Immuno-Oncology Drugs Market Estimated To Witness High Growth Owing To Increased Cancer Prevalence Rates
Immuno-oncology drugs help boost a patient's immune system to fight various types of cancer. This includes PD-1 and PD-L1 inhibitors that enable T cells attack tumor cells by preventing PD-1 and PD-L1 from binding and suppressing the immune system. Immuno-oncology drugs are used for the treatment of lung cancer, skin cancer, breast cancer, hematological malignancies, and other solid tumors.
The global Immuno-Oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn in 2023 and is expected to exhibit a CAGR of 33.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased prevalence of cancer across the globe is one of the major drivers propelling growth of the immuno-oncology drugs market. For instance, according to statistics by World Health Organization (WHO), cancer burden has risen to 19.3 million new cases and 10 million cancer deaths in 2020 globally. Efforts by key players to develop advanced immuno-oncology therapies and antibodies is another driver fueling the market growth. For example, Merck & Co. developed Keytruda, an anti-PD-1 therapy, which has demonstrated positive clinical outcomes in lung cancer and now holds the record of becoming the top selling cancer drug in the world. However, high costs of immuno-oncology therapies limit their adoption in developing regions, which acts as a challenge.
SWOT Analysis
Strength: Immuno-oncology drugs have gained immense popularity in recent years due to their ability to harness the power of the immune system in fighting cancer. These drugs enhance the body's natural defenses to detect and destroy cancer cells through various mechanisms like checkpoint inhibitors and cancer vaccines. Research and clinical trials have proven immuno-oncology drugs to be highly effective against many cancers including lung cancer, melanoma, and leukemia.
Weakness: Immuno-oncology drugs are associated with certain side effects like fatigue, rashes, diarrhea, nausea, fever and chills. These side effects occur due to over activation of the immune system against cancer cells. Secondly, not all cancer patients respond similarly to immuno-oncology treatment. Some tumors evolve various mechanisms to suppress immune response.
Opportunity: Personalized cancer immunotherapy holds potential to maximize treatment outcomes through precision medicine approach. Identification of novel biomarkers can help predict individual patient response and select the right drug or combination. Adopting combo therapy regimens through strategic drug combinations provides opportunities to widen eligibility and improve survival rates.
Threats: High research and development costs associated with immuno-oncology drugs limit widespread accessibility in low and middle income countries. Biosimilar competition post patent expiration of blockbuster drugs poses pricing pressure.
Key Takeaways
The global Immuno-Oncology Drugs Market Share is expected to witness high growth. Innovation in biomarker research, drug combinations and pipeline candidates will drive the next phase of market evolution.
Regional analysis: North America currently dominates due to rapid adoption of premium-priced immuno-oncology drugs and combination therapies. Asia Pacific is anticipated to grow at the fastest pace during the forecast period supported by rising incidence of cancer, increasing healthcare investments and expanding diagnostic infrastructure in major Asian countries.
Key players: Key players operating in the immuno-oncology drugs market are IBM Corporation, Oracle Corporation, Xerox Corporation, Nintex Limited, Source Code Technology Holdings Inc and Software AG.
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