Immunotherapy Drugs Market Is Estimated To Witness High Growth Owing To Rising Global Cancer Prevalence
Immunotherapy or biological therapy, is a type of cancer treatment that boosts the body's natural defenses to fight cancer. It uses materials made either by the body or in a laboratory to improve, target, or restore immune system function. Immunotherapy drugs aim to help the immune system recognize and destroy cancer cells. The global immunotherapy drugs market is fragmented with key players focusing on developing new innovative products to expand their market share.
The global immunotherapy drugs market is estimated to be valued at US$ 234.85 Bn or Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The rising global cancer prevalence is estimated to drive the growth of the immunotherapy drugs market over the forecast period. According to the World Health Organization (WHO), cancer is the second leading cause of death globally, and was responsible for nearly 10 million deaths in 2020. Rising geriatric population which is more prone to developing cancer is further boosting the demand for effective cancer treatment drugs like immunotherapies. Moreover, growing R&D activities for the development of combination immunotherapies for improving treatment outcomes is also expected to fuel the market growth during the forecast period. However, high costs associated with immunotherapy drugs may hamper market growth, especially in developing and underdeveloped regions.
SWOT Analysis
Strength: The immunotherapy drugs market has several novel drug candidates in clinical trials that are expected to generate significant revenues if approved. Many big pharmaceutical companies are investing heavily in R&D of immunotherapy drugs to treat different types of cancer. immunotherapy drugs offer targeted treatment options with lesser side effects compared to traditional chemotherapy.
Weakness: High costs associated with drug development and clinical trials are major challenges for small companies operating in this market. Requirement of specialized expertise and high infrastructure costs make it difficult for new entrants to establish themselves. Dependence on limited number of therapeutic areas like oncology for growth also poses risk.
Opportunity: Growing incidence of cancer, infectious diseases, and autoimmune disorders globally present significant market opportunity. Continued investment in R&D is expected to increase treatment options and expand approved indications for existing drugs. Partnerships between pharmaceutical companies and research institutes can help discover new targets and molecules.
Threats: Safety issues and side effects associated with certain immunotherapy drugs pose serious risks. Stringent regulations and long approval timelines necessitate huge pre-approval investments. Patent expiries of major drugs will increase competition from biosimilars. Dependence on reimbursement policies also impact market growth.
Key Takeaways
The global Immunotherapy Drugs Market Size is expected to witness high growth in the forecast period from 2023 to 2030.
Regional Analysis: North America currently dominates the market due to presence of major pharmaceutical players and healthcare spending. However, Asia Pacific region is expected to be the fastest growing market led by countries like China, India, Japan and South Korea. Significant initiatives for advances in cancer and biologics research along with improving access to healthcare will drive the regional growth.
Key players operating in the immunotherapy drugs market are Novozymes, UPL, Chr. Hansen Holding A/S, Syngenta, T.Stanes and Company Limited, Lallemand Inc., Rizobacter Argentina S.A., Vegalab SA, IPL Biologicals Limited, Kiwa Bio-Tech, product group cooperation, and Symborg. While Novozymes, UPL and Chr Hansen are global leaders, companies like Syngenta, Rizobacter and Kan Biosys have strong positions in select products and regions. Partnerships for research and manufacturing capacities have been key strategies of these players to strengthen their market shares.
Get More Insights On This Topic: https://www.newsanalyticspro.com/immunotherapy-drugs-market-is-propelled-by-precision-medicine-for-cancer-treatment/
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian