by Immuno-oncology drugs stimulate the body’s immune system to fight cancer and help it identify and attack cancer cells. This includes checkpoint inhibitors, cancer vaccines, monoclonal antibodies, and interleukin inhibitors. Immuno-oncology drugs offer targeted therapy with minimal side effects and have revolutionized cancer treatment.
The global immuno-oncology drugs market is estimated to be valued at US$ 1020.24 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising cancer cases propel the adoption of targeted therapies like immuno-oncology drugs. Checkpoint inhibitors dominate the market as they enhance the ability of immune cells to recognize and destroy cancer cells. Leading pharmaceutical companies are investing heavily in developing combination therapies by combining checkpoint inhibitors with other drugs. For instance, Merck & Co. is evaluating Keytruda in combination with chemotherapy, radiation therapy, and other immunotherapies. Such intensive R&D will further augment the immuno-oncology drugs market growth over the forecast period.
SWOT Analysis
Strength: Immuno-oncology drugs have remarkable efficiency in cancer treatment and better tolerability compared to conventional chemotherapy. Their effective mechanism of positively modulating the immune system against cancer cells makes them a valuable therapy option.
Weakness: High development costs of immuno-oncology drugs limit widespread adoption and access for all cancer patients globally. Dependence on complementary diagnostic tools also increases the overall treatment expenses.
Opportunity: Several new candidates in clinical trials and a better understanding of cancer immunobiology is expected to further expand the application of immuno-oncology drugs to more cancer types. Their combination with other modalities also holds promise to enhance therapeutic outcomes.
Threats: Emergence of resistance against current immuno-oncology drugs poses a challenge. Their side effects involving immune related adverse events also require careful patient monitoring and management during treatment.
Key Takeaways
The Global Immuno-Oncology Drugs Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach over US$ 1020.24 Billion by 2023,registering a CAGR of around 8.6% during the assessment years.
Regional analysis: North America currently dominates the global immuno-oncology drugs market owing to growing incidence of cancer, rising healthcare expenditure, new product approvals and availability ofadvanced healthcare infrastructure.However, Asia Pacific is expected witness the fastest growth over the coming years due to risingawareness, growing disposableincome and improving access to modern cancer care in major countries like China and India.
Key players: Key players operating in the immuno-oncology drugs market are Cameron International Corporation, Eaton Corporation Plc., Gates Corporation, Parker Hannifin Corporation, Manuli Hydraulics, Kurt Hydraulics, RYCO Hydraulics pty. Ltd., ITI Corporation, SPX Corporation. These playersare focused on expanding their product portfolios and global footprint through collaborations and partnerships to strengthen their market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
