Global Cancer Immunotherapy market to reach US$ 412.8 billion by 2034: Fact.MR Report

New Delhi: The global cancer immunotherapy market is expected to witness significant expansion, with its value forecast to increase from US$ 159.2 billion in 2024 to approximately US$ 412.8 billion by 2034. 

According to a report “Cancer Immunotherapy Market” by Fact.MR, the market is set to grow at a compound annual growth rate (CAGR) of 10% over the next decade, driven by technological innovations, rising cancer incidences, and substantial investments in research and development. 

Immunotherapy, a cutting-edge approach to cancer treatment that strengthens the patient’s immune system to combat the disease, has become increasingly important. The growing number of cancer cases, alongside aging populations and lifestyle-related factors, has propelled the demand for these therapies, positioning immunotherapy as a key pillar in modern cancer care.

The report highlighted several factors driving the market growth, including the alarming global cancer burden. According to the World Health Organization (WHO), in 2022, around 20 million new cancer cases and 9.7 million deaths were recorded worldwide. Additionally, approximately 1 in 5 people will develop cancer during their lifetime, with 1 in 12 women and 1 in 9 men succumbing to the disease.

In the U.S. alone, PubMed Cancer Statistics reported nearly 1.96 million new cancer diagnoses in 2023. This growing prevalence of cancer has led to an increased demand for effective treatments like cancer immunotherapy, which includes monoclonal antibodies, immune checkpoint inhibitors, and cancer immunotherapy vaccines.

One of the major driving forces behind this market growth is the escalating global burden of cancer. The report cites data from the World Health Organization (WHO), revealing that around 20 million new cancer cases were recorded globally in 2022, leading to 9.7 million deaths. The WHO also predicts that approximately 1 in 5 people will develop cancer during their lifetime, while 1 in 12 women and 1 in 9 men will die from it. 

In the United States alone, PubMed Cancer Statistics reported nearly 1.96 million new cancer diagnoses in 2023. This alarming rise in cancer prevalence is fueling the demand for effective treatments, with immunotherapies such as monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, and cancer immunotherapy vaccines.

Monoclonal antibodies and immune checkpoint inhibitors are emerging as the most popular cancer immunotherapy treatments due to their proven effectiveness. These therapies are becoming critical in managing several types of cancer, including lung, colorectal, breast, and prostate cancers. The report highlights that the sales of immune checkpoint inhibitors are projected to reach US$ 100.7 billion by 2034. Meanwhile, other therapies like immune system modulators and immunotherapy vaccines are also contributing to market growth, especially in advanced stages of cancer treatment.

The report further suggests that the cancer immunotherapy market in the United States is anticipated to account for 44.5% of the North American market share in 2024. Japan is expected to see a demand surge with a projected CAGR of 10.5% over the next decade. Cancer research centers are set to capture 27.6% of the global market share by 2034, while South Korea is forecast to register a CAGR of 10.8% through the same period. These regional growth trends reflect a global increase in the adoption of immunotherapy as part of mainstream cancer care.

Leading companies in the cancer immunotherapy market, including Amgen Inc., Bristol-Myers Squibb, and F. Hoffmann-La Roche Ltd., are investing heavily in bioinformatics tools to enhance drug development. These industry giants are focusing on R&D initiatives to deliver more reliable and effective cancer immunotherapies. Collaborations with research institutions and strategic mergers and acquisitions have become key approaches for expanding their market reach and driving revenue growth. Additionally, the industry is exploring the integration of immunotherapy with conventional cancer treatments to improve patient outcomes.

The report highlights notable developments within the industry, such as the U.S. Food and Drug Administration’s (FDA) approval of Bristol Myers Squibb’s Opdivo® (nivolumab) in March 2024. This therapy, combined with gemcitabine and cisplatin, has been approved for treating metastatic urothelial carcinoma. Amgen Inc. also announced positive results from its CodeBreaK 101 study in 2021, showing the effectiveness of combining LUMAKRASTM (sotorasib) with Vectibix® (panitumumab) for KRAS G12C-mutated colorectal cancer.

These advancements highlight the growing importance of immunotherapy as a transformative approach to cancer care, offering hope for better survival rates and improved quality of life for millions of patients.

The cancer immunotherapy market is set to experience robust growth over the next decade, driven by technological advancements, rising cancer incidences, and increased R&D investments. With the potential to revolutionize cancer treatment, the sector is expected to play a vital role in improving survival rates and quality of life for millions of patients worldwide.