by Immunotherapy drugs are biological therapies that enhance, direct or restore the immune system’s ability to recognize and eliminate cancer cells. Some of the main types of immunotherapies are monoclonal antibodies, immune checkpoint inhibitors, cancer vaccines, and cell-based therapies. Monoclonal antibodies are being widely used to treat various cancers including breast cancer, colorectal cancer, lung cancer, melanoma and lymphoma. Immunotherapy drugs are increasingly gaining preference over conventional therapies such as chemotherapy as they have better efficacy, are relatively less toxic and enable targeted treatment options.
The global Immunotherapy Drugs Market is estimated to be valued at US$ 234.85 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The high growth of the Immunotherapy Drugs Market can largely be attributed to the rising preference for targeted treatment options among patients and oncologists. Immunotherapy drugs provide more promising results than conventional therapies as they enable targeted treatment and also help minimize toxicity and damage to healthy cells. Furthermore, immunotherapy drugs have higher efficacy and success rates in treating various cancers. For example, cancer immunotherapy drugs have better long term outcomes for melanoma treatment compared to chemotherapy. Immunotherapy is also being increasingly used in combination with other treatment modalities such as chemotherapy and radiation therapy to enhance their efficacy. Growing research into combination therapies and newer immunotherapeutic agents is further expected to drive the market during the forecast period.
Segment Analysis
The global immunotherapy drugs market can be segmented based on therapeutics, indication, end-user and region. Based on therapeutics, the market is segmented into monoclonal antibodies, adult vaccines, interleukins, interferons alpha & beta and others. Monoclonal antibodies dominated the market in 2023 with over 30% market share owing to rising adoption of monoclonal antibody drugs such as checkpoint inhibitors like pembrolizumab and nivolumab for cancer treatment.
PEST Analysis
Political: Governments across major countries are supporting immunotherapy research through funding. India and China have introduced favorable policies to attract investments in this market.
Economic: Rising healthcare spending coupled with growing demand for personalized medicine from high income patients is fueling market growth. However, high costs of immunotherapy drugs may limit adoption in price sensitive regions.
Social: Growing cancer incidence globally is raising awareness about newer treatment options like immunotherapy. Patients are open to novel treatment approaches with less side effects than chemotherapy.
Technological: Continuous R&D is leading to new drug approvals and combination therapies. Advances in immune profiling, biomarkers and genetic sequencing are enabling more targeted development of immunotherapies.
Key Takeaways
he global Immunotherapy Drugs Market Size is expected to witness high growth. North America accounted for over 40% market share in 2023 driven by FDA approvals of novel drugs, presence of major players and rising cancer burden.
Regional Analysis: The Asia Pacific region is expected to grow at the fastest pace during the forecast period aided by improving access to healthcare facilities, growing medical tourism and increasing spending capacity of patients in countries like India and China.
Key players operating in the immunotherapy drugs market are Novozymes, UPL, Chr. Hansen Holding A/S, Syngenta, T.Stanes and Company Limited, Lallemand Inc., Rizobacter Argentina S.A., Vegalab SA, IPL Biologicals Limited, Kiwa Bio-Tech, product group cooperation and Symborg. Key players are focusing on developing combination therapies through strategic collaborations to improve treatment outcomes in oncology. They are also investing in regulatory approvals in new indications and regions for long term growth.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
