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Cancer Immunotherapy Global Market Report 2022: Spike in R&D Efforts for the Creation of Novel Oncology Treatment Bolsters 7.5% Annual Growth
Dublin, Dec. 29, 2022 (GLOBE NEWSWIRE) -- The "Cancer Immunotherapy Market by Product, Distribution Channel, Application, End Use, and by Region - Global Forecast to 2022-2033" report has been added to ResearchAndMarkets.com's offering.
The cancer immunotherapy market size is estimated to be USD 110,125.4 million in 2022 and is expected to witness a CAGR of 7.51% during the forecast period 2023-2033. Surge in oncology incidence around the world and spike in R&D efforts for the creation of novel oncology treatments are factors contributing to the market growth. Additionally, rise in funds for the development of innovative therapies and various strategic measures implemented by top companies is supporting the market growth. However, immunotherapy adverse effects are expected to hinder the growth.
Rise in funds for the development of innovative therapies is expected to propel the market growth during the projected period. For instance, the U.S. National Cancer Institute and Cancer Research UK's Cancer Grand Challenges project provided USD 13 million in funding to a team of Stanford scientists in June 2022. The creation of new immunotherapies, research into extrachromosomal DNA, and analysis of early-stage cancers are all recipients of this funding.
Various strategic measures implemented by top companies is predicted to fuel the market growth during the forecast period. For instance, in August 2022, Genmab A/S and BioNTech SE strengthened their strategic partnership for the creation and introduction of novel immune treatments for the management of various cancer types. Additionally, Merck & Co., Inc. announced in March 2022 that the US FDA has approved KEYTRUDA. An anti-PD-1 therapy named KEYTRUDA is used to treat advanced endometrial cancer.
Segmentation
By Product
The market is categorized into immunomodulators, monoclonal antibodies, cancer vaccines, oncolytic viral therapies. In the global market, the monoclonal antibodies segment accounted for the largest revenue share in 2022 owing to the increasing prescription rate for monoclonal antibodies, their targeted action, relatively less side effects, and robust commercial performance and sales of top monoclonal antibodies including Keytruda, Yervoy, and Opdivo. For instance, Bristol-Myers Squibb Company reported that Opdivo and Yervoy sales increased 5% in Q1 2022 compared to Q1 2021. The segment for oncolytic viral therapies and cancer vaccines is anticipated to experience the highest demand over the forecast period. In the upcoming years, it is projected that segment demand will be boosted by the growing demands for novel treatment regimens, rising demand for cancer vaccines, and the increase in financing from the public and private sectors for the development of novel oncology vaccines.
By Distribution Channel
The market is divided into online pharmacy, hospital pharmacy, and retail pharmacy. In 2022, the hospital pharmacy segment accounted for the highest revenue share due to increasing need for immunotherapy in hospitals and the expanding number of hospital admissions as a result of the rise in oncology disorders. The number of cancer patients be admitted to hospitals has increased due to the complexity of the therapy and individuals over 65. The segment share is high as a result. The segment for online pharmacies is predicted to grow at the fastest rate in the upcoming years. The demand for the online pharmacy segment is projected to be driven by factors such as the rise in internet usage, growing telemedicine adoption, expanding technology adoption, and convenience and time efficiency. Additionally, the availability of well-known e-pharmacy players and the savings they provide are expected to support segment demand in the near future.
By Application
The market is segregated into breast cancer, lung cancer, colorectal cancer, prostate cancer, pancreatic cancer, melanoma, ovarian cancer, head and neck cancer, and others. In the global market, the lung cancer segment accounted for the largest revenue share in 2022 owing to surge in prevalence of lung cancers, rising immunotherapy usage, escalation in awareness campaigns, and presence of a strong pipeline of experimental candidates. Increasing product approval and product launches are also driving demand. For instance, the U.S. FDA authorised the drug Tecentriq (atezolizumab) in October 2021 for the treatment of stage II and stage III NSCLC. The breast cancer segment accounted for the largest the second-largest share and is anticipated to grow rapidly due to the high frequency of the disease, continuous research initiatives, and significant investments by major players to develop novel treatments for breast cancers.
By End Use
The market is segmented into cancer research centres, hospitals & clinics, and others. In 2022, the hospitals & clinics segment accounted for the largest revenue share owing to high incidence of disease and rising treatment rates, growing awareness of and an upsurge in the diagnosis of cancers, and rising number of hospitals that provide immunotherapies treatment. Immunotherapy treatments are widely used in hospitals to treat oncology diseases. For instance, the percentage of melanoma patients receiving care in hospitals is rising, soaring from 14.5% to 37.7% within 90 days of cancer diagnosis, according to a report released by Elsevier Inc. The cancer research centres market is anticipated to expand rapidly over the projected period. Increasing oncology research and constant attempts by government and non-government groups to promote the market through grants and funding are attributed to the segment's growth.
Companies Mentioned
Novartis AG
Lilly
Pfizer Inc
AstraZeneca
Pfizer Inc
Merck & Co. Inc
Bristol-Myers Squibb Company
Johnson & Johnson Services Inc
F. Hoffmann-La Roche Ltd
Genentech Inc (Roche)
Immunocore Ltd.
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