Anti-CD47 Drugs Market By Drug Type (Monoclonal Antibodies, Bispecific Antibodies, SIRPα-Fc Fusion Proteins, Small Molecules & Other Next-Generation CD47/SIRPα Modulators); By Application (Hematologic Malignancies [Acute Myeloid Leukemia, Myelodysplastic Syndromes, Non-Hodgkin Lymphoma, T-Cell Lymphoma / Peripheral T-Cell Lymphoma], Solid Tumors [Gastric / Gastroesophageal Junction Cancer, Breast Cancer, Colorectal Cancer, Head & Neck Cancer, Lung Cancer, Other Solid Tumors]); By End User (Academic Cancer Centers, Oncology Hospitals, Specialty Oncology Clinics, Clinical Research Institutes & Trial Sites); By Geography, Segment Revenue Estimation, Forecast, 2026–2032

Anti-CD47 Drugs Market: Biomarker-Led Solid Tumor Strategies Replace the Broad Hematology Launch Thesis

The Global Anti-CD47 Drugs Market was valued at USD 0.23 billion in 2025 and is expected to reach USD 2.36 billion by 2032, registering a 39.5% CAGR.

 

The Anti-CD47 Drugs Market is still defined by clinical development rather than approved-product revenue. The commercial interpretation changed after Gilead discontinued magrolimab development in hematologic cancers following the ENHANCE-3 AML setback. In February 2024, Gilead stopped the Phase 3 ENHANCE-3 study after futility and increased mortality risk were observed, and the FDA placed magrolimab studies in AML and MDS on full clinical hold. Gilead also stated that it would not pursue further magrolimab development in hematologic cancers after the ENHANCE, ENHANCE-2, and ENHANCE-3 studies.

 

This has shifted the market lens from broad AML/MDS commercialization toward narrower oncology settings where anti-CD47 therapy can show measurable survival benefit, manageable hematologic safety, and a clear role within combination regimens. Current market value is therefore better assessed through patient-pool relevance, Phase 2/3 survival signals, biomarker enrichment, safety events, trial continuity, and pharma deal appetite rather than revenue forecasts.

 

Disease-Burden Base: Hematology Remains Clinically Important, Solid Tumors Offer the Larger Ceiling

Acute myeloid leukemia remains the most important hematology reference point because it was central to the first anti-CD47 development wave. In the U.S., AML is expected to account for 22,720 new cases and 11,500 deaths in 2026; SEER reports a 33.4% five-year relative survival rate for AML based on 2016–2022 data. Globally, a 2025 GBD-based analysis estimated 144,645 AML incident cases and 130,189 AML-related deaths in 2021.

MDS remains commercially relevant because higher-risk MDS was one of the original launch concepts for magrolimab. U.S. epidemiology estimates commonly point to more than 10,000 new MDS cases annually, with at least 60,000 people living with MDS in the country. Reported U.S. age-adjusted incidence has been estimated at approximately 4.9 per 100,000 in registry-based analyses. Globally, MDS incidence is harder to quantify consistently because registry coverage and diagnostic capture vary, but a recent clinical-epidemiology analysis cited approximately 87,000 new MDS diagnoses worldwide each year and a world-standardized incidence rate of 3.4 per 100,000.

Lymphoma provides a larger hematology patient pool, although anti-CD47 development faces competition from established antibodies, bispecifics, CAR-T therapies, and targeted agents. In the U.S., 88,240 new lymphoma cases and 21,070 deaths are projected for 2026; non-Hodgkin lymphoma accounts for 79,320 of those cases and 19,970 deaths. SEER also estimated 872,940 people living with NHL in the U.S. in 2023. Globally, GLOBOCAN 2022 estimated 553,000 new NHL cases and 250,000 deaths. T-cell lymphomas account for less than 15% of NHLs, making them smaller, orphan-like opportunities where clinical differentiation would need to be strong.

Solid tumors carry the larger theoretical addressable population, but only a fraction is realistic after biomarker, stage, treatment-line, and combination filters. In the U.S., the relevant large tumor pools include lung cancer with 229,410 projected new cases and 124,990 deaths in 2026, colorectal cancer with 158,850 new cases and 55,230 deaths, breast cancer with more than 324,000 total invasive cases across women and men, oral cavity and pharynx cancers with 60,480 new cases, and stomach cancer with 31,510 new cases and 10,740 deaths. Globally, 2022 data show the scale of the opportunity: lung cancer at about 2.5 million new cases, breast cancer at 2.3 million, colorectal cancer at 1.9 million, and stomach cancer at roughly 970,000.

