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on January 12, 2024
Cancer immunotherapy focuses on harnessing the power of the immune system to detect and destroy cancer cells. With immunotherapy, scientists are developing treatments that help the immune system fight cancer. Examples of such immunotherapies include cancer vaccines, monoclonal antibodies, checkpoint inhibitors, and CAR T-cell therapies. These therapies hold promise because the immune system could provide long-lasting protection against the recurrence of cancer.
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 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The cancer immunotherapy market is witnessing high growth owing to increasing prevalence of cancer across the globe. According to WHO, cancer is the second leading cause of death globally, and was responsible for nearly 10 million deaths in 2020.The number of new cancer cases is expected to rise by over 60% in the coming two decades due to rapid growth of global population as well as aging trends. Also, the rising investments by pharmaceutical companies in R&D for development of advanced immunotherapies is driving market growth. For instance, Delve Health, a healthcare AI startup is working on developing AI-driven cancer immunotherapy which can leverage deep learning algorithms to advance personalized cancer treatments. However, high costs involved in cancer immunotherapies as well as requirement of long clinical trials for approval remain key challenges for market growth.
SWOT Analysis
Strength: Cancer immunotherapy offers targeted treatment options with minimal side effects for cancer patients. This helps improve survival rates and quality of life. The immunotherapies have received regulatory approvals for treating various cancer types based on positive clinical trial results. Rising awareness is driving demand for such treatment options.
Weakness: High treatment cost of cancer immunotherapies restricts their access and adoption. The immunotherapies also pose risks of immune-related adverse events in some patients. Their effectiveness depends on individual patient biology and tumor characteristics. Limited long-term efficacy and safety data availability for newer immunotherapies remains a challenge.
Opportunity: Increasing incidence of cancer globally presents significant market potential. Growing R&D investments by pharmaceutical companies to develop novel immunotherapy drugs and combination therapies widens opportunities. Emergence of biomarkers helps identify patients likely to respond better, thereby improving outcomes.
Threats: Intense competition from existing and emerging therapeutic alternatives, including targeted therapies, limits market uptake. Stringent regulatory approvals and pricing pressures imposed by governments hinder revenue growth. Data security and privacy issues in digital platforms related to clinical trials also pose threats.
Key Takeaways
The Global Cancer Immunotherapy Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising cancer burden worldwide. 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 17% over the forecast period 2023 to 2030.
North America currently dominates the market owing to advanced healthcare infrastructure and greater adoption of high-cost targeted therapies in the region. The Asia Pacific region is anticipated to be the fastest-growing market due to large patient population, increased healthcare spending, and growing medical tourism.
Key players:
Key players operating in the cancer immunotherapy market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systà ̈mes, and eElinicalHealth (CLINPAL), among others. These companies focus on developing new drug formulations and digital platforms for efficient clinical trial conduction and data monitoring. Partnerships with medical institutions and contract research organizations help expand geographical presence.
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