Cancer immunotherapy is a type of biological therapy that utilizes the body's own immune system to fight cancer. It involves modification of certain parts of the immune system, usually T cells, to recognize and destroy cancer cells more effectively. Immunotherapy is increasingly becoming the preferred treatment choice for cancers such as melanoma, lung cancer and kidney cancer as it can significantly improve survival rates while reducing side effects compared to traditional treatment options like chemotherapy.
The global cancer immunotherapy market is estimated to be valued at US$ 6358.39 Mn in 2024 and is expected to exhibit a CAGR of 26 % over the forecast period 2024 to 2031. Key Takeaways
Key players operating in the cancer immunotherapy market are Ericsson, Qualcomm, Samsung electronics, Nokia Corporation, Apple Inc., and Media Tek. These key players are focusing on developing advanced immunotherapy treatment options and expanding their manufacturing and distribution networks globally to capture more market share. Rising cancer incidence rates globally present lucrative opportunities for players in the Cancer Immunotherapy Market Size. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide and the number of new cancer cases is expected to rise by over 70% by 2030. The increasing awareness about immunotherapy and favorable reimbursement policies are also fueling the adoption of these treatments. Global players are actively expanding their presence in developing markets like Asia Pacific, Latin America and Middle East & Africa to meet the growing demand in these regions. Partnerships with local research institutes and hospitals are helping companies enhance their R&D capabilities and distribution reach. Market Drivers
The key driver fueling the growth of the cancer immunotherapy market is the rising global cancer burden. As per WHO estimates, around 19.3 million new cancer cases and 10 million cancer deaths occurred worldwide in 2020. The four most common cancers in terms of incidence are lung, breast, colorectal and prostate cancer. The growing geriatric population, increasing risk factors like smoking, obesity and lack of physical activity are contributing to this rising disease incidence. This growing cancer patient pool is driving the demand for more effective treatment options like immunotherapy.
PEST Analysis Political: Government regulations and healthcare reforms positively impact the Cancer Immunotherapy Market Regional Analysis. Favorable reimbursement policies boost the adoption rates. Economic: Rising awareness levels regarding preventive healthcare and high disposable incomes favor market growth. However, high therapy costs act as a barrier. Social: Growing acceptance of immunotherapy as an effective cancer treatment augments the demand. Increasing cancer incidence drives the need for innovative treatment options. Technological: Advances in drug development processes and diagnostics expand the array of immunotherapies available to improve patient outcomes. Artificial intelligence fuels precision medicine adoption. North America dominates the global market, accounting for over 40% revenue share in 2024. Strong resourced healthcare infrastructure, rising healthcare expenditure, and increasing demand for quality care stimulate market revenues. Asia Pacific will emerge as the fastest growing cancer immunotherapy market. The growth can be attributed to improving healthcare systems, growing disposable incomes, increasing awareness levels regarding chronic disease management. Developing economies like India and China experience high economic growth and present lucrative opportunities for market participants.
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