PUBLISHER: SkyQuest | PRODUCT CODE: 1205830
PUBLISHER: SkyQuest | PRODUCT CODE: 1205830
Global Cancer Immunotherapy Market was valued at USD 118.29 billion in 2021 and it is expected to reach a value of USD 292.3 billion by 2028, at a CAGR of 13.8% over the forecast period (2022-2028).
The primary factors driving the market are an increase in oncology incidence around the world and a spike in R&D efforts for the creation of novel oncology treatments. Additionally, a number of organizations that fund immunotherapy research exist, which is anticipated to assist market expansion. For instance, to create innovative immune medicines for cancer, the Parker Institute for Cancer Immunotherapy worked with scientists and business pioneers.
Top-down and bottom-up approaches were used to estimate and validate the size of the global cancer immunotherapy market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global cancer immunotherapy market is segmented on the basis of product, cancer type, route of administration, end-user, and region. By product, the market is segmented into monoclonal antibodies, immunomodulators, and cancer vaccines. By route of administration, the market is segmented into oral, parenteral, and others. By end-user, the market is segmented into hospitals, homecare, specialty centers, others. By cancer type, the market is categorized into lung cancer, breast cancer, colorectal cancer, prostate cancer, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
The expansion of the market is being aided by the existence of numerous government and non-government organizations that raise awareness and support research. For instance, the Cancer Research Institute spent almost USD 474 million on research while supporting more than 120 clinical trials. Additionally, the Society for Immunotherapy of Cancer (SITC) is working to advance the understanding and use of oncology immunotherapy in order to improve patient outcomes. These organizations are collaborating with scientists and researchers to develop cutting-edge immune therapy treatment plans.
The main factor projected to restrain the growth of the global cancer immunotherapy market over the forecast period is high manufacturing costs as well as high prices for end users. The market's growth is anticipated to slow down in the upcoming years due to the significant resources and high investment needed for treatment enhancement and development.
Research and development efforts to create cancer immunotherapy are anticipated to increase with increased financing for the development of innovative therapies. For instance, the U.S. National Cancer Institute and Cancer Research UK's Cancer Grand Challenges project provided USD 13 million in funding to a team of Stanford scientists in June 2022. The creation of new immunotherapies, research into extrachromosomal DNA, and examination of early-stage cancers are all recipients of this money.