by The global Immuno-oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn or Mn 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 work by enhancing the body’s natural defenses to allow the immune system to fight cancer. These include checkpoint inhibitors, monoclonal antibodies, cytokine therapies, cancer vaccines, and oncolytic virus therapies. Immuno-oncology drugs have fewer side effects compared to other cancer drugs and have shown promise in treating advanced cancers that do not respond to chemotherapy. They help in managing advanced stages of cancer and improving survival and recovery rates.
Market key trends:
The immuno-oncology drugs market is driven by the increasing usage of combination therapies. Combination therapies leverage the synergies between different immuno-oncology drugs classes, like checkpoint inhibitors & cellular therapies or chemotherapy & targeted immune therapies. Key ongoing clinical trials are exploring novel combinations including immune checkpoint inhibitors, targeted therapies, and cancer vaccines. Another trend is the development of new drug formulations including bispecific antibodies and next-generation cell therapies. Companies are focusing on developing personalized immunotherapies tailored to an individual patient’s tumor characteristics.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in immuno-oncology drugs market due to high R&D and manufacturing costs required to develop and produce novel drugs.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many established players providing a variety of treatment options for cancer patients.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials used in manufacturing immuno-oncology drugs are commoditized.
Threat of new substitutes: The threat of new substitutes is low as immuno-oncology drugs are highly innovative with specialized mechanism of action against cancer.
Competitive rivalry: The competitive rivalry is high due intense competition among key players to introduce novel and more effective drugs.
Key Takeaways
The Global Immuno-Oncology Drugs Market Size is expected to witness high growth, exhibiting 16% CAGR over the forecast period, due to increasing prevalence of cancer worldwide.
The regional analysis indicates that North America dominates the global immuno-oncology drugs market holding around 50% market share in 2023. Presence of advanced healthcare infrastructure and high adoption of novel drugs are driving the market in the region. Asia Pacific is expected to be the fastest growing market owing to rising healthcare spending and increasing cancer incidence.
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-INNATEThe global Immuno-oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn or Mn 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
