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.
Market Top Drivers
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 of 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.
In various clinical studies, it has been found that cancer immunotherapy has 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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The rise in Global Cancer Burden
With 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.
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