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Cancer Immunotherapy 2024: Innovations Driving the Global Market
Cancer Immunotherapy Market Segments
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According to The Business Research Company's, The cancer immunotherapy market size has grown rapidly in recent years. It will grow from $97.88 billion in 2023 to $110.91 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to rising prevalence of cancer, increased adoption of immunotherapy over traditional therapy, growing r&d activities for the development of targeted diseases, increased effectivity and accuracy of newer therapies, growing recognition of the limitations of traditional cancer treatments..
The cancer immunotherapy market size is expected to see rapid growth in the next few years. It will grow to $175.39 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to increasing approval of novel immunotherapies for cancer treatment, growing demand for personalized medicine, rising cases of people being detected with cancer, increasing investment in clinical trials to introduce cutting-edge treatments, growing awareness about cancer immunotherapy. Major trends in the forecast period include emergence of adoptive cell therapies, including car-t cells, exploration of oncolytic viruses in cancer immunotherapy, development of personalized cancer vaccines, utilization of artificial intelligence in immunotherapy research, increasing emphasis on real-world evidence and patient outcomes in treatment decisions.
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Market Drivers and Trends:
The rise in cancer incidence is expected to propel the cancer immunotherapy market. The factors contributing to the growth in cancer cases across the globe include tobacco, alcohol, obesity, a sedentary lifestyle, and environmental factors. This growth in cancer cases is expected to boost demand for cancer immunotherapies, as patients are increasingly investing in medical treatments with greater recovery and minimal pain. For instance, in October 2023, according to the European Union Science Hub, a Belgium-based European Commission's Joint Research Centre, new cancer cases increased by 2.3% during the preceding two years, reaching 2.74 million in 2022. Similarly, cancer fatalities increased by 2.4% during the preceding two years. Therefore, the increase in cancer incidence is expected to boost demand for cancer immunotherapy during forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Amgen Inc., AstraZeneca PLC, F. Hoffmann-La Roche Ltd, Bayer AG, Eli Lilly and Company, 3D Signatures Inc., Adaptive Biotechnologies Corp., Argos Therapeutics Inc., Bristol-Myers Squibb Company, Cell Medica Limited, Cellular Biomedicine Group Inc., Gilead Sciences Inc., Gradalis Inc., Immatics Biotechnologies GmbH, Iovance Biotherapeutics Inc., Juno Therapeutics LLC, Kura Oncology Inc., MacroGenics Inc., Merck & Co. Inc., Neon Therapeutics Inc., Neovii Biotech GmbH, Novartis International AG, Pfizer Inc., Pulse Biosciences Inc., Regeneron Pharmaceuticals Inc., Roche Holding AG, Targovax ASA, Tessa Therapeutics Pte Ltd., TILT Biotherapeutics Ltd., Turnstone Biologics Corp., Xencor Inc.
Cancer Immunotherapy Market 2024 Key Insights:
• The cancer immunotherapy market size is expected to see rapid growth in the next few years. It will grow to $175.39 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Driving Forces Cancer Incidence Surge And The Surge In Cancer Immunotherapy Demand
• Innovative Technologies Reshaping Cancer Immunotherapy Advancements And Impact In Cancer Treatment Paradigms
• North America was the largest region in the cancer immunotherapy market in 2023 and is also expected to be the fastest-growing region in the forecast period
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