July 18, 2024
Immunotherapy Drugs Market

Immunotherapy Drugs Market is Estimated To Witness High Growth Owing To Increasing Adoption of Targeted Immunotherapy Drugs

The Immunotherapy Drugs Market is estimated to be valued at US$ 211 Bn in 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Immunotherapy drugs help enhance the body’s natural defenses to fight cancer, infections, and other diseases. These drugs are also called as biological therapy or biologic therapy and are designed to boost the immune system to attack cancer cells or slow their growth. They include monoclonal antibodies, vaccines, checkpoint inhibitors, and interleukins that help treat cancer, autoimmune and inflammatory diseases.

Market key trends:

One of the key trends fueling the growth of immunotherapy drugs market is the increasing adoption of targeted immunotherapy drugs for cancer treatment. Targeted immunotherapy drugs are designed to identify specific molecules on cancer cells and immune cells to help strengthen the immune response against cancer. With their high selectivity and lesser side-effects compared to traditional chemotherapy drugs, targeted immunotherapy drugs are witnessing increasing adoption in cancer treatment. The emergence of immunotherapy combos that combine immunotherapy drugs with chemotherapy, targeted therapy or other immunotherapies is also contributing to the market growth.

The immunotherapy drugs market is estimated to be valued at US$ 188.9 Bn in 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Immunotherapy drugs are biologics that help boost the body’s natural defenses to fight cancer. These drugs work by either enhancing the existing immune response against tumors or helping the immune system recognize and destroy cancer cells. The major types of immunotherapy drugs available are checkpoint inhibitors, monoclonal antibodies, vaccines and cell therapy. Checkpoint inhibitors like PD-1 inhibitors have shown promising results in treating various types of cancers like melanoma, lung cancer and renal cancer. Monoclonal antibodies are also widely used as they can be tailored to target specific antigens on cancer cells.

Market Dynamics:

Growing cancer burden globally and the limitations of traditional cancer therapies are driving increased adoption of immunotherapies. According to the World Health Organization (WHO), cancer is the second leading cause of death globally and about 10 million deaths in 2020 were due to cancer. Also, chemotherapy and radiation therapy have severe side effects and many cancers develop resistance to these therapies over time. This has prompted the development and use of novel immunotherapy drugs which have significantly better side effect profiles and durability of response compared to conventional cancer treatments. Secondly, the launch of Biosimilar versions and combination immunotherapies are expected to reduce the treatment cost and expand the eligible patient pool, thereby propelling the market growth over the forecast period.

The rising incidences of cancer cases and recognizing immunotherapy as a promising treatment approach are the key factors driving the growth of this market. The potential to target multiple types of cancers, improve survival rates with fewer side effects compared to other options make immunotherapy an attractive treatment option and its adoption is anticipated to continue rising in the coming years.

 

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