The global Immuno-oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn or Mn 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 work by enhancing the body’s natural defenses to fight cancer. These products harness the power of the body’s own immune system and helps it identify and attack cancer cells. They are proving to be a promising area in cancer treatment.
Market key trends:
One of the key trends in the immuno-oncology drugs market is the rise in combination therapies. Combining immuno-oncology drugs that target different immune pathways is emerging as a promising treatment strategy. For example, combining anti-PD-1/PD-L1 antibodies with CTLA-4 blocking antibodies aims to enhance T cell activation and anti-tumor immune responses. Clinical trials have shown combination therapies to significantly improve patient outcomes compared to monotherapy. This is expected to drive the adoption of combination therapy regimens in cancer treatment going forward.
Market key trends:
The global immuno-oncology drugs market has been witnessing high growth over the past few years due to the increasing prevalence of cancer and rising application of immuno-oncology drugs in cancer treatment. Immuno-oncology drugs aim to harness the body’s own immune system to fight various types of cancers. The market for immuno-oncology drugs is expected to grow significantly during the forecast period owing to ongoing research and development activities to develop advanced and innovative drug molecules with better efficacy and safety profiles.
SWOT Analysis
Strength: Immuno-oncology drugs work by boosting the body’s natural defenses to fight cancer cells and have shown promising results in clinical trials. They have fewer side effects compared to conventional cancer treatments.
Weakness: High costs associated with R&D and manufacturing of immuno-oncology drugs. Potential toxicities and safety issues with prolonged use.
Opportunity: Substantial research focus on combination therapies and pipeline drugs targeting new mechanisms. Growing cancer burden worldwide presents sizable patient population.
Threats: Intense competition amongst existing players and newcomers in the market. Stringent regulatory approvals and clinical trials required.
Key Takeaways
The global immuno-oncology drugs market size was valued at USD 1020.24 billion in 2023 and is expected to grow at a CAGR of 16% over the forecast period to reach USD 2030 billion by 2030. The market is driven by the increasing incidence of cancer worldwide resulting from growing elderly population, lifestyle changes, and environmental pollutants. Regionally, North America dominated the global immuno-oncology drugs market in 2023 due to availability of advanced healthcare facilities and increasing adoption of new technologies in the region.
Regional analysis:
Europe is also expected to witness high growth during the forecast period owing to rising investment in oncology research. Asia Pacific region provides promising growth opportunities for players due to rising healthcare expenditure, large cancer patient pool, and growing penetration of immunotherapies in the region.
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
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