May 18, 2024
Immuno-oncology Drugs Market

Oncology Drugs Segment Is The Largest Segment Driving The Growth Of Immuno-Oncology Drugs Market

The global Immuno-oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn or in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Immuno-oncology drugs help stimulate the body’s immune system to detect, attack, and destroy cancer cells without harming normal cells by targeting immune checkpoints. These drugs help overcome tumor immune escape mechanisms and provide durable clinical responses across multiple advanced cancers.

Market key trends:
One of the key trends in the immuno-oncology drugs market is the rise in combination therapy. Combination therapy involves using two or more drugs that work in different ways to fight cancer. Using immunotherapy drugs in combination with other cancer treatments like chemotherapy, targeted therapy, or radiation therapy aims to activate the immune system in multiple ways. This helps to shrink tumors and keep them from regrowing for a longer period of time. For example, combining an PD-1/PD-L1 inhibitor with CTLA-4 inhibitors allows both drugs to function synergistically to further release the brakes on T cells and enhance anti-tumor immune responses.

SWOT Analysis

Strength: The global Immuno-oncology Drugs market is growing fast due to increasing demand for effective cancer treatment. Drugs under this category boost the body’s natural defenses to fight cancer and have shown good clinical results against many cancer types.

Weakness: Development of immuno-oncology drugs requires large investments and time due to complex research involved. Limited patient response and high cost of these drugs are major challenges.

Opportunity: Increasing prevalence of cancer worldwide presents a big opportunity. Significant pipeline of new immuno-oncology combination therapies and focus on biomarker development offer scope for market growth.

Threats: Safety and efficacy related issues and failure of drug candidates in clinical trials can negatively impact the market. Patent expiries of major drugs will enable entry of biosimilars threatening brands.

Key Takeaways

Global Immuno-Oncology Drugs Market Size is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period, due to increasing demand for targeted cancer treatment options.

Regional analysis: North America currently dominates the market due to favorable reimbursement policies and higher adoption rates. Asia Pacific is expected to grow at the fastest pace owing to rising healthcare spending and growing incidence of cancer in the region.

Key players operating in the Immuno-oncology Drugs market are AbbVie Inc., AstraZeneca, Bristol-Myers Squibb Company, Dendreon Pharmaceuticals LLC., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Novartis AG, Pfizer Inc., Sanofi, Ferring B.V., Enzo Biochem Inc., Celldex Therapeutics, Atara Biotherapeutics, Inc., Apexigen, BioNTech SE, Blueprint Medicines Corporation, Regeneron Pharmaceuticals Inc., CytomX Therapeutics, Inc., Agenus Inc., Betta Pharmaceuticals Co., Ltd., CStone Pharmaceuticals, Amgen Inc., MediMergent, LLC, Gilead Sciences, Inc., and ONKO-INNATE.

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