Cancer Immunotherapy is Estimated to Witness High Growth Owing to Expanding Pipeline Drugs

Cancer immunotherapy is a type of cancer treatment that helps the immune system fight cancer naturally. It includes drugs that are either derived from living cells or produced in the laboratory. These drugs help the immune system recognise and destroy cancer cells by either stimulating the patient's immune system or making the cancer cells more visible to the immune system. Cancer immunotherapies are proving to be groundbreaking treatments for some patients where other therapies have failed. They work to boost the body's natural defenses to fight cancer specifically by targeting and removing cancer cells.

The global Cancer Immunotherapy Market is estimated to be valued at US$ 129291.49 Bn in 2024 and is expected to exhibit a CAGR of 17% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Expanding pipeline drugs is presenting high growth opportunities in the cancer immunotherapy market size. Many biotechnology and pharmaceutical companies are focusing on developing novel immunotherapies with enhanced efficacy and reduced toxicity. Currently, hundreds of cancer immunotherapies are in clinical trials and are expected to get approved in the coming years. This expanding pipeline of innovative immunotherapies will drive the market growth during the forecast period. The approval of new immunotherapy drugs to treat various types of cancers will increase treatment options available to cancer patients and bolster the market of cancer immunotherapy.

Porter's Analysis
Threat of new entrants: The presence of stringent regulatory requirements and high capital investment needed to conduct research pose significant entry barriers for new players in the cancer immunotherapy market.
Bargaining power of buyers: The bargaining power of buyers in the cancer immunotherapy market is moderate due to the limited availability of low-cost generic drugs and emergence of new effective therapeutics.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of a large number of raw material and equipment suppliers in the market.
Threat of new substitutes: Currently, there are limited treatment alternatives for cancer immunotherapy and new substitutes may pose a serious threat to existing therapies.
Competitive rivalry: The cancer immunotherapy market witnesses intense competition due to the presence of many global and regional players offering alternative treatment options.

SWOT Analysis
Strength: Cancer immunotherapy has shown promising results in treating various cancer types. It offers targeted treatment with minimal side effects compared to other therapies.
Weakness: High costs associated with R&D and product development. Requirement of specialized medical infrastructure and skilled oncologists.
Opportunity: Increasing approval of combination therapies. Growing public-private investments to accelerate research. Untapped opportunities in developing markets.
Threats: Safety issues and severe adverse reactions to immunotherapies. Limited guidance on use of immunotherapy in different cancer stages.

Key Takeaways
The global cancer immunotherapy market is expected to witness high growth at a CAGR of 17% during the forecast period of 2024-2031. It is projected to reach a market size of US$ 129,291.49 billion by 2030 from US$ 32,097.13 billion in 2024.

Regional analysis: North America dominated the global market and is expected to maintain its position throughout the forecast period. This is attributed to rapidly growing cancer rates, widespread usage of immunotherapy drugs, and robust healthcare infrastructure in the region. Asia Pacific is anticipated to showcase lucrative growth opportunities owing to rising healthcare spending, increasing cancer incidence, and growing awareness.

Key players: Key players operating in the cancer immunotherapy market are Delve Health, Clario, Clinical Ink, Castor, Accenture, Thread, Science 37, Medable, Dassault Systèmes, and eElinicalHealth (CLINPAL), among others. These players are engaged in new product launches, mergers & acquisitions, and collaborations to gain a competitive edge in the market.