The Immuno-oncology Drugs Market is Witnessing High Growth Owing To Rising Adoption of Targeted Therapies
The Immuno-oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn 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 are specialized biologics that work by stimulating the body's natural defenses to fight cancer. These drugs help boost the ability of the immune system to detect and destroy cancer cells. Common types of immuno-oncology drugs include checkpoint inhibitors, monoclonal antibodies, therapeutic cancer vaccines, among others. Immuno-oncology drugs have emerged as a breakthrough in cancer treatment in view of their improved survival rates and quality of life for patients.
Market key trends:
One of the key trends fueling the growth of immuno-oncology drugs market is the rising adoption of targeted therapies. Targeted therapies such as immune checkpoint inhibitors, cell therapies, oncolytic virus therapies, tumor-targeting antibodies have demonstrated a clear survival benefit with less toxicity as compared to conventional chemotherapy. For instance, in 2019, the US FDA approved avelumab (Bavencio) in combination with axitinib for advanced renal cell carcinoma. Avelumab is an anti-PD-L1 immune checkpoint inhibitor marketed by Merck KGaA and Pfizer. With continuous research and development, the targeted immuno-oncology therapies market is expected to grow at an exponential rate over the forecast period.
Porter’s Analysis
Threat of new entrants: The immense capital requirements and stringent regulations for developing and marketing of immuno-oncology drugs limit the threat of new entrants.
Bargaining power of buyers: The presence of a large number of established market players enables buyers to negotiate on price points.
Bargaining power of suppliers: Suppliers such as raw material providers and contract manufacturers have moderate bargaining power due to availability of substitute suppliers.
Threat of new substitutes: Threat from new substitutes is moderate as cancer therapies operate in a niche segment with high entry barriers.
Competitive rivalry: High degree of competition exists among key players to gain higher market share through extensive R&D and newer product launches.
SWOT Analysis
Strength: Wide product portfolio and strong R&D capabilities of leading players. Emerging combination therapies offering improved efficacy.
Weakness: High costs associated with drug development. Side effects related to immunotherapy.
Opportunity: Rising cancer incidence worldwide and growing demand for targeted treatment options. Potential of combination therapies in newer indications.
Threats: Price controls and market access hurdles posed by regulatory authorities. Increasing preference for biosimilars over patented drugs.
Key Takeaways
The Global Immuno-Oncology Drugs Market Size is expected to witness high growth, exhibiting CAGR Of 16% over the forecast period, due to increasing prevalence of cancer worldwide. Recent clinical successes have accelerated the development and approvals of several novel immuno-oncology drugs.
Regional analysis:
North America dominated the global market in 2023 and is expected to remain the largest market during the forecast period. This is attributed to rising cancer incidence, FDA approvals to novel drugs, and growing research activities in the region. Asia Pacific is anticipated to exhibit the fastest growth over 2023-2030 owing to increasing healthcare spending, large patient pool and expansion of key market players in China, India, and Japan.
Key players:
Key players operating in the immuno-oncology drugs market are AbbVie Inc., AstraZeneca, Bristol-Myers Squibb Company, Merck & Co., Inc., Novartis AG, Pfizer Inc., Roche, Sanofi. These companies share majority of the market revenues and have extensive pipeline and strategic collaborations to strengthen their market positions.
Read more: https://journaljourney32.weebly.com/immuno-oncology-drugs-market
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