April 15, 2024
Immuno-Oncology Drugs Market

Immuno-Oncology Drugs Market Propelled By Increased Cancer Incidence

Immuno-oncology drugs are medications approved by regulatory authorities for the treatment of cancer by harnessing the power of the patient’s immune system. These drugs can help activate the immune system and direct it towards identifying and attacking cancer cells. With the increasing prevalence of cancer cases globally, immuno-oncology drugs aim to provide personalized treatment options to patients.

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 33. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

Increased cancer incidence has been a key driver of the immuno-oncology drugs market over the last few years. According to estimates by the World Health Organization, around 19.3 million new cancer cases were reported globally in 2020. Due to aging populations and changing lifestyles leading to greater exposure to cancer risk factors, the incidence of cancer is expected to continue rising significantly across the world. This is prompting greater investments in the development of advanced immuno-oncology treatment options such as checkpoint inhibitors, monoclonal antibodies, and cancer vaccines. The promising clinical outcomes of immuno-oncology drugs in late-stage cancer are also expected to see wider uptake over the forecast period.

SWOT Analysis

Strength: Immuno-oncology drugs are more effective than conventional cancer treatment options as they boost the body’s natural defenses to fight cancer. They have significant survival benefits for patients.
Weakness: Immuno-oncology drugs are very expensive to develop and manufacture. Their efficacy is limited to certain cancers and patients. Their side effects can be severe in some cases.
Opportunity: The aging population and rising cancer incidence rates worldwide present a sizable market opportunity. Combination therapies and pipeline drugs targeting new cancer antigens hold promise to expand the eligible patient pool.
Threats: Biosimilars threaten the profits of leading drugmakers in the long run. Manufacturing and supply chain disruptions can negatively impact commercialization plans. Stringent regulations delay product approvals.

Key Takeaways

The global Immuno-Oncology Drugs Market Share is expected to witness high growth at a CAGR of 33% during the forecast period of 2023 to 2030. By 2030, the market size is projected to exceed US$ 1,020.24 Bn.

Regional analysis: North America currently dominates the market due to supportive reimbursement policies and higher adoption among physicians and cancer patients. Asia Pacific is projected to experience the fastest growth owing to rising healthcare investments, increasing cancer incidence, and expanding target patient populations in countries such as China and India.

Key players: Key players operating in the immuno-oncology drugs market are IBM Corporation, Oracle Corporation, Xerox Corporation, Nintex Limited, Source Code Technology Holdings Inc, Software AG, Appian, Pegasystems, Bizagi, Newgen Software Technology, and Zoho. These companies are focusing on developing novel combination therapies and expanding clinical trial programs to identify new treatment responses and resistant patient groups. Partnerships with biotech companies and acquisitions are other growth strategies being adopted.

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