Immunotherapy drugs work by enhancing the body’s natural defenses to help the immune system fight cancer. These drugs include monoclonal antibodies, cancer vaccines, checkpoint inhibitors, and cellular therapies. Monoclonal antibodies, such as bevacizumab and trastuzumab, are the most common type of immunotherapy and are designed to target specific molecules on cancer cells or immunosuppressive cells in the tumor microenvironment. Cancer vaccines, including therapeutic and prophylactic vaccines, are also gaining popularity. Therapeutic cancer vaccines help train the immune system to recognize and attack cancer cells, while prophylactic vaccines aim to prevent cancer from developing in the first place.
The global Immunotherapy Drugs Market is estimated to be valued at US$ 234.85 Billion 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 key trends:
Cancer vaccines have been a promising trend in recent years. Sipuleucel-T was the first therapeutic cancer vaccine approved by the FDA in 2010 for the treatment of prostate cancer. Since then, researchers have developed various novel cancer vaccines targeting diverse cancers with promising results in clinical trials. For instance, a therapeutic HPV vaccine called MEDI0457 developed by MedImmune demonstrated positive results for HPV-associated cancers in a Phase II trial. Similarly, personalized cancer vaccines are gaining traction which are designed based on one’s own tumor mutations to enhance personalization. Customized DNA and RNA vaccines offer potential in this area. With the success of early programs and ongoing research, cancer vaccines are poised to play a more prominent role in cancer immunotherapy in the coming years.
Threat of new entrants: The threat of new entrants in the immunotherapy drugs market is moderate. Substantial investment is needed for R&D of new drugs before they receive regulatory approval. Established pharmaceutical companies also have strong brand presence and distribution channels.
Bargaining power of buyers: The bargaining power of buyers in the immunotherapy drugs market is moderate. Large pharmaceutical companies and buying groups can negotiate discounts and contracts from suppliers. However, no single buyer has significant influence in the overall market.
Bargaining power of suppliers: The bargaining power of suppliers is low. The immunotherapy drugs market has several pharmaceutical manufacturers supplying innovative drugs. Switching costs are also low for suppliers.
Threat of new substitutes: The threat of new substitutes is high. Continuous research is being conducted to develop more effective and targeted immunotherapy drugs with fewer side effects.
Competitive rivalry: Competition in the immunotherapy drugs market is high due to the presence of many global players. Companies compete based on new drug development, pricing, and marketing & distribution strategies.
The Global Immunotherapy Drugs Market Size is expected to witness high growth over the forecast period. North America is expected to dominate the immunotherapy drugs market during the forecast period due to rising research funding and drug development activities in the region.
Regional analysis: North America is expected to hold the largest share of the global immunotherapy drugs market during the forecast period. Factors such as increasing prevalence of cancer, rising demand for innovative treatment options, approved insurance reimbursements for immunotherapy drugs, and growing research activities in the US and Canada are expected to boost the growth of the market in this region.
Key players: 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, Sierra Wireless, NXP Semiconductors, and AT&T. AT&T has launched numerous 5G-enabled devices and increased its 5G coverage area. Infineon offers integrated silicon-based security solutions for payments and connectivity applications.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it