Cancer Immunotherapy Market Size, Share, Growth Analysis, By Product Type (Monoclonal Antibodies, Vaccines), By Application (Breast Cancer, Lung Cancer), By End User (Hospitals, Clinics & Others), By Region - Industry Forecast 2024-2031

Global Cancer Immunotherapy Market size was valued at USD 125.4 billion in 2022 and is poised to grow from USD 135.93 billion in 2023 to USD 259.16 billion by 2031, growing at a CAGR of 8.4% during the forecast period (2024-2031).

The global market for cancer immunotherapy is projected to experience significant growth during the forecast period, driven by several key factors. The shift towards targeted therapies over traditional treatments, coupled with the increasing demand for monoclonal antibodies (mABs) and the introduction of various biosimilars worldwide, is expected to propel market expansion. These innovative drugs are designed to enhance the body's immune response to combat cancer, relying heavily on the discovery of new molecules. This trend is anticipated to positively impact market growth and demand in the coming years. Additionally, the market is set to benefit from growing approvals by regulatory bodies such as the U.S. Food and Drug Administration (FDA). For example, the approval of PD-1 and CTLA-4 checkpoint inhibitors for treating melanoma and non-small cell lung cancer (NSCLC) is expected to further drive market growth. A notable instance is the FDA's approval of Amgen's LUMAKRAS. This drug, designed for patients with KRAS G12C mutation associated with locally advanced or metastatic NSCLC, represents a groundbreaking development as it is the first-ever treatment for this condition. Such advancements underscore the expanding opportunities within the cancer immunotherapy market.

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 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 Segmental Analysis

Global Cancer Immunotherapy Market is segmented by Product Type, Application, End user, and region. Based on Product Type, the market is segmented into Monoclonal Antibodies, Vaccines, Checkpoint Inhibitors, Cell Therapies, and Immunomodulators. Based on Application, the market is segmented into Lung Cancer, Breast Cancer, Multiple Myeloma, Colorectal Cancer, Head & Neck Cancer, Prostate Cancer, Melanoma, and Other Cancer Types. Based on End user, the market is segmented into Hospitals, and Clinics & Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Drivers of the Global Cancer Immunotherapy Market

The growing preference for immunotherapy over traditional treatments like radiation therapy and chemotherapy is expected to significantly drive the global cancer immunotherapy market in the coming years. Unlike radiation and chemotherapy, which primarily aim to destroy cancer cells through irradiation or surgery, these conventional methods often have the drawback of damaging healthy cells as well. This limitation has led to an increasing shift towards immunotherapy, which works by enhancing the body's own immune system using engineered proteins to target cancer cells more precisely. As a result, hospitals and surgical centers are increasingly adopting immunotherapy treatments due to their potential to reduce side effects and improve patient outcomes. This shift in treatment preference is fostering substantial growth in the global cancer immunotherapy market. By leveraging the body's natural defenses, immunotherapy offers a promising alternative that aligns with the evolving needs of healthcare providers and patients, thereby driving market expansion.

Restraints in the Global Cancer Immunotherapy Market

The high manufacturing costs and elevated prices of cancer immunotherapy treatments are significant factors that may impede the growth of the global market in the forecast period. The development and enhancement of these therapies require substantial resources and significant investment, which can slow market expansion. Additionally, limited medical access in remote and underserved areas, along with geographical barriers, could further restrict the awareness and availability of cancer immunotherapies. These challenges contribute to the slower adoption of these advanced treatments, potentially affecting overall market growth.

Market Trends of the Global Cancer Immunotherapy Market

Ongoing research into drugs designed to minimize side effects is anticipated to stimulate market growth. Additionally, the approval of PD-1 and CTLA-4 checkpoint inhibitors for treating melanoma and Non-Small Cell Lung Cancer (NSCLC) has significantly contributed to the market's expansion. The introduction of new forms of immunotherapy, including vaccines and adjuvants, is further fueling this growth. Moreover, the development and testing of additional immunotherapies, such as immunomodulators and CAR T-cell therapies, are showing promise for improving treatment outcomes. These advancements, coupled with new drug approvals, are expected to drive substantial growth in the cancer immunotherapy market throughout the forecast period.