by The global immunotherapy drugs market is a fast-growing sector owing to various technological advancements and high adoption of immunotherapy in cancer treatment across the globe. Immunotherapy drugs harness the power of a patient’s own immune system in order to fight cancer cells through monoclonal antibodies and immune checkpoint inhibitors.
Immunotherapy, also known as biologic therapy, is a form of treatment that utilizes molecules produced naturally by the body or in laboratories to boost the body’s natural defenses to fight various types of cancers like lung cancer, melanoma, lymphoma, and others. It helps train a patient’s immune system to recognize tumor cells as foreign and destroy them. The growing preference for personalized medicines over conventional chemotherapy and rising use of combination therapies are boosting the immunotherapy drugs market. However, high costs associated with them and insufficient evidence regarding long-term efficacy and safety remain key challenges.
The Global immunotherapy drugs Market is estimated to be valued at US$ 270.55 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the immunotherapy drugs market include Infineon Technologies AG, STMicroelectronics, Deutsche Telekom AG, Giesecke+Devrient Mobile Security GmbH, Thales Group, KORE Wireless, Arm Limited, Truphone Limited, Workz Group, Sierra Wireless, NXP Semiconductors, and AT&T. These players are focusing on developing novel drugs through extensive R&D activities and are engaging in partnerships and collaborations for commercialization of immunotherapy drugs.
The growing prevalence of various types of cancers globally is driving the demand for effective targeted treatment options like immunotherapy. 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. This rising cancer incidence is boosting the immunotherapy drugs market.
Various companies in the Global Immunotherapy Drugs Market Size are expanding their geographic presence across major markets to tap the high growth opportunities. For instance, in January 2022, Bristol Myers Squibb expanded the availability of its immunotherapy drug Opdivo to 30 new countries in sub-Saharan Africa and Asia Pacific regions. The growing affordability and accessibility of immunotherapy drugs will support the market growth.
Market Key Trends
Personalized immunotherapy is a key trend gaining traction in the global immunotherapy drugs market. It involves developing patient-specific treatment approaches based on the molecular profile of an individual’s tumor. Next-generation sequencing technologies are enabling precise characterization of tumor biomarkers which help design personalized treatment algorithms combining immunotherapy drugs. This trend is expected to revolutionize cancer treatment and maximize the clinical benefits of immunotherapy. Players are actively conducting clinical trials on personalized cancer immunotherapy to expand its scope of applications.
Porter’s Analysis
Threat of new entrants: High capital requirements and strict regulatory approval procedures restrict new entrants.
Bargaining power of buyers: Large pharmaceutical companies having diverse product portfolios can negotiate lower prices for immunotherapy drugs.
Bargaining power of suppliers: Suppliers of raw materials and API shave some bargaining power due to limited number of suppliers for specialized ingredients. Threat of new substitutes: Targeted therapies and combination therapies pose threat of substitution. Competitive rivalry: Intense competition exists between major players to develop innovative therapies and gain higher market share.
Geographical Regions
North America holds a substantial share of the immunotherapy drugs market in terms of value owing to high awareness, accessibility and adoption of novel immuno-oncology therapies. Favorable reimbursement policies and established healthcare infrastructure
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
