by Market Overview:
Atezolizumab is a type of immunotherapy drug known as a programmed death-ligand 1 (PD-L1) inhibitor. It works by blocking the interaction between PD-L1 and its receptors PD-1 and B7.1. This helps activate the immune system to fight cancer cells. Atezolizumab is used to treat various types of cancers like lung cancer, kidney cancer, bladder cancer, breast cancer, liver cancer, prostate cancer, blood cancer, melanoma, and colon cancer. It is administered through intravenous injection.
Market Dynamics:
One of the major drivers for the atezolizumab market is increasing prevalence of cancer worldwide. According to Global Burden of Disease Cancer Collaboration, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths occurred globally. The growing cancer incidence has augmented the demand for effective drugs like atezolizumab. Secondly, atezolizumab has shown promising results in various clinical trials and thus received approvals to treat many cancer indications. This has boosted its adoption rate among oncologists for cancer immunotherapy.
The global Atezolizumab Market Share is estimated to be valued at US$ 2.68 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.
Segment Analysis
The global Atezolizumab market is primarily segmented into lung cancer and urothelial cancer. Among these, the lung cancer segment currently dominates the market due to the increasing prevalence of non-small cell lung cancer (NSCLC). Lung cancer affects over 2 million people worldwide each year and is one of the leading causes of cancer-related deaths. Atezolizumab is increasingly being used as a first line treatment for NSCLC, propelling growth of this segment.
PEST Analysis
Political: Governments across major markets are supporting cancer awareness initiatives and funding research activities for developing novel therapeutics. This is promoting launches of targeted therapies like Atezolizumab.
Economic: The rising healthcare spending on cancer treatment and presence of favorable reimbursement policies are fueling demand for expensive biologics such as Atezolizumab.
Social: Growing cancer afflicted population and increasing demand for effective treatments are driving patients to opt for immunotherapies over conventional therapies.
Technological: Advancements in cellular and molecular biology have enabled development of checkpoint inhibitors like Atezolizumab with high efficacy and minimal side effects.
Key Takeaways
The global Atezolizumab market is expected to witness high growth, exhibiting 16% CAGR over the forecast period, due to increasing prevalence of various cancers.
Regionally, North America dominates the global market and is expected to continue its dominance in the coming years. This is attributed to growing cancer burden, availability of advanced healthcare facilities, and presence of major pharmaceutical players. Asia Pacific is anticipated to be the fastest growing region owing to improving access to healthcare, rising healthcare spending, and expanding production of biosimilars by domestic manufacturers.
Key players operating in the Atezolizumab market are Roche, Novartis, Pfizer, Merck, AstraZeneca, Bristol-Myers Squibb, BeiGene, Innovent Biologics, Genentech, and AbbVie. Companies are focusing on new product launches, expansion into emerging markets, and strategic collaborations to gain market share.
*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.