April 12, 2024

The Immuno-oncology Drugs Market is driven by advancement in anti-cancer treatment

 Immuno-oncology therapies include monoclonal antibodies, immunotherapy drugs, cancer vaccines, and immune checkpoint inhibitors which help treat various types of cancer including melanoma, lung cancer, blood cancer, and others.

The global immuno-oncology drugs market is estimated to be valued at US$ 1020.24 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The immuno-oncology therapeutics market has gained significant traction over the past few years owing to better efficacy and improved survival rates associated with these drugs compared to chemotherapy. Immune checkpoint inhibitors have revolutionized the treatment of various cancers and boosted the sales of leading pharmaceutical companies in this domain. The rising prevalence of cancer due to changing lifestyle habits and increasing geriatric population is expected to drive the demand for new and effective treatment options such as immuno-oncology drugs.

Market key trends:

One of the key trends in the immuno-oncology drugs market is the increasing investment in research and development of combination therapies. Major players are conducting clinical trials evaluating the safety and efficacy of combining immune checkpoint inhibitors with other immuno-oncology drugs, targeted therapies, chemotherapy and radiation therapy. This is expected to yield promising results and expand treatment options. Another major trend is the development of novel drug delivery systems to enhance the potency and selectivity of cancer immunotherapies. Companies are developing longer-acting subcutaneous and intratumoral formulations of drugs to achieve sustained delivery and localized treatment effects. This could help improve patient compliance and clinical outcomes.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the high capital requirements and need for extensive research and development in the immuno-oncology drugs market.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of a large number of established players offering substitutable products in this market.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers in this market.

Threat of new substitutes: The threat of new substitutes is high as alternative treatment methods are emerging.

Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players competing in product offerings and pricing.

Key Takeaways

The Global Immuno-Oncology Drugs Market Size is expected to witness high growth. The market was valued at US$ 1020.24 Bn in 2023 and is projected to reach US$ 2041.65 Bn by 2030, expanding at a CAGR of 8.6% during the forecast period.

Regional analysis: North America dominated the global immuno-oncology drugs market in 2024 and is expected to continue its dominance over the forecast period. This is attributed to the growing prevalence of cancer and increasing adoption of immuno-oncology drugs in the region.

Key players: Key players operating in the immuno-oncology drugs market are Cameron International Corporation, Eaton Corporation Plc., Gates Corporation, Parker Hannifin Corporation, Manuli Hydraulics, Kurt Hydraulics, RYCO Hydraulics pty. Ltd., ITI Corporation, SPX Corporation. Key players are focusing on new product launches and collaborations to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it