The disease-burden picture supports a disciplined market view. AML, MDS, and NHL provide meaningful hematology demand but are now heavily risk-adjusted after pivotal setbacks. Solid tumors provide a larger patient ceiling, but the practical opportunity is concentrated in biomarker-defined combinations rather than broad tumor-wide use.

 

From First-Generation Antibodies to Safer CD47/SIRPα Platforms

Monoclonal antibodies remain the most visible drug type in the Anti-CD47 Drugs Market, led historically by magrolimab and lemzoparlimab. Their clinical record has shaped the market’s risk profile because early response signals in AML and MDS were followed by pivotal-stage setbacks, safety concerns, and program discontinuations.

SIRPα-Fc fusion proteins represent a more differentiated development path, with assets such as maplirpacept and HCB101 positioned around tumor phagocytosis while attempting to reduce hematologic toxicity. This segment remains important because anemia, transfusion burden, and fatal adverse events have become central commercial filters for CD47/SIRPα programs.

Bispecific antibodies and macrophage-engager platforms are gaining attention as next-generation approaches because they can combine CD47/SIRPα pathway activity with a second tumor- or immune-directed target. Their market relevance depends on whether they can improve tumor selectivity, combination fit, and safety compared with first-generation CD47 antibodies.

Small molecules remain a limited and early-stage category in this market. Current clinical and strategic activity is concentrated mainly in biologics, including monoclonal antibodies, bispecific formats, and fusion proteins. Small-molecule CD47/SIRPα modulators should therefore be treated as a longer-term research segment unless stronger clinical-stage evidence emerges.

 

Magrolimab Repriced the Hematology Opportunity

Magrolimab remains the defining clinical event in the Anti-CD47 Drugs Market. Early higher-risk MDS data supported strong enthusiasm, with magrolimab plus azacitidine showing high response rates in Phase 1b development. That signal helped support Breakthrough Therapy designation in MDS and contributed to Gilead’s USD 4.9 billion acquisition of Forty Seven in 2020.

The later Phase 3 experience changed the market interpretation. ENHANCE-3 showed no survival advantage for magrolimab added to venetoclax and azacitidine in newly diagnosed AML patients ineligible for intensive chemotherapy. Published data reported higher fatal adverse events in the magrolimab arm, including 19.0% versus 11.4% in the control arm, mainly driven by grade 5 infections and respiratory events.

For AML and MDS, the implication is direct. The biological rationale for targeting CD47 has not disappeared, but broad hematology forecasts now require a much higher clinical-risk discount. Any future hematology program will need to show that efficacy is not offset by early mortality, infection risk, anemia burden, transfusion requirements, or trial discontinuation.

 

MDS and Lymphoma Programs Show Both Scientific Interest and Execution Risk

MDS remains a logical disease setting because patients with higher-risk disease still face poor outcomes and limited durable options. However, the post-magrolimab development environment is less forgiving. Lemzoparlimab, I-Mab’s anti-CD47 antibody partnered with AbbVie, advanced into a China Phase 3 higher-risk MDS study, but the ClinicalTrials.gov record now lists the study as terminated. AbbVie had originally paid USD 180 million upfront, added a USD 20 million milestone, and committed up to USD 1.74 billion in additional success-based milestones for lemzoparlimab rights outside China, showing how strongly CD47 was valued before later setbacks.

Lymphoma remains active as a biological opportunity, but recruitment and differentiation are practical barriers. Pfizer’s maplirpacept, acquired through Trillium, was evaluated in DLBCL, but a Phase 2 study was terminated because of low recruitment rather than a definitive efficacy or safety failure. This matters because lymphoma already has multiple immunotherapy and targeted-treatment options. Anti-CD47 assets must therefore compete not only on response, but on trial feasibility, line-of-therapy positioning, and combination value against established standards.

 

HER2-Positive Gastric/GEJ Cancer Is the Clearest Current Solid-Tumor Route

The strongest current solid-tumor route is HER2-positive gastric and gastroesophageal junction cancer. Evorpacept has FDA Fast Track designation for second-line HER2-positive gastric/GEJ carcinoma, and both the FDA and European Commission have granted orphan-drug designation for this indication. The ongoing ASPEN-06 Phase 2/3 study is evaluating evorpacept in advanced HER2-overexpressing gastric/GEJ adenocarcinoma.

