Immunooncology Market Material Market Size Set to Register Strong Growth of CAGR to 2025
Owing to higher efficiency as compared to conventional therapies such as radiation, chemo and surgery, doctors around the globe are increasingly prescribing immunotherapy to cancer patients. Immuno-oncology therapies have low toxicity, making it easier for the patients to undergo such treatment procedures.
Increasing clinical approval of immunotherapy drugs continues to support speedy adoption of immuno-oncology treatments while higher investments to further improve immunotherapies is anticipated to create greater market opportunities for drug makers. Persistence Market Research (PMR) is its latest report projects that the global market for immune-oncology is set to witness a CAGR of 16.5% between 2016 and 2025, to reach a valuation of US$ 27,846.3 Mn by the end of the forecast period.
Collaborative efforts and initiatives to identify therapies for difficult-to-treat illnesses is a key factor driving the overall immune-oncology market. However, high drug pricing, development costs and limited technical expertise are some of the challenges likely to dampen the surging spirit of the market over 2025.
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Demand for Immune Checkpoint Inhibitors to Remain Robust
Currently, immune checkpoint inhibitor therapy is widely used for treating several carcinogenic disorders. Immune checkpoint inhibitor drugs help the body fight against certain proteins that are normally used by various tumors to suppress immune responses. Sales revenue from immune checkpoint inhibitors drugs is anticipated to reach US$ 7,321.7 Mn by 2017-end. Of late, a number immune checkpoint inhibitor drugs have been approved by the US FDA including Yervoy (anti-CTLA-4), Opdivo and Keytruda (anti-PD1) and Tecentriq (anti-PD-L1). Demand for these drugs is expected to further gain traction, owing to a significant investment by biopharmaceutical companies in developing a robust pipeline. Meanwhile, immune system modulator is the second most preferred immune-oncology therapy and is expected to create an incremental opportunity of US$ 659.9 Mn between 2017 and 2025. Two major approved drugs that fall in this category include interferons and interleukins.
Based on therapeutic area, demand for immune-oncology therapeutics for melanoma will remain high throughout the forecast period. By end user, hospitals account for the largest revenue share of the market and are expected to represent around US$ 5,557.1 Mn by 2017-end.
Amongst regions, the immuno-oncology market in North America accounted for a revenue share of around 67.1% in 2016. The region’s market is expected to witness a strong CAGR of 17.1% during the assessment period and retain its top position. In terms of revenue, the US dominates the North America immuno-oncology market and is projected to continue to do so in 2017 and beyond owing to the presence of prominent drug manufacturing companies in the country.
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PMR is its report has profiled some of the leading companies operating in the global immuno-oncology market, which includes Amgen, Inc., AstraZeneca Plc, Bristol-Myers Squibb, Dendreon Corporation, F.Hoffmann-La Roche, Merck & Co., Inc. Novartis AG, Pfizer, Inc., Sanofi. In terms of revenue share, Bristol-Myers Squibb (BMS) was ranked at the top in 2016, thanks to the success of its blockbuster products Opdivo and Yervoy.