PUBLISHER: The Business Research Company | PRODUCT CODE: 1429509
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429509
Immuno-oncology drugs constitute a form of therapy or cancer treatment that utilizes drugs to either enhance or suppress the immune system, aiming to fortify the body's defenses against cancer, infections, and other disorders. These drugs leverage chemicals produced naturally by the body or synthesized in a laboratory to reinforce the immune system's capabilities, aiding the body in identifying and eliminating cancer cells.
The primary categories within the immuno-oncology drugs market include monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, cancer vaccines, and others. Monoclonal antibodies are produced through the cloning of a single white blood cell, with each subsequent antibody traceable back to a single parent cell. Various therapeutic applications encompass melanoma, lung cancer, blood cancer, renal cell carcinoma, prostate cancer, bladder cancer, and others. The application of immuno-oncology drugs spans sectors such as hospitals, clinics, ambulatory surgical centers, and cancer research institutes.
The immuno-oncology drugs market research report is one of a series of new reports from The Business Research Company that provides immuno-oncology drugs market statistics, including industry global market size, regional shares, competitors with an immuno-oncology drugs market share, detailed immuno-oncology drugs market segments, market trends and opportunities, and any further data you may need to thrive in the immuno-oncology drugs industry. This immuno-oncology drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The immuno-oncology drugs market size has grown rapidly in recent years. It will grow from $92.78 billion in 2023 to $105.64 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The expansion observed in the historical period can be attributed to the increase in the number of cancer cases, robust economic growth in emerging markets, heightened healthcare expenditure, and a rise in pharmaceutical research and development (R&D) spending. However, the market faced constraints due to factors such as the high cost of immuno-oncology therapies, limited healthcare access, pricing pressures from regulators, elevated R&D costs, and the expiration of patents for certain drugs.
The immuno-oncology drugs market size is expected to see rapid growth in the next few years. It will grow to $175.05 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The anticipated growth in the forecast period can be attributed to increasing investments in immuno-oncology, a growing emphasis on immunotherapy drugs for cancer treatment, product innovations achieved through strategic collaborations, and the rising geriatric population, which is expected to drive the market. Significant trends in the forecast period include the development of microneedle injector-based drugs to enhance bioavailability and mitigate side effects associated with the subcutaneous route. Companies are advised to consider investing in the development of personalized oncology drugs tailored to specific patient profiles, explore acquisitions to increase market shares and expand product portfolios, focus efforts on the development of next-generation biologics to boost revenue and market share, and prioritize the creation of antibody-drug conjugates for cancer treatment. Additionally, investments in AI solutions to reduce R&D costs and save development time, the adoption of 3D printing devices for testing new oncology drugs, exploration of immune-oncology combination therapies for innovation and category leadership, and the implementation of CAR-T therapies to drive innovation and establish category leadership are recommended strategies.
The growth of the immuno-oncology drugs market is expected to be fueled by the global increase in cancer cases. Notably, the American Cancer Society reported in January 2022 that the US alone is projected to witness 1.9 million new cancer diagnoses and 609,360 cancer-related deaths, highlighting the severity of the issue. The most prevalent types of cancer globally, including lung, prostate, bowel, and female breast cancer, collectively account for 43% of all new cancer cases. As cancer incidence rates rise globally, there is an anticipated surge in demand for immuno-oncology drugs in the coming years.
The expansion of healthcare expenditure is identified as a significant driver for the immuno-oncology drugs market. Healthcare expenditure, denoting the total financial resources allocated by individuals, organizations, or governments for healthcare-related goods and services, is a key determinant in the development, accessibility, and utilization of immuno-oncology drugs. In 2021, U.S. health care spending reached $4.3 trillion, growing by 2.7 percent, according to the Centers for Medicare & Medicaid Services (CMS). This substantial increase in healthcare spending is expected to drive advancements in immuno-oncology drugs, ultimately enhancing cancer treatment outcomes and patient access to these innovative therapies.
Companies operating in the immuno-oncology drugs market are actively engaging in strategic collaborations to foster product innovation. In response to the intensifying competition in this market, companies are not only focusing on developing groundbreaking products but also leveraging partnerships to share expertise and skills. An example of this collaborative trend is the agreement between Boehringer Ingelheim, a Germany-based pharmaceutical company, and OSE Immunotherapeutics, a France-based biotechnology company. This collaboration, announced in September 2021, aims to develop a novel checkpoint inhibitor for treating advanced solid tumors.
Major players in the immuno-oncology drugs market are concentrating on product development to diversify their cancer therapy portfolios. Tebentafusp-TEBN, a novel immuno-oncology drug, is a notable product in this context. It combines a T-cell receptor (TCR) with an anti-CD3 antibody fragment, designed to target and engage T cells with cancer cells, particularly melanoma. Immunocore, a UK-based biotechnology company, received FDA approval for KIMMTRAKR (Tebentafusp-TEBN) in January 2022. This approval marks a significant milestone as KIMMTRAKR is the first FDA-approved treatment for unresectable or metastatic uveal melanoma, showcasing its potential to extend overall survival.
In December 2021, Sanofi S.A., a France-based biopharmaceutical and healthcare company, completed the acquisition of Amunix Pharmaceuticals, Inc., for $1 billion. This strategic move enhances Sanofi's capabilities in developing innovative cancer medicines, particularly in the realm of immuno-oncology. The acquisition positions Sanofi to bring potentially superior and safer treatment candidates to patients by leveraging its expertise and collaborating as a center of excellence, thereby strengthening its oncology pipeline. Amunix Pharmaceuticals, Inc., a US-based biopharmaceutical company, specializes in the discovery and development of novel immuno-oncology drugs.
Major companies operating in the immuno-oncology drugs market report are F. Hoffmann-La Roche Ltd., Merck & Co., Bristol-Myers Squibb Company, Amgen Inc., Johnson & Johnson, AstraZeneca PLC, Eli Lilly and Company, Novartis International AG, Pfizer Inc., Sanofi S.A., Arlak Biotech, Healthkind Labs Pvt. Ltd., SwisscheM Healthcare Pvt.Ltd., Apikos Pharma, Kolaz biotech, CStone Pharma, CARsgen Therapeutics, JW Therapeutics, BeiGene, Takeda Pharmaceuticals, Astellas Pharma Inc., Otsuka Pharmaceutical Co, Ltd., Legend Biotech Co, Zai Lab, Daiichi Pharmaceutical and Sankyo, AQVIDA GmbH, Baxter International Inc., GlaxoSmithKline PLC, Affimed Therapeutics, Autolus Therapeutics, Cellectis, Celyad, GammaDelta Therapeutics, Immunocore, European Medical Center (EMC), Yauza Medical Center, Celon Pharma, Veropharm, Biocad, Selvita, OncoArendi Therapeutics Mabion, Fate Therapeutics, Forty-Seven, Arcus Biosciences, Gritstone Oncology, Rakuten Medical, Rubius Therapeutics, Allogene Therapeutics, Celgene Corporation, Bayer AG, Incyte Corporation, Recepta Biopharma, CSC Pharmaceuticals International, Blanver EN, Sandoz Brazil, Life Pharma, Julphar, NewBridge Pharmaceuticals, Eurolab
North America was the largest region in the immuno-oncology drugs market in 2023. The regions covered in the immuno-oncology drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the immuno-oncology drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The immuno-oncology drugs market consists of sales of bevacizumab, alectinib, ibrutinib, imatinib, and palbociclib. Values in this market are "factory gate values," that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Immuno-Oncology Drugs Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on immuno-oncology drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for immuno-oncology drugs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The immuno-oncology drugs market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.