Market Size of Cancer Immunotherapy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 9.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cancer Immunotherapy Market Analysis
The cancer immunotherapy market is projected to register a CAGR of 9.1% during the forecast period of 2022-2027.
Owing to the COVID-19 pandemic, the market has been negatively impacted due to the shortage and irregular supply of cancer immunotherapy products. This might allow local manufacturers to increase their presence in the market. Additionally, some biopharmaceutical companies, such as Merck & Co. Inc. and Eli Lilly and Company, announced clinical trial delays. For instance, the data from ClinicalTrials.gov showed that more than 200 interventional oncology studies were suspended in March and April 2020 as a result of the COVID-19 pandemic. Also, 60% of institutions in the United States and 86% in Europe are enrolling new patients at a lower rate. Globally, companies are focusing on developing drugs or vaccines, especially immunotherapy-based drugs for COVID-19, because immunotherapy is highly effective since it stimulates patients' immune systems. This is expected to impact the market growth for a short period.
Certain factors driving the market growth include rising R&D activities, increasing effectivity and accuracy of newer therapies, rising adoption of target therapy over traditional therapy, and the growing prevalence of cancer. The increasing incidence of cancer is a major factor in the growth of the cancer immunotherapy market. According to the National Clinical Trials (NCT) Registry, as of September 8, 2020, there were more than 1,000 ongoing clinical trials globally across different phases of development for the treatment of cancer with immune-based therapies. Moreover, as these therapies are in development, if trials show positive outcomes shortly, new effective immuno-therapies can be expected for cancer.
Cancer immunotherapy plays a vital role in the maintenance of the immune system since it targets the infectious agents that may cause cancer through the production of antibodies. Cancer immunotherapy is considered to be new therapy, but it has shown great potential over the past few years. Also, with the huge burden of cancer cases and side effects of the present therapies, the market is expected to record a high growth rate during the forecast period.
Therefore, the presence of immunotherapy drugs like Keytruda has successfully extended life expectancy for some mesothelioma patients in clinical trials, which are expected to have a positive impact on the market. Thus, increasing efficacy and accuracy of the newer therapies, along with lesser side effects compared to traditional chemotherapy, are expected to drive the market growth over the forecast period.
