Immunotherapy drugs against cancer are being increasingly adopted for the treatment of cancer types such as lung cancer, skin cancer, lymphoma, breast cancer, melanoma, ovarian cancer, and leukemia among others.
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 Opportunity:
The rising cancer incidences globally presents a huge market opportunity for immunotherapy drugs. According to the World Health Organization (WHO), cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. The four most common cancers globally in terms of incidence are lung cancer, breast cancer, colorectal cancer, and prostate cancer. The high prevalence of these cancer types worldwide will significantly drive the demand for immunotherapy drugs over the forecast period. In addition, factors such as rising healthcare expenditure, approvals and launch of new and advanced drugs, and increasing awareness about cancer treatment options are expected to further boost the growth of immunotherapy drugs market.
Porter’s Analysis
Threat of new entrants: Low barriers to entry as research and development of new immunotherapy drugs is very capital intensive and risky. Existing players have strong brand equity and distribution networks.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to the availability of alternative treatment options and generic drug availability. However, the demand for targeted immunotherapy drugs is growing.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative suppliers and outsourcing opportunities. Suppliers have to meet strict regulatory standards.
Threat of new substitutes: Threat of substitutes is moderate as other treatment alternatives like chemotherapy, targeted therapy, and hormonal therapy are available. However, immunotherapy drugs offer improved outcomes.
Competitive rivalry: The global immunotherapy drugs market is highly competitive due to the presence of key established players. Players compete based on drug innovation, clinical trial results, and marketing.
SWOT Analysis
Strengths: Growing demand for targeted drugs with fewer side effects. Rising cancer incidence worldwide is driving the market. Effective treatment for various cancer types.
Weaknesses: High R&D costs and regulatory risks. Require specialized medical infrastructure and skilled professionals. Potential side effects and safety issues.
Opportunities: Emerging markets offer high growth potential. Combination therapy presents new opportunities. Growing adoption in other therapeutic areas like infections and autoimmune diseases.
Threats: Threat from low-cost biosimilar and generic drugs. Reimbursement and pricing pressures in mature markets. Stringent regulatory approvals and delays.
Key Takeaways
The global immunotherapy drugs market size was valued at US$ 234.85 Bn in 2023 and is anticipated to grow at a CAGR of 6.6% during the forecast period of 2023 to 2030 to reach a market size of US$ 393.05 Bn by 2030.
Regional analysis: North America dominates the immunotherapy drugs market currently due to rising healthcare expenditure, growing cancer incidence, rapid adoption of novel drugs, and presence of major market players in the region. However, the Asia Pacific region is expected to witness the fastest growth over the forecast period owing to positive economic and demographic outlook along with improving access and affordability in major Asian countries.
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. These players are focusing on developing innovative drug formulations through research collaborations and strategic partnerships to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it