The market rationale is stronger here than in broad solid-tumor expansion because the development path is anchored to HER2 status, antibody-combination logic, orphan positioning, and a defined treatment setting. ALX Oncology reported ASPEN-06 interim data showing a confirmed overall response rate of 52% for the evorpacept combination versus 22% for control therapy.

Gastric/GEJ cancer also fits the global opportunity profile. Stomach cancer represented about 970,000 new global cases in 2022, while the U.S. is expected to record 31,510 new stomach cancer cases in 2026. Anti-CD47 will not address the full gastric cancer population, but HER2-positive disease offers a more defined entry point than unselected solid tumors.

 

Breast Cancer Supports the CD47-High Biomarker Thesis

HER2-positive breast cancer is emerging as a second biomarker-relevant path for evorpacept-style development. The U.S. breast cancer population is large, with more than 324,000 invasive cases projected across women and men in 2026, but anti-CD47 development is not positioned for broad breast cancer use. The relevant market is narrower and tied to HER2-positive disease, CD47 expression, prior HER2-directed therapy exposure, and combination strategy.

In May 2026, ALX Oncology reported data from an evorpacept and zanidatamab combination in advanced HER2-positive metastatic breast cancer. Among centrally confirmed HER2-positive patients with high CD47 expression, all five evaluable patients responded, and median progression-free survival was 22.1 months versus 3.4 months in lower-CD47 patients.

The dataset is small, but it is commercially meaningful because it supports a biomarker-selection approach. Larger studies would be needed before any market-sizing adjustment is justified, but the signal moves anti-CD47 development away from broad tumor inclusion and toward expression-enriched treatment subsets.

 

Negative Solid-Tumor Readouts Are Narrowing the Addressable Market

Large solid-tumor populations can overstate the realistic opportunity if clinical performance is weak. Evorpacept’s MSS colorectal cancer data remain commercially unattractive. A Phase 2 study reported an objective response rate of 6.3%, disease control rate of 12.5%, median progression-free survival of 2.3 months, and early study discontinuation because of safety concerns.

Head and neck cancer also weakened as a near-term evorpacept pathway. In April 2025, ALX Oncology reported that ASPEN-03 and ASPEN-04 did not meet their primary endpoints in advanced head and neck squamous cell carcinoma, and the company said the data did not support advancing evorpacept plus pembrolizumab into a registrational study.

These outcomes are important for market interpretation. Anti-CD47’s solid-tumor opportunity is not a general oncology expansion story. It is being filtered by tumor biology, combination partner, biomarker selection, safety profile, and the ability to improve outcomes beyond entrenched standards.

 

Drug Design Is Moving Toward Safety Differentiation

The next phase of competition is centered on tolerability and tumor selectivity. CD47 biology creates a known safety problem because the target is also present on normal cells, including red blood cells. This makes anemia, thrombocytopenia, transfusion burden, and fatal adverse events central to commercial viability, not secondary clinical details. Blood commentary in 2025 framed the field as a series of “many misses” while still leaving room for better-designed approaches.

Newer programs are trying to reduce hematologic liabilities through SIRPα-Fc fusion proteins, bispecific macrophage engagers, Fc engineering, and tumor-directed combination strategies. HanchorBio’s HCB101 received FDA orphan-drug designation for gastric cancer in February 2026; the company described the asset as a SIRPα-IgG4 Fc fusion protein designed to reduce hematologic toxicity associated with earlier CD47 approaches. Astellas’ collaboration with Elpiscience around bispecific macrophage engagers, with potential payments exceeding USD 1.7 billion, also shows continued strategic interest in macrophage-directed oncology despite the setbacks in first-generation CD47 antibodies.

 

Deal Values Confirm Strategic Interest, but Future Partnering Will Be Data-Dependent

Anti-CD47 attracted major pharma capital before pivotal results changed sentiment. Gilead acquired Forty Seven for approximately USD 4.9 billion in 2020. AbbVie’s lemzoparlimab partnership with I-Mab included USD 180 million upfront, a USD 20 million milestone, and up to USD 1.74 billion in additional milestones. Pfizer completed its acquisition of Trillium for approximately USD 2.22 billion in 2021.

Those transactions show that CD47/SIRPα biology once carried platform-level strategic value. The current environment is different. Future deals are likely to be more selective, milestone-heavy, and tied to randomized evidence, safety separation, biomarker-defined populations, and trial feasibility. Broad target enthusiasm has been replaced by indication-specific proof requirements.

