Cancer Immunotherapy Market Worth $196.45 Billion By 2030: Grand View Research, Inc.

Rhea-AI Summary

The global cancer immunotherapy market is projected to reach USD 196.45 billion by 2030, growing at a CAGR of 7.2%, according to a report by Grand View Research. The increasing use of immunotherapy due to its targeted approach and heightened regulatory approvals for novel treatments are key growth factors. Monoclonal antibodies lead market share, while oncolytic viral therapies and vaccines are expected to grow rapidly. Lung cancer treatment is currently dominant, with a growing focus on prostate cancer. Notably, the Asia Pacific region is forecasted to experience the fastest growth driven by healthcare advancements and unmet medical needs.

Positive

• Projected market growth to USD 196.45 billion by 2030.
• CAGR of 7.2% indicates robust expansion.
• Increase in regulatory approvals for novel immunotherapies.
• Monoclonal antibodies hold the largest market share in 2021.
• Oncolytic viral therapies and cancer vaccines expected to grow rapidly.
• Asia Pacific region projected for the fastest growth.

Negative

• None.

SAN FRANCISCO, Jan. 18, 2023 /PRNewswire/ -- The global cancer immunotherapy market is expected to reach USD 196.45 billion by 2030, registering CAGR of 7.2% during the forecast period, according to a new report by Grand View Research, Inc. The rising adoption of the immunotherapy over other therapy options for cancer owing to its targeted action is anticipated to increase the adoption during the forecast period. Moreover, increasing regulatory approvals from authoritarian establishments for novel immunotherapy used for oncology is also expected to further fuel the market growth. For instance, in October 2021, the U.S. FDA approved Tecentriq (atezolizumab), of Genentech, Inc for the treatment of NSCLC.

Key Industry Insights & Findings from the report:

• Monoclonal antibodies segment held the largest market share in 2021 owing to rising investments in the R&D of monoclonal antibodies.
• By product, the oncolytic viral therapies &cancer vaccines sub-segment is anticipated to grow at the fastest rate owing to their greater clinical benefit to patients with advanced-stage malignancies.
• Based on application, lung cancer dominated the market owing to the rise in prevalence of the disease and increasing adoption of immunotherapy for the treatment.
• The prostate cancer sub-segment is likely to register the fastest CAGR due to the increasing awareness about prostate cancer and rising product launch.
• The hospitals & clinics segment led the market in 2021 owing to the increasing demand for immunotherapeutic medicines in hospitals and increasing hospitalization of cancer patients.
• Asia Pacific is expected to exhibit the fastest growth during the forecast period due to the growing establishment of healthcare, and high unmet medical needs.
• Key market players are continuously involved in the development of novel treatments and geographical expansion, in order to expand their footprint in the global market.

Read 150 page full market research report, "Cancer Immunotherapy Market Size, Share & Trends Analysis Report By Product (Monoclonal Antibodies, Immunomodulators), By Application, By Distribution Channel, By End-use, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Cancer Immunotherapy Market Growth & Trends

Moreover, the robust product pipeline of the immunotherapy medicines for oncology is one of the major driving factors for strong growth of the market. For instance, (phase-III), developed by AstraZeneca for the treatment of first-line stage small cell lung malignancy. Immuno-oncology agents have shown promising results with improved survival rates and less toxicity. Such clinical trial results are expected to increase the introduction of novel therapeutic options in the coming years.

Increasing adoption of the combination therapies to treat cancer is further expected to increase demand for the immunotherapy. Combination therapies target multiple pathways within the tumor microenvironment that can potentially increase effectiveness of the immunotherapeutic treatment. Companies are mainly emphasizing development of the targeted treatments as novel regimens for the oncology disorder treatment.

The introduction of immunotherapy has aided the treatment options for the malignancies of breast, brain, bladder, lymphomas, and others. Although the usage of this therapy is minimal as compared to chemotherapy, radiotherapy, and surgery. Immunotherapy is anticipated to emerge as the leading treatment strategy for the malignancies during the next few years. The alarming rise in oncology incidence rates has provoked global collaboration on oncology drugs and other therapies. For instance, in March 2020, Astellas Pharma and CytomX collaborated to expand pipeline of the next-generation Immuno-oncology treatments. This collaboration has helped companies to strengthen their immune-oncology portfolio.

