by Immuno-oncology therapies or immunotherapy refers to a type of cancer treatment that helps boost the body’s natural defenses to fight cancer. It uses materials either made by the body or in a laboratory to improve, target, or restore immune system function. Various types of immunotherapy under research includes cancer vaccines, monoclonal antibodies, checkpoint inhibitors, and other cellular therapies. Cancer vaccines help stimulate or supplement the immune system’s natural ability to fight cancerous cells. Monoclonal antibodies are used to identify a surface marker or receptor on cancer cells in order to deliver toxic compounds directly to tumors or to trigger other immune cells to attack the cancer cells. Checkpoint inhibitors help some immune cells known as T cells to recognize and attack the cancer cells. Other cellular therapies involve modifying patient’s own immune cells like T cells outside the body and then infusing them back into the patient’s body to induce an anti-cancer immune response.
The global Immuno-Oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn in 2023 and is expected to exhibit a CAGR of 33% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing adoption of immunotherapy drugs due to its advantages over conventional chemotherapy and radiation therapy is one of the major drivers expected to flourish the immuno-oncology drugs market. Immunotherapy provides long-lasting response against cancer as it helps boost patient’s own immune system to fight cancer cells. Additionally, rising prevalence of cancer such as lung cancer, skin cancer, colorectal cancer, breast cancer and increasing global healthcare expenditure is fueling the market growth. According to World Health Organization (WHO), cancer is the second leading cause of death globally and was responsible for nearly 10 million deaths in 2020. However, high costs associated with R&D activities for development of novel cancer immunotherapies and adverse effects related to immunotherapy treatment are the major challenges restraining the market growth over the forecast period.
Segment Analysis
The global immuno-oncology drugs market is segmented on the basis of type, therapeutic application, end user and region. Based on type, the market is segmented into monoclonal antibodies, Immune Checkpoint Inhibitors, Immune System Modulators, and cancer vaccines. The immune checkpoint inhibitors segment dominated the market in 2023 due to higher adoption and penetration of immune checkpoint inhibitors drugs for cancer treatment compared to other types. Based on therapeutic application, the market is segmented into lung cancer, blood cancer, renal cell carcinoma, prostate cancer, melanoma, multiple myeloma and others. The lung cancer segment accounted for the largest share in 2023 owing to rising incidence of lung cancer worldwide. Based on end user, the market is segmented into hospitals, cancer research centers and clinics. The hospitals segment held the largest market share in 2023 owing to availability of advanced treatment facilities and trained medical professionals.
PEST Analysis
Political: Government initiatives and funding for R&D activities in immuno-oncology drugs is driving the market growth. However, stringent regulations for approval of new drugs may hamper the market.
Economic: Rising healthcare expenditure, increasing per capita income, favorable reimbursement policies are fueling the market growth. However, high treatment cost of immuno-oncology drugs negatively impacts the market.
Social: Growing awareness about early cancer detection and treatment, increasing demand for advanced therapeutics are boosting the market. However, lack of awareness in low income countries limits the market growth.
Technological: Ongoing research for development of innovative combination therapies with robust clinical pipeline, adoption of AI and IoT in drug development are providing opportunities for market growth. However, high R&D costs poses challenge.
Key Takeaways
The global Immuno-Oncology Drugs Market Share is expected to witness high growth at a CAGR of 33% during the forecast period of 2023 to 2030.
Regional analysis: North America accounted for the largest market share in 2023 owing to strong presence of key players, well-established healthcare infrastructure, and favorable reimbursement policies in the region. Asia Pacific is anticipated to witness the fastest growth during the forecast period owing to rising awareness, increasing access to therapies and healthcare expenditure.
Key players: Key players operating in the immuno-oncology drugs market are IBM Corporation (US), Oracle Corporation (US), Xerox Corporation (US), Nintex Limited (US), Source Code Technology Holdings Inc (US), Software AG (Germany), Appian (US), Pegasystems (US), Bizagi (UK), Newgen Software and Zoho. These players are focused on adopting organic and inorganic growth strategies such as collaborations, partnerships, mergers and acquisitions to expand their product portfolio and strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
