Cancer Immunotherapy Market is anticipated to Witness High Growth Owing to Increasing Incidence of Cancer Cases
Cancer immunotherapy targets a person's own immune system to help treat cancer, tumors and other neoplastic diseases. Immunotherapies are designed to mobilize, enhance or restore immune system responses against cancer cells.They include checkpoint inhibitors, monoclonal antibodies, cytokine therapies, therapeutic cancer vaccines and others. The growing adoption of immunotherapy over traditional chemotherapy and radiotherapy due to rising preference for long-term cancer remission with minimal side effects has boosted the cancer immunotherapy market. With the increasing incidence of cancer globally, demand for effective and long-lasting cancer treatment options is rising exponentially, fueling the need for cancer immunotherapies.
Global cancer immunotherapy market is estimated to be valued at USD 141.06 Bn in 2024 and is expected to reach USD 314.53 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.1% from 2024 to 2031.
Key Takeaways
Key players operating in the Cancer Immunotherapy market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eElinicalHealth (CLINPAL), among others. These players are focusing on developing newer and advanced immunotherapies through extensive R&D activities. For instance, in 2023, Delve Health launched the next generation of its precision medicine platform to advance immunotherapy and molecular diagnostic trials.
The key opportunities in the Cancer Immunotherapy Market Demand include increasing collaborations and partnerships between biotech and pharmaceutical companies, growing focus on combination therapies, and rising investments in immuno-oncology research. Additionally, the emergence of personalized immunotherapy approaches tailored as per an individual's genetic characteristics is expected to unleash new opportunities over the forecast period.
On the global expansion front, major players are focused on geographical expansions into emerging economies of Asia Pacific, Latin America, and Middle East & Africa. This is due to the increasing healthcare expenditure, rising cancer incidence, and growing awareness about immunotherapies in these regions. Additionally, strategic acquisitions are also helping large players to strengthen their regional presence and product portfolios.
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