The 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.
Immunotherapy drugs help activate or assist the body’s immune system to fight various diseases including cancer and infectious diseases. These drugs aid the body’s natural abilities to fight diseases and include monoclonal antibodies, immunomodulators, therapeutic vaccines, and non-specific immunotherapies. Immunotherapy drugs offer some key advantages over conventional chemotherapy as they are more targeted, less toxic and help produce long-lasting response.
Market key trends:
Rise in adoption of targeted therapies for cancer treatment is expected to drive the growth of immunotherapy drugs market over the forecast period. Targeted therapies work by blocking the growth and spread of cancer by interfering with specific molecules involved in tumor growth and progression. Drugs like monoclonal antibodies have revolutionized cancer treatment by targeting specific proteins expressed on tumor cells. Moreover, increasing research activities for development of novel immunotherapies is also expected to contribute to the market growth. For instance, research is ongoing for development of cancer vaccines, adoptive cell transfer therapy, Oncolytic virus therapy, and others to make immunotherapy more effective.
Threat of new entrants: The immunotherapy drugs market requires high capital investment and established distribution channels which creates entry barriers for new players.
Bargaining power of buyers: The presence of many immunotherapy drugs players increases buyer bargaining power as buyers have choice of alternatives.
Bargaining power of suppliers: Established biotech and pharmaceutical companies producing raw material have moderate to high supplier bargaining power due to their expertise in R&D.
Threat of new substitutes: Alternative medical therapies provide limited threat as immunotherapies target specific diseases with high efficacy.
Competitive rivalry: Fierce competition exists between large pharmaceutical companies to develop novel therapies for cancer and autoimmune diseases.
Strength: Immunotherapies like checkpoint inhibitors, CAR T-cell therapy have improved survival and quality of life for many cancers.
Weakness: Immunotherapies are expensive and have significant side effects. Development requires extensive clinical trials to establish safety and efficacy.
Opportunity: Growing elderly population and increased cancer incidence in emerging nations present commercial opportunities. Personalized immunotherapies may expand applications.
Threats: Patent expiries of blockbuster drugs lead to cheaper biosimilars eroding sales. Regulatory delays during approval process impact revenues.
Global Immunotherapy Drugs Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing incidence of cancer globally. The market size for immunotherapy drugs is estimated to reach US$ 234.85 Bn in 2023.
Regionally, North America dominates the immunotherapy drugs market and is estimated to grow at 5.8% CAGR between 2023 – 2030 led by approvals of novel drugs and established healthcare infrastructure in US and Canada. Asia Pacific region will witness fastest growth at 8.2% CAGR owing to rising healthcare spending and large patient pool in China and India.
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. Major players are focusing on developing novel combinations and acquisition strategies to strengthen product pipeline and expand geographical presence in emerging markets.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it