Immunotherapy drugs refer to medications that help boost a patient’s natural immune system response against cancer cells. These drugs work by targeting specific proteins on immune cells, cancer cells or tumor blood vessels that help control immune response against tumors. The rising prevalence of cancer and increasing demand for personalized medicine have fuelled the demand for immunotherapy drugs globally. Immunotherapy drugs such as immune checkpoint inhibitors are increasingly being used to treat various cancers including lung cancer, melanoma, lymphoma and blood cancers.
The global immunotherapy drugs market is estimated to be valued at US$ 270.55 billion in 2024 and is expected to exhibit a CAGR of 16% over the forecast period of 2024 to 2030.
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, and Sierra Wireless.
The key opportunities in the immunotherapy drugs market include the ongoing development in combinational immunotherapies that involve administering immunotherapy drugs alongside other cancer therapies. Additionally, the development of personalized cancer vaccines tailored to an individual’s tumor mutations also present an opportunity to drive the adoption of immunotherapy drugs.
Technological advancements such as the development of novel cancer-fighting T-cells, progress in gene and cell therapies as well as next-generation immune checkpoint inhibitors are fueling the growth of the immunotherapy drugs market.
The major Global Immunotherapy Drugs Market Size driver for immunotherapy drugs is their rising success rate in treating cancer. Immunotherapy drugs have demonstrated improved overall survival and duration of response in various clinical studies. Compared to chemotherapy and other conventional cancer therapies, immunotherapy drugs have lesser side-effects and more specificity in targeting cancer cells. This makes them a preferred treatment option for many cancers leading to increased demand and uptake of immunotherapy drugs globally.
Current challenges in Immunotherapy Drugs Market:
The immunotherapy drugs market is facing various challenges such as high cost of research and development of new immunotherapy drugs, complexity in manufacturing process, and high cost of treatment. The research and development of new immunotherapy drugs requires huge investment and time which increases the cost of drugs. Further, the manufacturing process of these drugs is complex as they are developed using living cells and tissues. This complexity increases the production cost. The high cost of treatment is also a major challenge as most immunotherapy drugs cost over $100,000 per patient, per year which is unaffordable for many.
Strength: Personalized drugs based on individual’s disease condition and immunity; Improved long term survival and recovery rates.
Weakness: High production costs; Complex manufacturing process.
Opportunity: Increasing demand for cancer treatment; Growing older population worldwide.
Threats: Strict regulatory framework; Reimbursement issues.
North America dominated the immunotherapy drugs market in terms of value in 2021 due to high adoption of immunotherapy drugs for cancer treatment, increasing research activities, and presence of key players in the region. Asia Pacific is expected to experience the fastest growth during the forecast period owing to increasing disposable income, rising healthcare expenditure, and growing cancer population.
In terms of value, immunotherapy drugs market is most concentrated in the US and Western European countries like Germany, UK, France, and Italy primarily due to high healthcare spending, presence of advanced healthcare infrastructure, and growing R&D investments by pharmaceutical companies in these regions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it