Keytruda Market size was valued at USD 27.3 billion in 2024 and is anticipated to surpass USD 81.1 billion by 2037, registering a CAGR of 9.5% during the forecast timeline i.e. 2025-2037. In 2025, the industry size of keytruda is evaluated at USD 29.8 billion.
The Keytruda market is gaining traction owing to the continuous research that states the efficacy of this drug, hence, boosting its adoption in oncology treatments. For instance, in September 2024, long-term overall survival (OS) data from the pivotal Phase 3 KEYNOTE-006 trial, evaluating KEYTRUDA (pembrolizumab), was released today by Merck. The data showed that more than 1/3rd (34.0%) of patients with advanced melanoma were still alive after receiving KEYTRUDA treatment, compared to 23.6% of patients treated with ipilimumab. In addition, the company, previously in December 2023, announced that KEYTRUDA can decrease the risk of death or distant metastasis by 65% and the risk of recurrence or death by 44% when paired with mRNA-4157 (V940).
Furthermore, the trend towards personalized medicine includes testing for biomarker expression of PD-L1, allowing for more tailored treatment and further optimization. For instance, in October 2021, Bristol Myers Squibb received European Commission approval for Opdivo (nivolumab) in combination with chemotherapy. It is for patients with advanced, recurrent, or metastatic esophageal squamous cell carcinoma in which the tumor cells express PD-L1 at a rate of 1%. In addition, there's been a growing incidence of cancer throughout the world due to aging populations. For instance, according to the American Cancer Society data, published in April 2024, there were 9.7 million cancer-related deaths and nearly 20 million new cases of cancer in 2022. It was projected that by 2050, there will be 35 million new cases of cancer.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
9.5% |
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Base Year Market Size (2024) |
USD 27.3 billion |
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Forecast Year Market Size (2037) |
USD 81.1 billion |
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Regional Scope |
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Distribution Channel (Hospital Pharmacies, Specialty Pharmacies)
Based on the distribution channel, the hospital pharmacies segment is projected to capture keytruda market share of over 65.4% by 2037. They also play a critical role in managing complex cancer treatment regimens and ensuring the safe administration of immunotherapies. These pharmacies are provided with special staff and facilities for the storage, preparation, and dispensing requirements of keytruda. In addition, the hospitalization rates of patients have been witnessing a significant surge. For instance, in year 2021, according to the Journal for Immunotherapy of Cancer, within two years of the start of immunotherapy, 7,587 (53%) patients were admitted to 16,053 hospitals. In a hospital setting, integration not only improves patient care but also propels the growth of Keytruda as a treatment of choice in oncology.
Cancer Type (Melanoma, Lung cancer, Hodgkin lymphoma, Stomach cancer, Urothelial carcinoma)
The lung cancer segment is anticipated to dominate the keytruda market by 2037, attributable primarily due to the high incidence of the disease and the strong unmet medical need for better treatment options. The increasing prevalence of lung cancer cases in the U.S., propels the need for producing innovative therapies. In addition, in February 2024, the WHO statistics stated, that lung cancer was the most commonly occurring cancer worldwide with 2.5 million new cases accounting for 12.4% of the total new cases. Survival among NSCLC patients with the highest levels of PD-L1 expression makes keytruda an imperative therapeutic for patients.
Our in-depth analysis of the global market includes the following segments:
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Cancer Type |
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Distribution Channel |
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North America Market Statistics
North America in keytruda market is anticipated to capture around 43.1% revenue share by the end of 2037, due to high healthcare spend and advanced infrastructures. In addition, the demand for efficacious cancer therapies has been increasing, which helps Keytruda be in a good position in the market within the region. Moreover, the presence of key players in the market shapes the innovation and advanced medications using keytruda.
The U.S. Keytruda market is unfolding remarkable growth opportunities attributable to the rising developments using Keytruda as an effective source of medication. For instance, in September 2021, by acquiring Acceleron Pharma in a USD 11.5 billion transaction, Merck & Co. carried on with its strategic expansion. A medication to treat pulmonary arterial hypertension, a rare lung condition, was being actively developed by Acceleron Pharma. Merck & Co. is committed to strengthening its position in the pharmaceutical industry, as evidenced by its parallel commitment to the development of keytruda for non-small cell lung cancer.
The keytruda market in Canada is witnessing significant growth due to regulatory support and strong principles laid by them. For instance, in September 2024, it was announced that according to Health Canada's approval, KEYTRUDA was used as a monotherapy. Furthermore, adult and pediatric patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) solid tumors have progressed after this treatment. Thus, the improvement in treating cancer is evident in the country.
Asia Pacific Market Analysis
The keytruda market in Asia Pacific is gaining traction and is expected to witness lucrative growth during the forecast timeline i.e. 2025-2037. Adoption of immunotherapy medications is also aided by favorable healthcare policies and higher healthcare spending in the region. This market is therefore anticipated to expand quickly, reflecting the continuous need for cancer treatments that are safer and more efficient.
The keytruda market in India is expecting substantial growth owing to the faster access to new treatments which is made possible by expedited regulatory approvals, which benefits the market. For instance, in 2023, it was announced that the government fully exempted pembrolizumab (keytruda), a Merck cancer drug, from basic customs duty. Furthermore, research and technological developments are fostering the creation of novel therapies, and patient access to these treatments is being improved by advantageous reimbursement policies.
The keytruda market in China is gaining traction due to initiatives and support from local governments. For instance, in January 2025, the National Medical Products Administration (NMPA) of China approved PADCEVTM (enfortumab vedotin) in combination with KEYTRUDA (pembrolizumab). The combination of treatments is expected to give patients with la/mUC a new therapeutic option and a substitute for platinum-containing chemotherapy, which has been the norm for almost 40 years.
The presence of companies in the keytruda market is fostered due to collaborative strategies between companies to expand their portfolios and expertise in delivering efficacy in treatments using keytruda. For instance, in October 2022, by the terms of its current collaboration and license agreement, Merck exercised its option to jointly develop and commercialize personalized cancer vaccine (PCV) mRNA-4157/V940 with Oderna, Inc. In a current Phase 2 clinical trial, Moderna is evaluating mRNA-4157/V940 as an adjuvant treatment for patients with high-risk melanoma in conjunction with Merck's anti-PD-1 therapy, KEYTRUDA. Here's the list of some key players:
Author Credits: Radhika Pawar
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