Immunotherapy drugs such as monoclonal antibodies, immune checkpoint inhibitors, and others are widely used in cancer treatment for blood cancers and solid tumors due to advantages like targeted cancer cell destruction and lesser side effects than conventional therapies. The need for effective drugs in precision medicine for cancer treatment as conventional methods reach their limitations is driving significant growth of the immunotherapy drugs market.
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 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Precision Medicine for Cancer Treatment: One of the major trends driving growth in the immunotherapy drugs market is the increased adoption of precision medicine approach for cancer treatment. Immune checkpoint inhibitors and other drugs allow targeted destruction of cancer cells based on their genetic profile, leaving healthy cells unharmed. This prevents severe side effects and improves the efficacy of treatment. With rapid advancements in genetic sequencing, precision therapy is becoming a mainstream approach in oncology. The ability of immunotherapy drugs to cater to precision medicine needs will continue promoting market expansion over the forecast period.
Strength: The immunotherapy drugs market is witnessing strong growth due to increasing adoption of immunotherapy for treatment of cancer and other chronic diseases. Immuno-oncology drugs have significantly improved survival rates.
Weakness: High costs of immunotherapy drugs remain a weakness. Development of resistant cancer cell strains is also a threat.
Opportunity: Increase in cancer prevalence and demand for personalized medicine provides major opportunities. Emerging economies offer growth potential.
Threats: Safety issues related to immunotherapy and requirement of specialized infrastructure are threats. Intense competition from generic drug makers also poses challenge.
The global Immunotherapy Drugs Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis
Regional analysis indicates North America dominates the immunotherapy drugs market currently due to high adoption and healthcare expenditure. Asia Pacific region is expected to witness fastest growth due to increase in cancer cases and initiatives to develop healthcare infrastructure in countries like India and China.
Key players: Key players operating in the immunotherapy drugs market are Novozymes (Denmark), UPL (India), Chr. Hansen Holding A/S (Denmark), Syngenta (Switzerland), T.Stanes and Company Limited (India), Lallemand Inc. (Canada), Rizobacter Argentina S.A. (Argentina), Vegalab SA (Switzerland), IPL Biologicals Limited (India), Kiwa Bio-Tech, product group cooperation (China), Symborg (Spain), Kan Biosys (India), Mapleton Agri Biotec Pt Ltd (Australia), Seipasa (Spain), Agrilife (India).
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it