Cancer Immunotherapy Market
Cancer Immunotherapy Market growth is being driven by the rise in the incidence of cancer and the increase in RnD spending on novel cancer therapeutics.
PUNE, MAHARASHTRA, INDIA, January 17, 2023 /EINPresswire.com/ — The cancer immunotherapy market is expected to grow at a CAGR between 9-10% from 2022 to 2030 as this therapy is being rapidly adopted in the cancer treatment space. The major market drivers such as higher efficiency of cancer immunotherapy than traditional cancer treatments, rise in global cancer burden, initiatives by government cancer care funding, and easy reimbursement for cancer immunotherapy increase the overall acceptance of this therapy and boost the growth of the market. However, high product prices and stringent regulations related to cancer immunotherapy can restrain immunotherapy market growth. Further, Technological advancements such as AI to determine suitable immunotherapy can act as a new opportunity to boost immunotherapy’s acceptance as a treatment option for cancer.
Further, according to a report by Johns Hopkins Medicine, over 70 immunotherapy medications are in the clinical pipeline, and more than 1,000 immunotherapy clinical studies are now being conducted worldwide. Thus, growth in the immunotherapy market has attracted a lot of funding and attention to developers’ efforts.
Owing to these factors global cancer immunotherapy market is expected to cross the $200 billion market size by 2030.
Cancer Immunotherapy Market’s Top Driver
Higher Efficiency of Cancer Immunotherapy Than Traditional Cancer Treatments
Cancer Immunotherapy has become a reliable cornerstone of cancer care and a practical method that has improved the prognosis for many patients with various malignancies. Immunotherapy works to treat the underlying causes of cancer rather than just the symptoms, providing long-term cancer prevention and possibly reducing the likelihood of cancer recurrence. Thus, among various methods of managing cancer, such as surgery, hormone therapy, radiotherapy, and chemotherapy, immunotherapy has revolutionized treatment.
In March 2021 Dr. Franco Locatelli and colleagues published, the results of the immunotherapy vs Chemotherapy Randomized Clinical Trial for the treatment of B-Cell Acute Lymphoblastic Leukemia, Immunotherapy results in better study outcomes as compared to chemotherapy.
More, in various clinical studies, it has been found that cancer immunotherapy does have incomparable advantages over traditional anti-tumor therapy. For instance, Keytruda doubles the survival rate in non-small-cell lung cancer (NSCLC) patients compared to chemotherapy (Source: Results of a clinical trial published in CancerConnect- June 2022).
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Rise in Global Cancer Burden
The rising frequency of risks such as smoking, low food quality, and less physical inactivity in economically developing nations, the cancer burden has increased significantly in recent few years and is likely to grow in near future. According to the report of the national library of medicine (NLM), by 2030, there will be approximately 26 million new cancer cases and about 17 million cancer deaths per year. Also, according to the world health organization (WHO), in 2020, cancer was the leading cause of death.
Further, population aging will have a direct connection to the global cancer burden as cancer is more prevalent in elders. As per the GLOBOCAN report (published in 2020), people in the age group of 65 contribute more than 50% of the number of cancer global cancer cases. Moreover, it is also estimated that the 65 years and above age group population share will rise from 9.1% in 2020 to 15.9% (1.5 billion people) in 2050.
Thus, a rise in cancer incidence, as well as the need to lessen the negative effects of existing cancer treatments, are projected to propel the cancer immunotherapy market forward.
Cancer Immunotherapy Market Top Players: Achilles Therapeutics plc., Alacrita Holdings Limited, Bioalta, Evolveeimmune Therapeutics, Imcheck Therapeutics, Nextcure, Adaptimmune
Major Opportunities in Cancer Immunotherapy Market
AI For Determining Suitable Cancer Immunotherapy
Imaging a patient’s cancer and the immune system’s reactions can give important information that could direct immunotherapeutic treatment choices during the course of therapy. A recent focus in immunotherapy has been drawn to technological developments like the real-time, non-invasive observation of particular cells or the use of artificial intelligence (AI) in pathology.
In 2019, researchers of Case Western Reserve University developed a novel artificial intelligence (AI) based method to determine which cancer patients may benefit from immunotherapy, an advance that helps reduce health care costs for underprivileged cancer patients. A CT scan was utilized by the researchers to examine tissue samples taken from 50 patients. They trained the AI system to develop an algorithm for recognizing changes in lung cancer lesions using these scans. This new technique was able to match patients who will react to immunotherapy.
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Thus rather than spending time and money on other treatment options patients can directly go for suitable immunotherapy treatment. This technological advancement can act as a new opportunity to boost immunotherapy’s acceptance as a treatment option for cancer.
Market Segmentation
Cancer Immunotherapy Market, By Type of Therapy
• Immune Checkpoint Inhibitor
• Cell Therapies
• Monoclonal Antibodies
• Oncolytic Virus Therapies
• Cancer Vaccines
• Immune System Modulator
• Others
Cancer Immunotherapy Market, By Type of Cancer
• Lung Cancer
• Breast Cancer
• Melanoma
• Colorectal Cancer
• Prostate Cancer
• Ovarian Cancer
• Pancreatic Cancer
• Others
Cancer Immunotherapy Market, By End Users
• Hospitals
• Clinics
• Research Organizations
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