 

Regional Market Direction

The U.S. remains the most important clinical and regulatory reference market because it combines large oncology patient pools, FDA expedited-designation pathways, high-value late-line oncology economics, and major academic trial networks. AML, NHL, breast cancer, lung cancer, colorectal cancer, head and neck cancer, and gastric cancer collectively provide large theoretical trial pools, but eligibility narrowing will be substantial after biomarker, stage, treatment-line, and combination filters.

China remains strategically relevant because several CD47 and CD47/SIRPα programs have been advanced by China-linked developers, including I-Mab and HanchorBio. The lemzoparlimab Phase 3 termination shows that local registrational development does not remove target-level risk, while HCB101’s FDA orphan designation in gastric cancer shows that China-origin assets remain active in the global CD47 pipeline.

Europe is likely to matter through orphan designation, gastric/GEJ trials, and multinational solid-tumor development rather than immediate broad commercialization. Evorpacept’s European orphan designation in HER2-positive gastric/GEJ cancer supports that role.

 

Competitive Positioning

Gilead’s magrolimab defines the risk benchmark for the category because it reset expectations in AML and MDS. ALX Oncology is the most visible solid-tumor company through evorpacept, with HER2-positive gastric/GEJ cancer and CD47-high HER2-positive breast cancer representing the more credible current routes. I-Mab’s lemzoparlimab experience reflects the difficulty of sustaining broad HR-MDS development after the CD47 reset. Pfizer’s Trillium-derived assets show that lymphoma remains biologically relevant but operationally difficult in a crowded treatment landscape.

Next-generation companies are competing on safety engineering, biomarker selection, and combination fit rather than CD47 blockade alone. HanchorBio’s HCB101 and macrophage-engager collaborations such as Astellas–Elpiscience indicate that the field has not been abandoned; it has become more selective.

 

Analyst Insight

The Anti-CD47 Drugs Market has moved through a major clinical reset. Hematologic malignancies created the original commercial excitement, but AML and MDS assumptions now require substantial risk adjustment after magrolimab’s Phase 3 failures and safety findings. Lymphoma remains relevant, but recruitment and competitive differentiation are limiting factors.

Solid tumors provide the larger opportunity ceiling, but the credible path is not broad tumor expansion. HER2-positive gastric/GEJ cancer currently offers the strongest market rationale because it combines orphan positioning, biomarker structure, randomized activity, and a defined treatment setting. HER2-positive breast cancer could become a second route if CD47-high enrichment is validated in larger datasets. MSS colorectal cancer and head and neck cancer show why unselected solid-tumor assumptions are not reliable.

The most important market indicators are randomized overall survival and progression-free survival, CD47-high biomarker enrichment, grade 5 adverse events, anemia and transfusion burden, orphan and Fast Track designations, recruitment performance, and Phase 3 continuity. Anti-CD47 remains a high-upside oncology development area, but its commercial path now runs through narrower, data-supported combinations rather than broad blood-cancer commercialization.

 

Anti-CD47 Drugs Market Report Coverage Table

Report Attribute	Details
Forecast Period	2026–2032
Market Size Value in 2025	USD 0.23 Billion
Revenue Forecast in 2032	USD 2.36 Billion
Overall Growth Rate	CAGR of 39.5% (2026–2032)
Base Year for Estimation	2025
Historical Data	2019–2024
Unit	USD Million, CAGR (2026–2032)
Segmentation	By Drug Type, By Application, By End User, By Geography
By Drug Type	Monoclonal Antibodies, Bispecific Antibodies, SIRPα-Fc Fusion Proteins, Small Molecules & Other Next-Generation CD47/SIRPα Modulators
By Application	Hematologic Malignancies, Solid Tumors
By End User	Academic Cancer Centers, Oncology Hospitals, Specialty Oncology Clinics, Clinical Research Institutes & Trial Sites
By Region	North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Market Drivers	Biomarker-led development in HER2-positive gastric/GEJ cancer and CD47-high HER2-positive breast cancer. Growing investment in SIRPα-Fc fusion proteins, bispecific antibodies, and other tumor-selective platforms designed to reduce hematologic toxicity. Continued use of orphan-drug and expedited regulatory pathways for clinically differentiated solid-tumor combinations. High unmet need for therapies that can improve survival in biomarker-defined and treatment-resistant oncology populations.
Customization Option	Available upon request