Cancer immunotherapy utilizes the body's immune system to fight cancer cells. Immunotherapies, such as monoclonal antibodies and immune checkpoint inhibitors, have gained popularity as a treatment option for various cancers. Monoclonal antibodies are engineered versions of antibody proteins that act against specific cancer antigens. Immune checkpoint inhibitors help activate the immune system by blocking cancer's ability to turn off anti-tumor immune responses. The global cancer immunotherapy market is estimated to be valued at US$ 112232.19 Bn in 2023 and is expected to exhibit a CAGR of 39. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend driving the growth in the cancer immunotherapy market is the increasing usage and adoption of immunotherapy as a promising treatment option for cancers. While conventional therapies such as chemotherapy, radiation therapy, and surgery are still used, immunotherapy has demonstrated better clinical benefits and outcomes with minimal side effects. The rising success rates of immune checkpoint inhibitors targeting PD-1/PD-L1 pathways in treating various malignancies like lung cancer, skin cancer, and renal cancer have made immunotherapy a preferred treatment choice. Additionally, ongoing research efforts to develop advanced immunotherapies with higher efficacy are expected to further fuel the market growth during the forecast period.
Segment Analysis
The global cancer immunotherapy market is dominated by the checkpoint inhibitors sub-segment due to its high efficiency. Checkpoint inhibitors help boost the body's natural immune system response against cancer cells. It works by targeting programmed cell death proteins (PD-1) and its ligands PD-L1 and PD-L2 which are commonly used by tumours to avoid immune system detection and attack.
Key Takeaways
The global Cancer Immunotherapy Market Analysis is expected to witness high over the forecast period of 2023 to 2030.
Regional analysis:
North America is currently the dominant region in the cancer immunotherapy market and is expected to continue its dominance over the forecast period. This is due to the rising prevalence of cancer and presence of advanced healthcare facilities in the region. However, Asia Pacific is expected to be the fastest growing market due to increasing healthcare expenditure, supportive government policies and growing awareness related to cancer immunotherapy.
Key players:
Key players operating in the cancer immunotherapy market are Solvay, Samsung SDI Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc., and Solid Power. Solvay dominates the market due to its wide global presence and strong product portfolio for cancer immunotherapy. Samsung SDI Co., Ltd. follows Solvay in terms of revenue share globally in the market.
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