Immuno-oncology involves harnessing the body’s natural immune defenses to combat cancer using biological and targeted therapies. These therapies work by affecting the way a person’s immune system responds to cancer and are aimed at boosting the body’s natural defenses to fight cancer. Some of the immuno-oncology drugs commonly used include checkpoint inhibitors, monoclonal antibodies, immunotherapy, CAR-T therapy, and cancer vaccines. Monoclonal antibodies have revolutionized the treatment of various cancers and conditions such as rheumatoid arthritis. Drugs such as pembrolizumab and nivolumab have become a first line of treatment for many cancers due to their high efficacy rates. CAR T-cell therapies are leading to high response rates for blood cancers. Additionally, the use of cancer vaccines is growing with the expectation to provide long term protection against cancers.
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 Dynamics:
As per statistics by WHO, cancer is now the second leading cause of death globally and is responsible for around 10 million deaths annually. Targeted therapies act by precisely detecting specific molecules involved in tumor growth and progression. This minimizes harmful side effects while enhancing anti-tumor activity leading to increased demand. Moreover, targeted therapies have high success rates and improved patient outcomes compared to traditional chemotherapy treatments. Additionally, the increasing investments in R&D of innovative immunotherapies is another factor driving the market growth over the forecast period. Large pharmaceutical players are investing heavily to develop novel drug candidates with enhanced efficacy and reduced side effects.
Segment Analysis
The global Immuno-oncology Drugs market can be segmented based on therapy, application, end user and region. By therapy, the market is dominated by monoclonal antibodies segment owing to increasing clinical research and drug approvals in this segment. Monoclonal antibodies like checkpoint inhibitors target specific proteins on T-cells and activate the immune system to attack cancer cells.
PEST Analysis
Political: Governments across the world are supporting cancer research through grants and subsidies to biotechnology and pharmaceutical companies. stricter regulations.
Economic: Rising healthcare expenditure and increasing disposable incomes are driving demand. However, high costs of innovative therapies can limit market growth.
Social: Growing cancer prevalence, increasing awareness about newer treatment options, and supportive patient organizations are major tailwinds.
Technological: Advancements in biologics, targeted therapies, and combination therapies are expanding applications and improving outcomes. Ongoing focus on biomarker research is also important.
Key Takeaways
The Global Immuno-Oncology Drugs Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising cancer incidence, growing demand for targeted therapies and new drug approvals. 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.
Regional analysis: North America currently dominates the market due to high adoption of novel drugs, presence of major players and availability of reimbursements. Europe and Asia Pacific are fastest growing markets with increasing healthcare investments in countries like China and India which are becoming high potential markets.
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 players are focusing on new product launches, collaborations and acquisitions to strengthen their market position and presence in emerging markets.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it