Immuno-oncology drugs are used to harness the body's own immune system to help combat cancer by targeting specific components of the immune system and turning "immunological switches" to the "on" position. Examples of immuno-oncology drugs include checkpoint inhibitors such as anti-CTLA-4, anti-PD-1, and anti-PD-L1 monoclonal antibodies which help activate the immune system against cancer.
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.
Market Dynamics:
Rising cancer prevalence is expected to drive the growth of the immuno-oncology drugs market over the forecast period. According to the World Health Organization, cancer is the second leading cause of deaths globally. In 2020, around 10 million deaths occurred due to cancer. Rising cases of various cancers types such as lung cancer, breast cancer, blood cancer and others are increasing the demand of immuno-oncology drugs which supports improved survival and better quality of life in cancer patients. This is expected to significantly boost the market growth of immuno-oncology drugs over the forecast period from 2023-30. However, high prices of immuno-oncology drugs is a major challenge for market growth. The drugs can range from $100,000 to $150,000 per patient annually are restricting market potential. But increasing awareness, availability of affordable substitutes and regulatory support may overcome this challenge aiding future market growth. Do not write anything about key players.
SWOT Analysis
Strength: Immuno-oncology drugs have shown good response rates in cancer treatment compared to conventional chemotherapy. Immune system based therapies have proven durable responses and long term survival benefits. Therapies like checkpoint inhibitors have established themselves as standard of care in several cancer types. Three key strengths are enhanced survival rates, improved quality of life, and durable responses.
Weakness: These drugs have severe immune related adverse events which can affect quality of life. Monitoring is required for life-long for side effects. High costs of immunotherapy can limit access for many patients. Research is ongoing to improve safety profiles and reduce costs to increase accessibility.
Opportunity: Several new targets and combination approaches are being explored which can enhance and broaden clinical benefit of these drugs. Ongoing research seeks to expand use to more cancer types. Combinations hold promise to improve response rates. Emerging immunotherapy agents may lead to cure in more patients.
Threats: Failure to show benefit in additional cancer types or patient populations would limit growth potential. Drug resistance remains a challenge. Competing novel drug classes could capture market share if found safer or more effective. Regulatory hurdles and pricing pressures pose threats.
Key Takeaways
The Global Immuno-Oncology Drugs Market Size is expected to witness high growth. It is projected to reach a value of US$ 1020.24 Bn by 2023 from US$ 680 Bn in 2018, expanding at a CAGR of 8.6% during the forecast period. The market size for 2024 is estimated to be US$ 1020.24 Bn.
Regional analysis related content comprises The North America region currently dominates the global market due to large cancer patient population and rapid adoption of novel immune therapies. The US and Canada account for over 60% market share currently. However, Asia Pacific region is expected to witness highest growth during the forecast period due to rising income levels, increasing investments in healthcare infrastructure and growing cancer burden.
Key players related content comprises 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. They are focusing on expanding indications of existing drugs and launching innovative pipeline assets to strengthen their market position.
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