly, private organizations like Cancer Research UK and American Cancer Society are extensively investing in immunotherapy research. This high research funding is encouraging pharmaceutical and biotechnology companies to invest in immunotherapy drug development, thereby driving the market growth over the forecast period.
SWOT Analysis
Strength: Cancer immunotherapy enables doctors to boost patients’ immune systems to fight cancer. It has shown great efficacy and improved survival rates across several types of cancer.
Weakness: Cancer immunotherapy can be very expensive and poses potential side effects like gastrointestinal toxicity, endocrine toxicity and skin rashes. Success depends on patient biology and tumor characteristics.
Opportunity: Advancing research in combination therapies, personalized medicine and novel technologies can expand applicability of cancer immunotherapy to more cancer types and patient populations. Growing acceptance can drive higher market adoption.
Threats: Intense competition from alternative treatments like targeted therapies. High development costs of new immunotherapy agents and potential regulatory hurdles pose threats to profitability and market growth.
Key Takeaways
The global cancer immunotherapy market is expected to witness high growth.
North America currently dominates the market supported by rising disease prevalence, fast regulatory approvals, and investments in research. However, Asia Pacific is poised to offer lucrative opportunities with growing healthcare spending, increasing awareness, and expanding patient access to advanced treatment options.
Key players operating in the cancer immunotherapy market include Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systà ̈mes, and eElinicalHealth (CLINPAL), among others. The market is competitive with players focusing on partnerships, M&A strategies and new product launches to enhance their market share. For example, Accenture acquired BIO4Mer to strengthen its digital health capabilities for clients in life sciences.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
