Cancer Immunotherapy Market
Worth $153 Billion By 2027
According to the World Health Organization, cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. The American Cancer Society estimates that 1.8 million new cancer cases were diagnosed and that 606,530 cancer deaths occurred in the United States in 2020. Conventional cancer treatment methods such as surgery, chemotherapy and radiation therapy often have limited efficacy and serious side effects.The “War on Cancer” continues.
Cancer immunotherapy, also known as cancer treatment vaccine, has emerged as a very promising next generation treatment. Immunotherapy utilizes the body’s own immune system to fight cancer, usually with milder side effects and more targeted than chemotherapy.
According to a 2020 report from Reports and Data, global cancer immunotherapy will grow from $78 billion in 2019 to $153 billion by 2027.
The rapid growth of the immunotherapy market can be attributed to three primary factors:
- Rising cancer incidence, worldwide
- Increased awareness about immunotherapy treatment options beyond traditional chemotherapy, radiation and surgery
- Increasing patient and physician interest newly invented advanced treatments
Source: Reports and Data
The two biggest immunotherapy drugs – Keytruda from Merck (NYSE: MRK) and Opdivo from Bristol-Myers Squibb (NYSE: BMY) – started out as niche products for incurable lung cancer and gradually expanded into blockbuster drugs with multiple cancer indications. Their robust sales are strong testaments to the science and market potential of immunotherapy – using the body’s immune system to fight cancer.
While there is no single magic “cure-all” cancer vaccine, disease-specific immunotherapy has proven to be effective in improving patient quality of life and survival rates. This translates into a large and growing market with many winning opportunities for biotech companies and many drug options for patients.
To become a recognized leader in the field of cancer immunotherapies and vaccines by accelerating the translation of scientific knowledge into effective and commercially available cancer treatments.