Global Cancer Immunotherapy Market is witnessing a high CAGR growth of 12.2% and is expected to reach USD 192.3 Bn by 2027
The Global Cancer Immunotherapy Market is growing significantly due to the increasing technological advances in cancer therapies and growing access to medical insurance. Moreover, rising advances in imaging area such as non-invasive visualization of specific cells, real-time scanning and use of artificial intelligence in pathology are expected to gain attention in the cancer immunotherapy market during the forecast period. For instance, application of immuno-PET in characterizing T-cells responses to check inhibition. This focuses on plenary session in tumor immunology and immunotherapy. Growing use of Positron Emission Tomography (PET) for imaging immune response is expected to fuel the growth of cancer immunotherapy demand during the forecast period.
Moreover, developments in high-throughput technologies for analyzing mutation antigen profile and activity of cancer cells and use of technology for identifying biomarkers are expected to benefit various immunotherapies in the future. Penetration of technologies in immunotherapies are expected to boost the cancer immunotherapy demand in the market during the forecast period. For instance, in June 2021, Umoja Biopharma (US) raised USD 210 Mn for the development of next generation cancer immunotherapy technology. The company develops cellular immunotherapy platform to reprogram immune cells in vivo. Umoja’s proprietary technology platform is expected to fuel the development of cancer immunotherapy. Rising penetration of technologies in immunotherapy developments is expected to trigger the growth of cancer immunotherapy demand in the market.
Covid-19 pandemic has negatively impacted the growth of the cancer immunotherapy demand in the market. Due to strict government guidelines on movement and social distancing, there was adverse impact on imports and export activities which led to the shortage of cancer immunotherapy products. Moreover, hospitals and clinics focused on covid-19 cases which were rising abruptly across the globe. There was disruption in the supply chain and manufacturing of medical supplies in several countries due to lockdown. Many pharmaceutical companies started manufacturing masks, PPE kits, and other covid-19 accessories to meet the rising demand of the market.
Global Cancer Immunotherapy Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, Asia-Pacific market is expected to witness highest growth during the forecast period due to increasing in number of patients with cancer such as breast cancer, lung cancer and growing investments of public-private companies for R&D. Moreover, upsurge in the healthcare expenditure and rising awareness regarding availability of precise cancer immunotherapy options are expected to propel the growth of cancer immunotherapy demand in the Asian countries during the forecast period. For instance, according to the survey, India is estimated to have ~2 Mn cancer cases and is expected to increase in coming years. The prevalence of cancer among Asian countries is marginally higher as compared to the other regions.
The Global Cancer Immunotherapy Market Segmentation:
Global Cancer Immunotherapy Market by Therapy Type Outlook (Revenue, USD Million, 2021-2027)
Global Cancer Immunotherapy Market by Applications Outlook (Revenue, USD Million, 2021-2027)
Global Cancer Immunotherapy Market by End User Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the cancer immunotherapy market are: