July 24, 2024
Immunotherapy Drugs Market

Market Is Estimated To Witness High Growth Owing To Rising Cancer Incidences and Growing Adoption of Immunotherapy

The Immunotherapy Drugs Market is estimated to be valued at US$ 188.9 Bn in 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Immunotherapy drugs are biological drugs that help enhance the body’s natural defenses to fight cancer or other diseases. They work by either stimulating the body’s own immune system or by introducing a new immune system component to recognize and destroy cancer cells or infectious agents. Some of the major immunotherapy drug types include monoclonal antibodies, cancer vaccines, checkpoint inhibitors, and interleukins. Cancer immunotherapy has emerged as an important treatment modality in recent years owing to its ability to produce long-lasting responses in several cancer types with durable clinical benefits and relatively milder side effects compared to chemotherapy.

Market Dynamics:

The immunotherapy drugs market is being driven by the rising prevalence of cancer globally. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. Furthermore, rising adoption of immunotherapy drugs especially checkpoint inhibitors such as anti-PD-1 and anti-PD-L1 drugs for treatment of various cancers including lung cancer, skin cancer, lymphoma and others is expected to support market growth over the forecast period. Additionally, increasing research and development activities aimed at development of novel immunotherapy drug formulations such as CAR T-cell therapy and bispecific antibodies by key players in the market is also expected to boost the market growth during the forecast period.

SWOT Analysis

Strength: Immunotherapy drugs are considered more target-specific with minimal undesirable effects compared to chemotherapy. Major pharma players are investing heavily in R&D to develop novel and advanced immunotherapy drugs. Growing adoption of combination therapy approach over monotherapy is fueling the market growth.
Weakness: High cost associated with R&D and manufacturing of immunotherapy drugs limits its adoption in low and middle-income countries. Complex and lengthy drug development process poses challenges for market players.
Opportunity: Increasing prevalence of cancer worldwide presents lucrative growth opportunities. Growing geriatric population prone to various forms of cancer will augment the demand. Promising drug pipeline with novel mechanisms of action can expand the application scope of immunotherapy drugs.
Threats: Stringent regulatory framework for drug approval delays market entry of new drugs. Risk of drug resistance limits the long-term efficacy of these drugs. Side effects associated with immunotherapy hinder patient compliance.

Key Takeaways

The Global Immunotherapy Drugs Market Growth is expected to witness high, exhibiting a CAGR of 11.5% over the forecast period, due to increasing prevalence of cancer across the world. North America is expected to dominate the global market over the forecast period due to rising healthcare expenditure and early adoption of novel immunotherapies.

Regional analysis
The North America dominated the global immunotherapy drugs market in 2023, accounting for highest revenue share of over 40%. This is attributed to rising prevalence of cancer, supportive healthcare infrastructure, and availability of advanced treatment options in the region. Asia Pacific region is anticipated to witness fastest growth during the forecast period owing to rising healthcare expenditure, large patient pool and increasing focus of key players.

Key players
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. Major players are focused on gaining approvals for new drugs and line extensions of existing drugs. They are also involved in collaboration activities for quicker market entry and expansion of clinical indications.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it