Cancer immunotherapy market to be worth $125 billion by 2024

Analysts at Transparency Market Research (TMR) have predicted that the global market value of cancer immunotherapies will reach $124.88 billion by 2024, representing a compound annual growth rate of nearly 15% from 2016.

Included in the rising cancer immunotherapy figures are monoclonal antibodies, which according to the TMR report are widely liked for their effectiveness and reasonable price point, as well as immune checkpoint inhibitors, which the report speculates are likely to be a major growth area over the next few years.

Cancer incidences are on the rise globally, helping to grow the market size considerably. Cancer Research UK reports that half of all UK residents will be diagnosed with some form of cancer, while around 40% of Americans will experience the same. Incidence rates in China are as low as 11%, but rising rates of smoking among young people and the intractable problem of pollution which continues to expose Chinese citizens to carcinogens increase future risk.