July 20, 2024

Immunotherapy Drugs Market Is Expected To Poised Due To Increasing Preference For Immunotherapy Over Chemotherapy

Immunotherapy drugs play an important role in cancer treatment by helping activate or boost the patient’s immune system to fight cancerous cells. Immunotherapy drugs include immune checkpoint inhibitors, monoclonal antibodies, interleukins, and cancer vaccines which help treat cancer and boost patient recovery with minimal side effects compared to chemotherapy.

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 key trends:

With minimal side effects and improved efficacy rates compared to chemotherapy, immunotherapy drugs are gaining higher acceptance among cancer patients and medical professionals. Major pharmaceutical companies are investing heavily in R&D to develop new immunotherapy drugs and combination therapies with higher success rates. This has led to robust pipeline of drugs which are expected to enter the market during the forecast period, further propelling the market growth.

Segment Analysis
The global immunotherapy drugs market is dominated by checkpoint inhibitors sub-segment. Checkpoint inhibitors block proteins made by some types of immune system cells, such as T cells, that act as brakes also called checkpoints on other cells in the immune system. By blocking these proteins, the brakes are released and the immune system is free to find and attack cancer cells.Currently there are several checkpoint inhibitors approved for treatment of various cancer types including antibodies against cytotoxic T-lymphocyte-associated protein 4 (CTLA-4), programmed cell death protein 1 (PD-1) and its ligand PD-L1. The wide clinical applications and success rates of checkpoint inhibitors in late phase clinical trials for different cancer types have made it the dominating sub-segment.

Key Takeaways

The global immunotherapy drugs market is expected to witness high growth rate driven by rising prevalence of cancer worldwide and introduction of novel cancer immunotherapies. 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.

North America currently dominates the global market and is expected to continue its dominance during the forecast period. Higher adoption of novel immunotherapies, presence of major pharmaceutical players, and substantial healthcare spending are some of the factors driving the North America immunotherapy drugs market. Asia Pacific region is expected to witness fastest growth during the forecast period owing to rising cancer burden, increasing healthcare expenditure, and growing focus of international players expanding presence in the region.

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 launch of novel and advanced immunotherapies through large strategic collaborations and acquisitions to strengthen their product portfolios and market positions.

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