May 29, 2024
Immunotherapy Drugs Market

Immunotherapy Drugs Market is Expected to be Flourished by Rapid Technological Advancements

Immunotherapy drugs are biological and chemical compounds that either stimulate or suppress the immune system’s response against cancer or other diseases. These drugs are composed of monoclonal antibodies, immune checkpoint inhibitors, interleukins, interferons, and other compounds. Cancer immunotherapy drugs function by either directly killing cancer cells or enabling the patient’s immune system to destroy cancer cells on its own. Some key immunotherapy drugs and their applications include checkpoint inhibitors for treating lung cancer, melanoma, kidney cancer, and leukemia. Interleukins help stimulate the production of white blood cells and are used for treating specific cancers and viral infections.

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 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rapid Technological Advancements – Continuous research and development activities focused on immunotherapy have led to rapid technological advancements. Next-generation sequencing techniques are enabling scientists to understand the human immune system at an unprecedented level and develop novel drug targets. Emerging technologies like CAR-T cell therapy and nanotechnology-based drug delivery are further expanding the therapeutic potential of immunotherapy. These advancements are expected to drive the demand for new and improved immunotherapy drugs over the forecast period.

Growing Cancer Incidence – According to WHO, cancer is one of the leading causes of mortality worldwide, with about 10 million deaths in 2020. The growing global incidence of cancer coupled with limited success of conventional treatment methods like chemotherapy is boosting the adoption of immunotherapy drugs. Developing countries with limited healthcare infrastructure are also increasingly adopting immunotherapy due to its higher success rates and relatively lower toxic side-effects compared to other therapies. This factor will significantly propel the immunotherapy drugs market.

Segment Analysis

The global Immunotherapy Drugs market is segmented into B-cell Inhibitor, T-cell Inhibitor, checkpoint inhibitor, Immune system modulators and others. The checkpoint inhibitor segment dominates the market and is expected to witness highest growth during the forecast period. This is because checkpoint inhibitors help in blocking checkpoint proteins such as PD-1, PD-L1 etc. to boost the immune system and fight against cancer effectively.

PEST Analysis

Political: The governmental bodies are supporting the research and development of immunotherapy drugs through funding. Various strict regulations are in place regarding the approval of these drugs to ensure patient safety.

Economic: The growing incidents of cancer and other diseases are increasing the healthcare expenditure worldwide. The high cost of immunotherapy drugs may restraint its adoption in low and middle income countries.

Social: Increasing awareness regarding advantages of immunotherapy over conventional treatment is prompting more people to prefer these drugs. Social media is playing a major role in educating people about new cancer treatments.

Technological: Advancements in fields of biotechnology and nanotechnology are aiding the development of novel immunotherapy approaches. Researchers are working on enhancing the delivery and targeting capabilities of these drugs through drug conjugates and nanoparticles.

Key Takeaways

The Global Immunotherapy Drugs Market Growth is expected to witness high during the forecast period supported by rising cancer prevalence, increasing approval of novel drugs, and growing preference for targeted therapies over conventional chemotherapy.

Regional analysis: The North America region currently accounts for over 40% share of the global immunotherapy drugs market led by US and Canada. This is attributed to supportive reimbursement policies, robust research funding, and early adoption of innovative treatment methods. Europe is witnessing rapid growth owing to increasing incidence of cancer and presence of advanced healthcare facilities across countries such as Germany, UK and France.

Key players operating in the Immunotherapy Drugs market are Infineon Technologies AG, STMicroelectronics, Deutsche Telekom AG, Giesecke+Devrient Mobile Security GmbH, Thales Group, KORE Wireless, Arm Limited, Truphone Limited, Workz Group, Sierra Wireless, and NXP Semiconductors. These players are focusing on new product approvals and launches to strengthen their market position. For instance, STMicroelectronics received FDA approval for its disposable wireless sensor for continuous glucose monitoring in 2021.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it