Cancer Immunotherapy Market Research Report: Forecast (2023-2028)

Market Definition

Immunotherapy is a medical procedure that makes use of specific immune system components to treat conditions like cancer. It strengthens the body's built-in defenses against the disease. It uses compounds created by the body or in a lab to strengthen the immune system in order to locate and eliminate cancer cells. Cancer immunotherapy is used to treat a variety of malignancies including melanoma, prostate, breast, colorectal, lung, head & neck and more.

Market Insights

The Global Cancer Immunotherapy Market is projected to grow at a CAGR of around 13.22% during the forecast period, i.e., 2023-28. The market is projected to experience significant growth due to several factors. One of the primary drivers is the increasing adoption of targeted therapy over traditional therapy, which has led to the emergence of biosimilars and increased demand for monoclonal antibodies (mAbs).

The high prevalence of cancer also contributes to the rising inclination for such therapy, as immunotherapy drugs alter or boost the body's natural immune response to fight cancer. In conjugation, different immunotherapies, including CAR T-cell therapy, cancer vaccines, and immunomodulators, can be combined with other cancer treatments to achieve the best outcomes.

In fact, immunotherapy has proven to be a more targeted treatment than conventional therapies such as radiation and chemotherapy, helping to avoid potential damage to healthy tissue, which is usually common in these therapies. Furthermore, with promising response rates and the potential for durable responses, the success achieved by cancer immunotherapy is notably higher and likely to impact cancer patients positively. Perhaps it is why the demand for such treatment methods is augmenting among cancer patients across the globe. Above all, the global market shall also expand due to the ongoing research & new approvals for such treatment methods. Thus, backed by these aspects, the market is projected to witness a substantial surge in its revenue in the coming years.

Market Dynamics

Key Driver: Increasing Frequency of Approvals Received by Novel Immunotherapies

Increasing acceptance of novel immunotherapies is expected to bode well for market expansion in the coming years. For instance, The U.S. FDA authorized a number of anti-PD-1/L1 antibodies between 2020 and 2022 for the treatment of NSCLC, renal cell carcinoma, melanoma, breast, prostate, and other malignancies. These antibodies include nivolumab, atezolizumab, avelumab, dostarlimab, and others. Therefore, the increased approval of immunotherapeutic drugs has fueled market development in the past few years.

Possible Restraint: Side-Effects Associated with The Cancer Immunotherapy

The numerous side effects associated with Immunotherapy are expected to reduce the number of prescriptions written for cancer. This is because treatments offered are linked to several adverse side effects, including gastrointestinal problems, insomnia, fatigue, and pain. These negative effects impact patients' overall quality of life, and managing them comes at an additional expense. Additionally, long-term immunotherapeutic drug use has been linked to severe organ deterioration and a rise in organ failure cases. Backed by these aspects, the market will likely impede in the coming years.

Growth Opportunity: Growing R&D Efforts to bring innovation in Cancer Immunotherapy Treatments

Numerous government and NGO initiatives that raise awareness and encourage further research are expected to aid the market's maturation. For example, the cancer study institute spent about USD 474 million on the analysis, supporting more than 120 clinical trials. Similarly, the Society for Immunotherapy of Cancer (SITC) is working to advance the understanding and use of oncology immunotherapy to improve patient results. Again, these organizations team with scientists and academics to develop cutting-edge immune therapy treatment plans.

Moreover, the raised funding for novel therapies is anticipated to accelerate R&D efforts to create cancer immunotherapy. For instance, the Cancer Grand Challenges program by the USA National Cancer Institute and Cancer Research UK provided USD 13 million in funding to a team of Stanford scientists in June 2022. The funding aims to sponsor the activities such as the creation of new immunotherapies, research into extrachromosomal DNA, and examining early-stage cancers.

Key Trend: A Paradigm Shift from Conventional Chemotherapies to Immunotherapies Owing to Higher Efficacy of Newer Therapies

Increased research and development efforts in cancer immunotherapy have resulted in the development of advanced versions with better therapeutic efficacies. In fact, immuno-oncology has exhibited encouraging results, including improved survival and reduced toxicity. Besides, immunotherapies under research are anticipated to provide more treatment options and superior results than current medications. This has resulted in a paradigm shift from conventional chemotherapies to immunotherapies, consequently pushing the market forward. Furthermore, launching emerging medication classes targeting multiple myeloma receptors, such as monoclonal antibodies and histone deacetylase (HDAC) inhibitors, is anticipated to boost the market growth worldwide.

Market Segmentation

Based on Cancer Type,

• Lung Cancer
• Prostate Cancer
• Breast Cancer
• Ovarian Cancer
• Pancreatic Cancer
• Head and Neck Cancer
• Melanoma
• Colorectal Cancer

In 2022, the Lung Cancer segment led the market in terms of revenue and is likely to prevail in the same trend in the coming years as well. Some of the major drivers anticipated to propel the segment's growth include the rising prevalence of lung malignancies, rising immunotherapy usage, increased awareness campaigns, and a strong pipeline of exploratory candidates. In addition, rising product approval and product launches are also positively influencing the demand for such treatments. For instance,

In May 2021, The European Commission approved the XTANDI treatment (enzalutamide), according to a statement from Astellas Pharma. As a result, the only approved oral medication for three types of prostate cancer non-metastatic, metastatic hormone-sensitive, and metastatic castration-resistant is XTANDI. Likewise, the U.S. FDA authorized Tecentriq (atezolizumab) in October 2021 to treat stage II and stage III NSCLC.

Furthermore, due to the high prevalence of the disease, continuous research efforts and increased investments by major players to develop novel treatments for breast malignancies are likely to accelerate breast cancer segment expansion, which formerly held the second-largest share.

Regional Projection

Geographically, the Global Cancer Immunotherapy Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

North America led the overall market in terms of revenue owing to the presence of numerous key players and the various strategic initiatives they have undertaken. Additionally, with the rising prevalence of diseases, numerous government and non-government organizations supporting cancer immunotherapy research activities have accelerated market growth over the past few years. For instance,

Among other prevailing deadly diseases, cancer has remained the leading cause of death in Canada for the last two decades, with 43% of residents likely to receive a cancer diagnosis in their lifetime. The study results from a collaboration among the Statistics Canada, the Canadian Cancer Society, and the Public Health Agency of Canada estimated that there would be 233,900 new cancer cases along with 85,100 cancer deaths in Canada in 2022. However, the figures apparently surged, with an estimated 229,200 cases and 84,600 deaths due to cancer in 2021.

Thus, the rising burden of numerous types of cancer in Canada necessitates suitable treatment, including cancer immunotherapy, thereby presenting a substantial business opportunity for the therapy as a market. Moreover, the increasing approval of novel drugs also contributes to regional market development. For instance, the U.S. FDA authorized Opdivo (nivolumab) to treat adult patients with NSCLC in April 2022.

Recent Developments in the Market

• In March 2022, Merck & Co., Inc. announced that the US FDA had approved KEYTRUDA, an anti-PD-1 therapy used to treat advanced endometrial cancer.
• In May 2021, For the treatment of individuals with KRAS G12C, a mutation that results in locally advanced or metastatic non-small cell lung cancer, the US FDA approved Amgen's LUMAKRAS (Sotorasib). (NSCLC). For NSCLC, LUMAKRAS is the first and only targeted therapy.

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