Furthermore, development and approval of the novel immunotherapy treatments for relapsed and refractory malignancies are accelerating the cancer immunotherapy market expansion. For instance, in February 2022, the Janssen Pharmaceutical Companies of Johnson & Johnson announced the approval of CARVYKTI from the U.S. FDA for treatment of the refractory multiple myeloma after four or more lines of treatment.

Cancer Immunotherapy Market Segmentation

Grand View Research has segmented the global cancer immunotherapy market based on the product, application, distribution channel, end-use, and region:

Product Outlook (Revenue, USD Million, 2018 - 2030)

• Monoclonal Antibodies
• Immunomodulators
• Oncolytic Viral Therapies and Cancer Vaccines

Application Outlook (Revenue, USD Million, 2018 - 2030)

• Lung Cancer
• Breast Cancer
• Colorectal Cancer
• Melanoma
• Prostate Cancer
• Head and Neck Cancer
• Ovarian Cancer
• Pancreatic Cancer
• Others

Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy

End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals & Clinics
• Cancer Research Centers
• Others

Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of the Key players in the global Cancer Immunotherapy Market include

• Pfizer Inc.
• AstraZeneca
• Merck & Co., Inc
• F. Hoffmann-La Roche Ltd
• Bristol-Myers Squibb Company
• Genentech, Inc (Roche)
• Novartis AG
• Lilly
• Johnson & Johnson Services, Inc
• Immunocore, Ltd

Check out more related studies published by Grand View Research:

• Immunotherapy Drugs Market - The global immunotherapy drugs market size is expected to reach USD 200.55 billion by 2030, according to a new report by Grand View Research Inc. The industry is expected to expand at a CAGR of 6.92% from 2022 to 2030. The key factors contributing to the lucrative growth of the industry include increased awareness about chronic diseases including cancer, autoimmune diseases, inflammatory diseases, and infectious diseases, coupled with supportive government policies for drug approval. The rising adoption of targeted therapies for chronic disease treatment is expected to increase inclination toward immunotherapy drugs, thereby driving the industry during the forecast period.
• Cervical Cancer Treatment Market - The global cervical cancer treatment market size is expected to reach USD 10.6 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to record a CAGR of 5.0% over the forecast period. Increased treatment penetration and rising disease incidence are projected to drive the market growth over the next few years. Although, sexually transmitted HPV is a major cause, the disease can also be triggered by other factors, such as oral contraceptives, multiple sexual partners, smoking, and HIV infection. There are more than 100 strains of HPV, 13 of which are high-risk or cancerous. Squamous cell carcinoma is the most common type and it accounts for nearly 85% of the overall cases.
• Cancer Supportive Care Drugs Market - The global cancer supportive care drugs market size is expected to reach USD 12.17 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to decline at a CAGR of -1.57% from 2022 to 2030. This decline is due to factors, such as the launch of biosimilar and approval & uptake of targeted treatments for cancer, which have lesser side effects than traditional chemotherapy drugs. The growing cancer prevalence, high adoption & dependency on traditional treatments, such as chemotherapy, in the developing region, and the rising geriatric population are some of the prominent factors that drive the market growth. According to Globocan, the number of new cancer cases is expected to reach 28.4 million within the next two decades, with a rise of 47% from 2020.

Browse through Grand View Research's Pharmaceuticals Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

FAQ

What is the projected size of the cancer immunotherapy market?

The cancer immunotherapy market is projected to reach USD 196.45 billion by 2030.

What is the expected CAGR for the cancer immunotherapy market?

The cancer immunotherapy market is expected to grow at a CAGR of 7.2% during the forecast period.

Which segment holds the largest market share in cancer immunotherapy?

The monoclonal antibodies segment held the largest market share in 2021.

Which region is projected to experience the fastest growth in the cancer immunotherapy market?

The Asia Pacific region is expected to exhibit the fastest growth in the cancer immunotherapy market.

What are key factors driving the growth of the cancer immunotherapy market?

Key factors include increasing regulatory approvals and the rising adoption of immunotherapy over other treatment options.