Global Immuno-Oncology Drugs Market Size, Share, Growth Analysis, By Type of drugs(Monoclonal antibodies, checkpoint inhibitors), By Application(Lung cancer, breast cancer), By Biomarker(PD-L1, BRCA) - Industry Forecast 2023-2030

Global Immuno-Oncology Drugs Market size was valued at USD 60.32 billion in 2021 and is poised to grow from USD 70.57 billion in 2022 to USD 247.82 billion by 2030, growing at a CAGR of 17% in the forecast period (2023-2030).

Increased survival rates, decreased side effects, personalized treatment, the possibility of long-term remission, and new therapeutic choices are just a few of the benefits of immuno-oncology drugs. Due to their capacity to target cancer cells precisely, immuno-oncology (IO) medications have a distinct edge over conventional cancer treatments like chemotherapy and radiation therapy. Due to their focused nature, IO medicines have less adverse effects on patients than conventional treatments since they do not affect healthy cells in the same way. Top-down and bottom-up approaches were used to estimate and validate the size of Immuno-Oncology Drugs and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The market for immuno-oncology medications is divided into segments based on drug type, application, biomarker, and region. The market is divided into Lung cancer, Breast cancer, Prostate cancer, Melanoma, and others based on application. The market is divided into monoclonal antibodies, checkpoint inhibitors, cancer vaccines, cytokines, cell treatments, and others based on the type of drug being used. The market is divided into PD-L1, BRCA, KRAS, EGFR, and other biomarkers. North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America are the different geographic segments

Driver

Regulatory Approvals to Bring Lucrative Growth Opportunities for Players in the Global Immuno-Oncology Drug Market

The market for immuno-oncology (IO) therapies is expanding significantly as a result of regulatory agencies' approval of IO medications. For IO therapies to be marketed and utilized in clinical practice, regulatory approval is necessary, and the approval of new drugs is a good sign for the market for IO drugs. Drug safety and effectiveness are greatly enhanced by regulatory organizations like the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA). Before approving a medicine for use in clinical practice, authorities review the findings of clinical studies and weigh the advantages and disadvantages of the drug. An important factor in the market's growth is the regulatory authorities' approval of new IO medications.

Restraints

High Cost to Hinder Market Growth

The high price of immuno-oncology (IO) medications is one of the factors that can potentially impede the market's expansion. IO medications frequently cost a lot of money, and both patients and medical professionals may find it difficult to afford the cost of therapy. The adoption of IO medications may be constrained by their high price, especially in nations with limited access to affordable healthcare, which could have a detrimental effect on the market's expansion. The high cost of IO medications may also have an impact on how willing insurance providers and public healthcare systems are to pay for medical expenses, which may further restrict patient access to these medications.

Market Trends

The creation of biomarkers is a significant trend in the immuno-oncology (IO) therapeutic market. In order to pinpoint certain patient traits that increase their likelihood of responding to IO medicines, biomarkers are used. By utilizing biomarkers, doctors are better able to determine which patients require IO therapies, as well as to evaluate the effectiveness of the therapy and modify the course of action as necessary. The creation of novel biomarkers is a key area of research in the market for IO drugs since it can result in more accurate patient selection and better treatment outcomes. The creation of biomarkers is a significant trend in the immuno-oncology (IO) therapeutic market. In order to pinpoint certain patient traits that increase their likelihood of responding to IO medicines, biomarkers are used.