Market Overview

The global cancer immunotherapy market size was valued at USD 129.5 Billion in 2024 and is projected to reach USD 271.2 Billion by 2033, exhibiting a CAGR of 8.6% during the forecast period 2025-2033. This growth is driven by increasing cancer incidences, supportive regulatory policies, and ongoing innovations such as neoantigen-based vaccines and bispecific antibodies. North America currently dominates the market due to robust R&D expenditure and favorable government initiatives.

Study Assumption Years

• Base Year: 2024

• Historical Year/Period: 2019-2024

• Forecast Year/Period: 2025-2033

Cancer Immunotherapy Market Key Takeaways

• The global cancer immunotherapy market size was valued at USD 129.5 Billion in 2024.

• The market is expected to grow at a CAGR of 8.6% from 2025 to 2033.

• North America held the largest share of over 45.2% in 2024.

• Increasing global cancer cases, such as 19.29 million in 2020, are driving demand for immunotherapies.

• More than 1,000 ongoing clinical trials worldwide are focused on immune-based therapies.

• Key collaborations, including BioMed X and Ono Pharmaceutical, are targeting next-generation immunotherapies.

• Major players are engaging in mergers and acquisitions, enhancing market growth prospects.

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Market Growth Factors

The rising prevalence of cancer worldwide is a primary growth driver for the cancer immunotherapy market. According to the International Agency for Research on Cancer, approximately 19.29 million cancer cases were reported in 2020, with a projection to reach 24.58 million by 2030. In the United States alone, 2,281,658 new cancer cases and 612,390 deaths were recorded in 2020. Such significant and rising incidence rates amplify the need for effective and advanced treatment options like immunotherapy. Additionally, lung cancer and breast cancer remain highly prevalent, as demonstrated by Canadian reports estimating nearly 29,800 lung cancer diagnoses and 21,200 deaths in 2020. This growing patient population fuels demand for sophisticated immunotherapy treatments.

The approval and development of novel immunotherapies also support market expansion. Over 1,000 clinical trials worldwide, as per the National Clinical Trials Registry, are ongoing for immune-based cancer treatments. Regulatory agencies in many countries are accelerating the approval process for these advanced therapies. A recent example includes the FDA approval of Quizartinib (Vanflyta) in July 2023 for acute myeloid leukemia, targeting a key kinase involved in approximately one-third of cases. Such faster approvals enable quicker market access and broaden treatment availability, positively influencing market growth.

Strategic collaborations between pharmaceutical companies and research institutions foster innovation and market growth. Recent partnerships include the September 2023 collaboration between Immatics and Moderna to develop oncology therapeutics combining TCR therapies with mRNA cancer vaccines. In August 2023, FBD Biologics Limited teamed with Shanghai Henlius Biotech to strengthen immunotherapy development. BioMed X and Ono Pharmaceutical launched a joint project in December 2023 focused on neutrophil-based next-generation immunotherapies. Public-private partnerships, such as the USD 220 million, five-year Partnership for Accelerating Cancer Therapies (PACT), further accelerate biomarker development and clinical trials across numerous cancer types. Combined with mergers and acquisitions by major companies like Amgen, AstraZeneca, Bayer, and Eli Lilly, these activities enhance the market’s innovation pipeline and revenue potential.

Market Segmentation

Analysis by Therapy Type:

• Monoclonal Antibodies: Leading segment with 71.2% market share in 2024, driven by extensive R&D funding. The FDA approved Talvey (August 2023) for multiple myeloma patients after prior therapies.

• Cancer Vaccines

• Checkpoint Inhibitors

• Immunomodulators

• Others

Analysis by Application:

• Lung Cancer: Largest revenue share due to high incidence and adoption of immunotherapy. The FDA authorized Repotrectinib (marketed as Augtyro by Bristol, Inc.) in November 2023 for refractory or metastatic NSCLC.

• Breast Cancer

• Colorectal Cancer

• Melanoma

• Prostate Cancer

• Head and Neck Cancer

• Others

Analysis by End User:

• Hospitals: Leading end-user segment with 68.2% market share in 2024; widespread utilization of immunotherapies and increased hospital admissions for cancer treatments.

• Cancer Research Centers

• Clinics

• Others

Regional Insights

North America dominates the cancer immunotherapy market with a share of over 45.2% in 2024. This leadership is attributed to the high incidence of cancer patients, rapid advancements in bioinformatics, and favorable government initiatives. The United States represents 92.7% of the North American market, underpinned by more than USD 7.22 Billion invested in cancer research in 2024. Robust clinical trials (2,306 active as of March 2024) and major players like Merck and Bristol-Myers Squibb drive market innovation and accessibility.

Recent Developments & News

• October 2024: FDA approved Bristol Myers Squibb's Opdivo (nivolumab) for perioperative treatment in resectable NSCLC, showing a 42% reduction in disease risk based on CheckMate-77T trial.

• September 2024: Amgen reported positive results for DLL3-targeting BiTE molecule IMDELLTRA in combination with PD-L1 inhibitors for extensive-stage small cell lung cancer at WCLC 2024.

• July 2024: AstraZeneca announced ADRIATIC Phase III trial results demonstrating significantly improved survival with Imfinzi in limited-stage small cell lung cancer.

• December 2023: Oxford University Hospitals launched a new mRNA cancer vaccine trial for head and neck cancers.

• December 2023: BioMed X and Ono Pharmaceutical initiated joint research on neutrophil-based next-generation immunotherapies.

Key Players

• Amgen Inc

• AstraZeneca plc

• Bayer AG

• Bristol-Myers Squibb Company

• Eli Lilly and Company

• F. Hoffmann-La Roche Ltd

• GSK plc.

• Johnson & Johnson

• Merck & Co., Inc.

• Merck KGaA

• Novartis AG

• Pfizer Inc.

• Sanofi S.A

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