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January 2024
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Immunotherapy drugs are being increasingly used as a treatment for various types of cancers such as lung cancer, bladder cancer, lymphoma, and melanoma. These drugs work by enhancing the ability of the body's immune system to recognize and destroy cancer cells. Some types of immunotherapy drugs include checkpoint inhibitors, monoclonal antibodies, therapeutic cancer vaccines, and non-specific immunotherapies. Checkpoint inhibitors help enhance the immune system's natural anti-tumor activity and has shown significant promise in treating cancers. The rising preference for immunotherapies over chemotherapy and targeted therapy due to better survival rates and fewer side effects is driving the demand for immunotherapy drugs globally.
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: The rising adoption of immunotherapies for cancer treatment as mentioned in the heading is a key driver for the market growth. Immunotherapies are becoming the standard of care for many cancer types due to their ability to induce long-lasting remissions with less toxicity. Apart from this, the increasing approval of immunotherapies for different cancer indications is another major factor fueling the market growth. For instance, between 2017 and 2021, the US Food and Drug Administration approved over 50 immunotherapies for cancer treatment. Moreover, the presence of robust pipeline of immunotherapy drugs for various cancers coupled with ongoing clinical trials are poised to create lucrative opportunities in the market over the forecast period. Segment Analysis The global immunotherapy drugs market is dominated by the cancer segment, which is expected to account for over 80% market share by 2030. Within the cancer segment, lung cancer dominates and is expected to remain the largest sub-segment during the forecast period. This is attributed to the high prevalence of lung cancer globally and approvals for immune checkpoint inhibitors in treating lung cancer. Other major cancer segments include melanoma, kidney cancer, head & neck cancer, bladder cancer, Hodgkin's lymphoma, and non-Hodgkin's lymphoma. PEST Analysis Political: Government initiatives to increase awareness about cancer and funding for cancer research is driving the market growth. Various countries have implemented national cancer control programs to enhance cancer diagnostics and treatment. Economic: Rising healthcare expenditure per capita and growing disposable income is positively impacting the market. High cost of immunotherapy drugs remains a challenge for widespread adoption, especially in low and middle-income countries. Social: Increasing prevalence of cancer worldwide due to lifestyle changes, rising life expectancy and growing elderly population is the key factor augmenting the demand. Growing social campaigns to spread awareness about cancer treatment options is also propelling the market. Technological: Adoption of combination therapies using immune checkpoint inhibitors with other treatment modalities is gaining traction. Ongoing research on CAR-T cell therapy and development of novel targets is expected to broaden the application of immunotherapy in treating other disease indications. Key Takeaways The global immunotherapy drugs market is expected to witness high growth at a CAGR of 6.6% during the forecast period 2023 to 2030. North America dominates the global market and is expected to continue its dominance during the forecast period. This is attributed to the growing cancer burden, strong research base, rising healthcare expenditure, and rapid approval and adoption of immunotherapy drugs in the region. The Asia Pacific region is expected to be the fastest growing market for immunotherapy drugs during the forecast period. This is due to growing healthcare infrastructure, rising cancer incidence, increasing healthcare spending, and expanding diagnostics and treatment capabilities in the region. China and India are expected to offer high growth potential owing to their large patient population and economic growth. Key players Key players operating in the immunotherapy drugs market include F. Hoffmann-La Roche AG, Merck Group, Bristol Myers Squibb, GlaxoSmithKline, AstraZeneca, Novartis, Janssen Pharmaceuticals, among others. Major players are focusing on expanding their product portfolio through acquisitions and collaborations to strengthen their market position. Get more insights on this topic: https://www.rapidwebwire.com/immunotherapy-drugs-market-size-market-share-analysis/
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