by Immunotherapy or biological therapy is a type of cancer treatment that utilizes drugs or other agents to help the body’s immune system fight cancer, reduce side effects that may be caused by some cancer treatments, and help the patient feel better. The major types of immunotherapy include checkpoint inhibitors, monoclonal antibodies, cancer vaccines, and non-specific immunotherapies. Immunotherapy drugs work by either stimulating the body’s immune system to react against cancer cells or by helping immune cells, such as T-cells, recognize and attack the cancer cells.
The global 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 Dynamics:
Cancer is one of the leading causes of death worldwide, with about 10 million deaths in 2020. According to the World Health Organization (WHO), breast cancer, lung cancer, colorectal cancer, prostate cancer, and stomach cancer are the most prevalent forms of cancer diagnosed in 2020 globally. The surge in cancer prevalence has led to an increase in the demand for efficient and effective therapeutic options such as immunotherapy drugs for cancer treatment. Moreover, immunotherapy is known to have fewer side effects as compared to conventional cancer therapies such as chemotherapy and radiation therapy, which also contributes to the market growth. Additionally, ongoing research and clinical trials for first-in-class immunotherapy drugs and combination therapies offer lucrative growth opportunities.
SWOT Analysis
Strength: Immunotherapy drugs have advantages over the conventional cancer treatment options like chemotherapy and radiotherapy. They have fewer side effects and higher efficacy to treat certain cancers. Immunotherapy can boost the body’s natural defenses to fight cancer and improve the long-term survival rates of patients. Personalized or targeted immunotherapy for certain types of cancers provide better outcomes without harming healthy cells.
Weakness: High development and production costs make immunotherapy drugs expensive for both patients and healthcare systems. There are challenges in identifying the right patients that would benefit from immunotherapy. Some cancers may not respond adequately or become resistant to immunotherapy over time. More research is needed to understand the mechanisms of different immunotherapies.
Opportunity: The rising incidence of cancer globally and growing preference for targeted therapies present significant market opportunities. Increasing research on combination therapies involving immunotherapies holds promise to expand their use against various cancer types. New drug delivery methods like CAR T-cell therapies are expanding the pool of immunotherapies available. Precision medicine approaches will help widen the applications of immunotherapies.
Threats: Safety issues like severe immune-related adverse events are a potential challenge in wider adoption. Other competing cancer therapies like small molecule drugs pose threat. Stringent regulations and pricing controls can impede market growth.
Key Takeaways
The global immunotherapy drugs market is expected to witness high growth due to rising cancer burden worldwide and significant increase in research and commercialization of novel immunotherapies. The global 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.
Regional analysis reveals that North America currently dominates the market due to presence of key market players and high adoption of novel cancer therapies. Europe and Asia Pacific regions are also expected to witness robust growth due to increasing cancer incidences, healthcare developments and improving access to immunotherapy treatments.
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 companies are investing heavily in research and development to expand immunotherapy drug portfolios through combinations, new targets and drug delivery technologies. Partnerships and acquisitions remain important strategies followed by leading players to consolidate market positions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
