The immunotherapy drugs market is estimated to be valued at US$ 188.9 Bn in 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Cancer immunotherapy drugs work by stimulating or suppressing the immune system's response against cancer cells. These drugs aim to harness the power of a patient's own immune system to fight cancerous tumors. Some common immunotherapy drugs include checkpoint inhibitors, cancer vaccines, monoclonal antibodies, and non-specific immunotherapies. In recent years, immunotherapy has revolutionized cancer treatment with drugs that can produce long-term remissions for some types of cancer.

 

Market Dynamics:

The global immunotherapy drugs market is being driven by the rising incidence of cancer worldwide. According to the World Health Organization's International Agency for Research on Cancer, cancer accounts for nearly 10 million deaths globally each year. In addition, favorable reimbursement policies for expensive cancer drugs in developed regions are also fueling market growth. For instance, the U.S. and European countries provide generous insurance coverage for immunotherapy medications. However, the high costs associated with cancer immunotherapy remain a challenge for widespread adoption, especially in low-income developing regions where affordability is a major issue.
 

Segment Analysis

The global immunotherapy drugs market is dominated by checkpoint inhibitors drugs segment, which accounted for more than 50% market share in 2023. Checkpoint inhibitors drugs are the most effective segment as compared to other drugs as it helps boost the body’s natural defenses to fight cancer. The checkpoint inhibitors drugs market is further sub-segmented into CTLA-4 inhibitors, PD-1 inhibitors and PD-L1 inhibitors. Among these, the PD-1 inhibitors sub-segment dominated the market in 2023 owing to higher preference by cancer patients and physicians due to less frequent immune-related side effects as compared to other drugs.

 

PEST Analysis

Political: The immunotherapy drugs market is positively impacted by supportive government policies and rising healthcare expenditure in major markets. However, stringent regulations for drug approval may hamper the market growth to some extent.
Economic: Rising per capita healthcare expenditure and growing economy in emerging nations provide growth opportunities for players in the immunotherapy drugs market.
Social: Increasing prevalence of cancer worldwide, rising awareness about cancer treatment options and favorable reimbursements are fueling the demand for immunotherapy drugs.
Technological: Continuous innovation and product launches with improved outcomes are driving the uptake of advanced immunotherapy drugs. Growing R&D investments by players are also supporting new product development.

 

Key Takeaways

The Global Immunotherapy Drugs Market Growth is expected to witness high at a CAGR of 11.5% over the forecast period of 2023-2030. The market was valued at US$ 188.9 Bn in 2023 and is projected to reach around US$ 400 Bn by 2030 due to increasing prevalence of cancer cases worldwide.

Regional analysis: The immunotherapy drugs market in North America accounted for the largest share of more than 40% in 2023 owing to the early adoption of novel therapeutic options and presence of supportive reimbursement structure in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by rising disposable incomes, growing medical tourism industry and increasing focus of global market players in emerging countries.

Key players: Major players in the immunotherapy drugs market include F. Hoffmann-La Roche AG, Merck Group, Bristol Myers Squibb, GlaxoSmithKline, AstraZeneca, Novartis, Janssen Pharmaceuticals, among others. These companies are continuously launching innovative products to gain or maintain their leading position in the market. For instance, in 2023, Bristol Myers Squibb launched Opdualag (nivolumab and relatlimab), a novel combination therapy for unresectable or metastatic melanoma.

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