by The Immuno-oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Immuno-oncology drugs are a form of cancer treatment that helps boost the body’s natural defenses to fight cancer. They are designed to harness the power of the immune system to detect and destroy cancer cells. Some of the most popular and widely used types of immuno-oncology drugs are checkpoint inhibitors, oncolytic viruses, cancer vaccines, monoclonal antibodies and interleukins. These drugs have shown promising results in treating various types of cancers including lung cancer, skin cancer, blood cancers, etc.
Market Dynamics:
One of the major drivers for the immuno-oncology drugs market is the large clinical pipeline. Pharmaceutical companies are rigorously investing in R&D to develop more potent and targeted immuno-oncology drugs. There are currently around 2,500 immuno-oncology drugs in various stages of clinical development. Secondly, the ability of these drugs to provide durable responses with minimal side effects compared to traditional chemotherapy has boosted the adoption of immunotherapy globally. However, high costs associated with developing and manufacturing of these drugs along with challenges in identifying right patient population remain a obstacle to the market’s growth.
Segment Analysis
The global Immuno-oncology Drugs Market is segmented on the basis of drug type, therapy, application, and end user. Based on drug type, the market is segmented into monoclonal antibodies, Immune checkpoint inhibitors, Immune system modulators, Cancer vaccines, and Others. Among these, the immune checkpoint inhibitors segment is expected to dominate the market over the forecast period owing to its increased usage for cancer treatment combined with other drug classes.
PEST Analysis
Political: Governments across the globe are funding several initiatives to support cancer research and drug development. For instance, the Cancer Moonshot initiative by the US government aims to accelerate cancer research.
Economic: The rising healthcare expenditure and growing disposable income has boosted the demand for advanced and high-priced immuno-oncology drugs for cancer treatment.
Social: Growing awareness about cancer and available treatment options has increased the adoption of immuno-oncology therapies.
Technological: Advancements in fields of biologics, targeted therapies, and personalized medicines have aided the development of novel monoclonal antibodies and immune checkpoint inhibitors.
Key Takeaways
The Global Immuno-Oncology Drugs Market Size is expected to witness high growth at a CAGR of 16% over the forecast period of 2023 to 2030, driven by increasing prevalence of cancer worldwide. The market size is projected to reach US$ 1,820.28 Bn by 2030.
Regional analysis: North America is expected to dominate the global market during the forecast periodowing to presence of advanced healthcare infrastructure and availability of reimbursement for expensive drugs. The Asia Pacific region is anticipated to exhibit fastest growth due to improving healthcare standards and increasing focus on cancer research.
Key players operating in the Immuno-oncology Drugs market are AbbVie Inc., AstraZeneca, Bristol-Myers Squibb Company, Dendreon Pharmaceuticals LLC., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Novartis AG, Pfizer Inc., Sanofi, Ferring B.V., Enzo Biochem Inc., Celldex Therapeutics, Atara Biotherapeutics, Inc., Apexigen, BioNTech SE, Blueprint Medicines Corporation, Regeneron Pharmaceuticals Inc., CytomX Therapeutics, Inc., Agenus Inc., Betta Pharmaceuticals Co., Ltd., CStone Pharmaceuticals, Amgen Inc., MediMergent, LLC, Gilead Sciences, Inc., and ONKO-INNATE.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
