Cancer Immunotherapy Market Set to Record Exponential Growth by 2031

Cancer Immunotherapy Market Outlook 2031

• The global cancer immunotherapy market was valued over US$ 82.8 Bn in 2021
• It is estimated to grow at a CAGR of 13.6% from 2022 to 2031
• The global cancer immunotherapy market is expected to cross value of US$ 261.7 Bn by the end of 2031

Analysts' Viewpoint on Global Cancer Immunotherapy Market Scenario

Novel innovations as a result of rise in the R&D activities are driving the cancer immunotherapy market. For instance, on June 6, 2022, a major clinical breakthrough was witnessed in the treatment of cancer with the development of a drug called dostarlimb, which is effective against the rectal cancer. Moreover, various companies are highly investing in the market, which creates a 'big cheese' for the cancer immunotherapy market. Hence, the popularity of cancer Immunotherapy treatment among the patients due to its cost friendliness and less side effects is one of the major reasons for the growth of the cancer immunotherapy market.

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Overview of Global Cancer Immunotherapy Market

Immunotherapy is a cancer treatment that improves the immune system's ability to fight cancer. It is a kind of biological treatment. Biological therapy makes use of compounds derived from biological creatures or lab-created copies of these substances.

Increase in R&D activities, improvements in efficacy & accuracy of newer medicines, surge in adoption of target therapy over standard therapy, and rise in prevalence of cancer are the major factors propelling the global cancer immunotherapy market. In addition, rise in incidence of cancer is a key factor driving the global cancer immunotherapy market. In the U.S., cancer is the biggest cause of mortality and disease, and it not only has a significant effect on the health of patients and survivors, but also has a major financial impact.

Several companies are increasingly investing in R&D activities to develop more effective treatments for cancer. For instance, TILT Bio therapeutics has announced over $10 million financing to the oncology immunotherapy assets. Companies such as Justin Wilson, partner & attorney at Withers & Rodgers, have discussed their opinion on innovations in the microbe in supporting the discovery of new drugs & treatments in the immunotherapy market.

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Popularity of Cancer Immunotherapy Treatment among Patients Due to Cost-effectiveness and Less Side Effects

In terms of therapy type, the global cancer immunotherapy market has been classified into immune system modulators, immune checkpoint inhibitors, immune checkpoint inhibitors, and monoclonal antibodies. Monoclonal antibodies have been the treatment method of choice for a large segment of the global healthcare industry, giving it a significant advantage over other segments. Monoclonal antibodies have gained, as it is less expensive than other therapies. However, the global cancer immunotherapy market is expected to witness increase in demand for immune checkpoint inhibitors due to higher success rates and overall efficiency.

Based on therapeutic area, the global cancer immunotherapy market has been categorized into blood cancer, prostate cancer, melanoma, breast cancer, lung cancer, colorectal cancer, and other minor cancers. Breast cancer has been the most common target for immunotherapy. Increase in population of smokers and rise in total air pollution in metropolitan areas drive the lung cancer segment.

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Rise in R&D Activities and High Efficacy of Newer Therapies to Augment Market

Rise in R&D activities in the field of cancer immunotherapy has led to the introduction of advanced variants with improved treatment efficacy and effectiveness. Immuno oncology has shown promising results in terms of increased survival and decreased toxicity. The market is likely to be propelled by a paradigm shift from traditional chemotherapies to immunotherapies. Immunotherapies in development are expected to offer more treatment options and better outcomes than currently available therapies. The introduction of newer drug classes, such as monoclonal antibodies and histone deacetylase (HDAC) inhibitors, aimed at multiple myeloma receptors, is projected to propel the global market. The market is likely to be driven by ongoing research on similar drugs with the goal of reducing side effects.

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