What is Cancer immunotherapy?
Cancer immunotherapy, also known as immuno-oncology, is a form of cancer treatment that uses the power of the body’s immune system to prevent, control, and eliminate cancer. It uses substances made by the body or laboratory to improve the immune system to find and destroy cancer cells. Cancer immunotherapy can treat many different types of cancer. It can be used alone or in combination with chemotherapy and/or other cancer treatments.
Cancer Immunotherapy Market Size Share Growth Rate 2022
According to the research report published by the DataM Intelligence, the global cancer immunotherapy market size was valued at USD billion in 2021, it is projected to reach USD billion by 2029, with growth at a CAGR of 7.1% over the forecast period 2022-2029.
Cancer immunotherapy has been in existence for less than a decade, somewhat dominated by the CAR T cell therapies in hematological cancers and checkpoint inhibitors. However, new approaches are being developed daily. The overall concept of immuno-oncology (IO) is to find ways to get the immune system to better attack cancer cells. Broadly, this is done in two ways, often together using checkpoint inhibitors such as Merck’s Keytruda (pembrolizumab) to prevent the cancer cells from hiding from the immune system, or to supercharge the immune system to work better, such as with CAR T therapies.
Market Drivers:
The cancer immunotherapy market growth is driven by several factors, such as the rising prevalence of various cancer such as colorectal cancer, bowel cancer, breast cancer, and lungs cancer among the global population and the rising adoption of the immunotherapy to treat cancer is boosting the growth of the global cancer immunotherapy market. The rising awareness regarding the advantages of cancer immunotherapy over conventional chemotherapies is further driving the demand for cancer immunotherapy among cancer patients. The rising disposable income, availability of advanced healthcare facilities, and rising consumer expenditure on healthcare are positively impacting the growth of the global cancer immunotherapy market.
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Market Restraints:
However, the factors such as stringent regulations related to cancer immunotherapy are anticipated to hinder the growth of the cancer immunotherapy market. The government has better supervision over the use of immunotherapy and is also taking care of the clinical trials going on using the government norms, which has made it difficult for the companies to enter the industry and is hence expected to hinder the growth of the market.
Market Opportunities
Rising R&D activities in the cancer immunotherapy field are resulting in the introduction of advanced variants with enhanced efficacy and effectiveness of treatment. Immuno-oncology has shown promising results with improved survival and lower toxicity. A paradigm shift from traditional chemotherapies to immunotherapies is providing lucrative opportunities for the growth of the market.
COVID-19 Impact Analysis
The rising COVID-19 pandemic has been found to affect the continuity of essential routine healthcare services and procedures, including chimeric antigen receptor T-cell (CAR-T) therapy, a life-saving option for patients with relapsed/refractory (R/R) hematologic malignancies. Pfizer, Eli Lilly and Company, and Bristol-Myers Squibb have also halted the new clinical trials due to COVID-19. Hence it is expected to negatively impact the market due to the shortage and irregular supply of cancer immunotherapy products.
Recent Developments in the Industry:
Market Segmentation:
As per the research analysis, the cancer immunotherapy market is segmented by disorder into product type, monoclonal antibodies, cancer vaccines, immune checkpoint inhibitors, and others. By cancer type, the market is further segmented into lung cancer, breast cancer, head and neck cancer, melanoma, colorectal cancer, ovarian cancer, and others, by the end-user, the market is segmented into hospitals and clinics, cancer research centers, other, cancer immunotherapy market providing companies, health insurance companies, others
Geographical Classification:
The global cancer immunotherapy market is segmented into major regions including North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America Cancer Immunotherapy Market:
In the North American region, the United States holds the dominant share of about YY% in 2020, followed by Canada. This is primarily due to the increased prevalence of cancer in the region. According to the American Cancer Society, over 1.8 million new cancer cases and 606,520 deaths were reported in the US in 2020. The lungs cancer, colorectal cancer, breast cancer, and prostate cancer are the top four cancers that prevail in the US. Further, the increased disposable income increased awareness regarding the benefits of cancer immunotherapy among the population, and the presence of strong and advanced healthcare infrastructure in the region is augmenting the market growth.
Asia-Pacific is projected to grow with the highest CAGR during the analysis period, owing to a rise in healthcare expenditure, a surge in per capita income, and improvement in healthcare infrastructure.
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Competitive Analysis:
The cancer immunotherapy market is highly competitive with the presence of major players and small emerging players. In the cancer immunotherapy market, companies, healthcare insurance providers, and hospitals all are emerging at a steady pace with competitive Cancer Immunotherapy. Key players compete on the basis of aggressive pricing, features, convenient use, technology upgrades, and marketing strategies. The market players are adopting various key strategies such as collaborations, partnerships, acquisitions, and product launches to expand their presence.
Major Companies:
Some of the major key players in the market are Amgen Inc, Astellas Pharma, Inc., AstraZeneca, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Co., F. Hoffman La Roche, Merck and Co, Novartis, OSE Immunotherapeutics.
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