Cancer Immunotherapy market is estimated to witness high growth owing to growing research and increasing product launches from key players

Market Overview:
Cancer immunotherapy is a type of treatment that uses certain parts of a person's immune system to fight cancer. It is also called biotherapy or biologic therapy. Immunotherapy activates the body's immune system to help it attack cancer cells. Major types of immunotherapy include checkpoint inhibitors and cell therapies. Checkpoint inhibitors help the immune system destroy cancer cells by blocking molecules called checkpoint proteins. Cell therapies involve collecting immune cells from a patient's tumor, modifying or programming those cells in the lab, and putting the cells back into the patient's body to help immune cells identify and destroy the cancer cells.

Market Dynamics:
Growing research activities to develop new cancer immunotherapy drugs and increasing product launches from key players are expected to drive the growth of the cancer immunotherapy market over the forecast period. For instance, in March 2023, Xencor Inc, a clinical stage biopharmaceutical company, announced FDA approval for its PLAUR-targeted antibody-drug conjugate, plamotamab, for the treatment of R/R DLBCL. Additionally, in December 2023, Anthropic expanded its cancer immunotherapy research initiative with $55 million in funding. This funding will help to address unmet medical needs and accelerate development of next-generation immunotherapies through AI. Furthermore, increase in cancer cases globally is also expected to aid the market growth. According to WHO estimates, cancer burden has risen to 19.3 million cases and 10.0 million cancer deaths in 2020.
Segment Analysis:
Global Cancer Therapy Market  is segmented on the basis of therapy, application and end user. Based on therapy, it is divided into immunotherapy, targeted therapy, chemotherapy, hormonal therapy and others. The targeted therapy segment dominates the market and is expected to remain the dominant segment over the forecast period. This is because targeted therapies specifically target cancer cells and cause less damage to normal cells.

PEST Analysis:
Political: Governments across countries are undertaking various initiatives to spread awareness about cancer screening and treatment. They are focusing on increasing healthcare expenditures to improve cancer care infrastructure and research activities.
Economic: Increasing disposable incomes, especially in developing countries has boosted the uptake of premium cancer therapies. However, high costs associated with novel therapies may restrict market growth to some extent.
Social: Rising prevalence of cancer owing to changing lifestyle habits including smoking, alcohol consumption and physical inactivity is a key growth driver. Social support groups have also helped improve patient outcomes.
Technological: Advancements in targeted drug discovery techniques, combination therapies, biological therapies and cancer vaccines are expanding the opportunities. Development of personalized medicine approaches will further augment the market.

Key Takeaways:
The global cancer therapy market is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing adoption of targeted therapies and combination treatment options. The market was valued at US$ 171,143.8 Mn in 2023.

By therapy, the targeted therapy segment accounted for the largest market share in 2023 owing to benefits such as higher efficacy and lower side effects. Going forward, the immunotherapy segment is projected to register fastest growth during 2023-2028 on account increasing development of immune checkpoint inhibitors, vaccines and adoptive cell therapies.

Regionally, North America dominated the global cancer therapy market in 2023 and is anticipated to maintain its lead during the forecast period. This can be attributed to rising prevalence of cancer, availability of advanced treatment facilities and growing focus on R&D activities related to targeted drugs and immunotherapies.

Key players operating in the cancer therapy market are Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline PLC, Hoffmann-La Roche Ltd., Bayer AG, AstraZeneca, Amgen, and Bristol-Myers Squibb Company, among others. These companies are focusing on developing new drug formulations and combinations through collaborative partnerships.

Read More: https://www.rapidwebwire.com/cancer-therapy-market-size-and-growth/