Opportunity of Increasing Adoption of Immunotherapy for Cancer Treatment of Immunotherapy Drugs Market
The global Immunotherapy Drugs Market is estimated to be valued at US$ 234.85 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.
Porter's Analysis
Threat of new entrants: The immunotherapy drugs market requires significant investment in research and development to enter the market. Further, presence of established brands poses barrier to entry.
Bargaining power of buyers: The presence of many pharmaceutical companies offering substitute drugs limits the bargaining power of buyers.
Bargaining power of suppliers: Few biotech firms have the expertise to develop novel immunotherapy drugs, increasing their bargaining power.
Threat of new substitutes: Ongoing research is exploring new alternatives to immunotherapy drugs like gene therapy and targeted drug delivery.
Competitive rivalry: Large pharmaceutical companies compete intensely on parameters like drug efficacy, safety profile and cost of treatment to gain market share.
SWOT Analysis
Strength: Immunotherapy drugs offer more targeted treatment options compared to conventional therapies. Growing emphasis on novel drug development bolsters the market.
Weakness: High costs associated with drug development and stringent regulatory norms add to production costs. Side effects of certain immunotherapy drugs pose safety concerns.
Opportunity: Rising cancer incidence worldwide and increasing usage in other disease areas present an opportunity for market expansion.
Threats: Patent expiries of blockbuster drugs lead to revenue loss. Slow regulatory approvals can delay product launches.
Key Takeaways
The Global Immunotherapy Drugs Market Size is expected to witness high growth.
Regional analysis: North American region currently dominates the immunotherapy drugs market owing to presence of key research institutes and pharmaceutical companies. Asia Pacific region is projected to witness fastest growth during the forecast period supported by increasing healthcare spending, rising incidence of cancer, and growing awareness about novel cancer therapies.
Key players operating in the immunotherapy drugs market are Infineon Technologies AG, STMicroelectronics, Deutsche Telekom AG, Giesecke+Devrient Mobile Security GmbH, Thales Group, KORE Wireless, Arm Limited, Truphone Limited, Workz Group, Sierra Wireless, NXP Semiconductors, AT&T. These players are focused on new product development, expansion into emerging markets and manufacturing advancements to consolidate their market position.
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