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 aims to harness the power of the immune system to treat cancer by impairing or disabling mechanisms by which cancer evades immune attack. Some common approaches include checkpoint inhibitors, cancer vaccines, and adoptive cell transfer therapies. Checkpoint inhibitors help the immune system recognize and eliminate cancer cells by blocking checkpoints like programmed cell death protein 1 (PD-1) and programmed death-ligand 1 (PD-L1). Cancer vaccines utilize antigenic peptides or proteins that stimulate an immune response against cancer cells. Adoptive cell transfer involves extracting immune cells like T cells from a patient, modifying them genetically to target cancer, and infusing them back into patients to mount an immune attack on tumors.
Market Dynamics:
The rising prevalence of cancer and growing awareness about immunotherapies is driving the growth of the immuno-oncology drugs market. According to WHO, worldwide cancer burden rose to 19.3 million new cases and 10 million cancer deaths in 2020. Further, increasing research collaborations and funding for developing novel immunotherapies is also fueling market growth. For instance, Cancer Research UK invested over £130 million in cancer immunotherapy research in 2018. Additionally, ongoing innovations to develop combination therapies with improved efficacy and adoption of personalized medicine approach is elevating the demand for immuno-oncology drugs. However, high cost of immunotherapies remains a major challenge for market players.
Segment Analysis
The global immuno-oncology drugs market is dominated by checkpoint inhibitors segment due to its advantage of delivering durable responses while minimizing toxicity in a variety of cancers. Checkpoint inhibitors work by releasing brakes on immune system T-cells to enable them to better find and attack cancer cells. The checkpoint inhibitors segment accounted for around 55% market share in 2022.
PEST Analysis
Political: Government agencies across major countries are supporting research and development of novel immuno-oncology drugs through funding. This is expected to boost market growth.
Economic: The rising disposable income and increasing healthcare spending are contributing to the high cost of immuno-oncology drugs, which is a major factor supporting market revenue.
Social: Growing cancer prevalence along with rising awareness about newer and effective treatment options like immuno-oncology is driving the demand for these drugs.
Technological: Continuous research into combination therapies and next-gen checkpoint inhibitors with improved efficacy and safety is expected to offer lucrative opportunities over the forecast period.
Key Takeaways
The Global Immuno-Oncology Drugs Market Size is expected to witness high growth, exhibiting 16% CAGR over the forecast period of 2023 to 2030, due to increasing cancer prevalence globally. The market size for 2023 is estimated at US$ 1020.24 Bn. North America currently dominates the market due to rapid adoption of novel therapies and presence of major market players in the region.
Regional analysis:
North America holds the major share in the global market and is expected to maintain its dominance during the forecast period owing to high acceptance of advanced treatment options and growing R&D activities in the US and Canada.
Key players:
Key players operating in the immuno-oncology drugs market include 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
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
