The Immunotherapy drugs market is estimated to be valued at US$ 234.85 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The immunotherapy drugs market involves development and use of medicines that help boost a patient’s natural immune system response to fight illnesses like cancer. These drugs are used for treatment of various types of cancers such as lung cancer, blood cancer, breast cancer and others. Immunotherapy drugs function by either stimulating the body’s own immune system or by providing antibodies produced in laboratories to fight cancer cells. The market has gained significant traction in recent years due to its advantages over traditional cancer therapies and ability to treat various types of cancers.
Market Dynamics:
The growth of the immunotherapy drugs market is majorly attributed to rising prevalence of various cancers globally. According to World Health Organization (WHO), cancer is a leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. Surging incidences of different cancer types have necessitated development and use of advanced treatment approaches like immunotherapy drugs. Furthermore, constant product approvals from regulatory authorities are also fueling revenues in this market. In September 2022, FDA approved Checkpoint inhibitor Libtayo for treating advanced basal cell carcinoma. Such approvals are allowing treatment of wider patient population using advanced immunotherapy drugs.
SWOT Analysis
Strength: Immunotherapy drugs are more target specific with minimal side effects compared to other therapies. They are able to induce long term immune response against cancer cells. Growing awareness and acceptance of immunotherapy as a treatment option is driving its adoption.
Weakness: High costs associated with research and development of immunotherapy drugs. Requirement of extensive testing to establish safety and efficacy of these drugs deters small companies from venturing into this market.
Opportunity: Rising incidences of cancer cases globally presents an opportune setting for market growth. Surging focus on development of combinational therapies using immunotherapy drugs along with other treatment modalities opens new avenues.
Threats: Stringent regulations for approval may hinder timely market entry of novel drugs. Risk of therapy resistance poses challenge to sustained revenues from certain drug candidates.
Key Takeaways:
Global Immunotherapy Drugs Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing prevalence of cancer cases worldwide. According to WHO, cancer burden is expected to grow to 27.5 million new cases and 16.3 million cancer deaths by 2040. This rising disease occurrence is driving focus onto development of effective treatment solutions like immunotherapy drugs.
Regional analysis: North America dominated the immunotherapy drugs market in 2023, acquiring over 40% share. Presence of advanced healthcare infrastructure, rising healthcare spending, favorable policies for drug development are supporting region’s prominence. However, Asia Pacific is anticipated to witness fastest growth during the forecast period supported by surging investment in healthcare sector, growing patient awareness about novel therapies, and rising occurrence of cancer.
Key players operating in the immunotherapy drugs market are F. Hoffmann-La Roche AG, Merck Group, Bristol Myers Squibb, GlaxoSmithKline, AstraZeneca, Novartis, Janssen Pharmaceuticals, among others. These players are engaged in new product launches, acquisitions, partnerships and collaborations with other biotech companies to expand their presence and meet rising treatment needs.
*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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