Cancer Immunotherapy Market Size, Share, Growth Analysis, By Product Type(Monoclonal Antibodies [Naked Monoclonal Antibodies, Conjugated Monoclonal Antibodies, Bispecific Monoclonal Antibodies], Vaccines [Prophylactic Vaccines), By Cancer Type(Lung Cancer, Breast Cancer, Multiple Myeloma, Colorectal Cancer), By End-User(Hospitals, Clinics & Others), By Region - Industry Forecast 2024-2031

Global Cancer Immunotherapy Market size was valued at USD 125.4 billion in 2022 and is poised to grow from USD 135.93 billion in 2023 to USD 259.16 billion by 2031, growing at a CAGR of 8.4% during the forecast period (2024-2031).

The rising prevalence of target therapy in place of traditional therapy, increasing demand for mABs, and emergence of various biosimilars around the globe are the key factors anticipated to drive the growth of the global market during the forecast period. These drugs are mainly designed and created to boost the body’s immune response to fight against cancer with high dependence on the discovery of molecules, is also projected to have positive impact on the global market growth and demand over the coming years.

Furthermore, growing approval from Food and Drug administration such as PD-1 and CTLA-4 checkpoint inhibitors for the treatment of melanoma and non-small cell lung cancer are further expected to boost the global cancer immunotherapy market growth throughout the forecast period. For instance, in May 2021, the US Food and Drug Administration has approved the Amgen’s LUMAKRAS for the better treatment of patients suffering from KRAS G12C, that involves mutated locally advanced or metastatic cell lung cancer. It is the first ever treatment for NSCLC in the world.

US Cancer Immunotherapy Market is poised to grow at a sustainable CAGR for the next forecast year.