Cancer Immunotherapy Market Is Estimated To Witness Exponential Growth

Cancer immunotherapy is a type of biologics that harnesses the power of the body's immune system to fight cancers. It works by using substances made by the body or in a laboratory to improve, target, or restore immune system function. Cancer immunotherapy is clinically proven to be more effective than chemotherapy in many cancers due to its ability to provide long-lasting response. The global cancer immunotherapy market offers promising treatment options with several immunotherapy drugs approved by regulatory authorities.

The global cancer immunotherapy market is estimated to be valued at US$ 112232.19 Bn in 2023 and is expected to exhibit a CAGR of 39.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Rising prevalence of cancer across the globe has emerged as the key market opportunity for cancer immunotherapy. According to WHO, cancer is now the second leading cause of death globally. In 2020, an estimated 19.3 million new cases of cancer were diagnosed around the world. The four major types of cancers found globally are lung cancer, breast cancer, prostate cancer and colorectal cancer. Significant rise in these cancers due to changing lifestyle, higher pollution levels and growing elderly population has boosted the demand for innovative cancer treatments like immunotherapy. With rising incidence of cancer cases, immunotherapy drugs are projected witness robust growth over the next decade.

Porter's Analysis
Threat of new entrants: The cancer immunotherapy market has high barriers for new entrants due to the intensive R&D activities and regulatory requirements. Bargaining power of buyers: Individual buyers have low bargaining power due to the differentiated nature of immunotherapy treatment options. However, large healthcare groups may have some negotiation power. Bargaining power of suppliers: Suppliers of raw materials, components, and technologies have moderate power over the market players due to the high switching costs. Threat of new substitutes: Currently, there are limited substitutes for immunotherapy and continued innovation is expanding its applications. Competitive rivalry: The market features strong competition among existing players with focus on new product development and targeting new cancer indications.

SWOT Analysis
Strengths: Large market size and strong growth potential. Immunotherapy offers targeted treatment options compared to other alternatives.

Weaknesses: High costs associated with R&D and clinical trials. Requirement of specialized infrastructure and trained medical professionals.

Opportunities: Growing geriatric population and increasing cancer burden. Potential to combine with other conventional therapies. Threats: Stringent regulations delay market approvals. Adverse side effects and uncertainty over long term safety profiles.

Key Takeaways
The global Cancer Immunotherapy Market Demand is expected to witness high at a CAGR of 39% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 112232.19 Bn by 2030 from US$ 74567.88 Bn in 2023. North America dominates the market currently due to presence of major players, rising healthcare expenditure, and growing cancer cases. Regional analysis shows Asia Pacific is poised to grow at the fastest pace due to increasing patient awareness, healthcare reforms, and rising discretionary incomes.

Key players operating in the cancer immunotherapy market are Solvay, Samsung SDI Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc., and Solid Power. Solvay is a leading supplier of battery materials focusing on developing next generation solid state electrolytes. Samsung SDI specializes in lithium-ion batteries for industrial and consumer applications.
 

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