The global Immunotherapy Drugs Market is estimated to be valued at US$ 188.9 Bn in 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Immunotherapy drugs help boost the body's natural defenses to fight cancer. These drugs work with the body's immune system to improve its ability to detect and destroy cancer cells. Immunotherapy is emerging as one of the most promising approaches in cancer treatment as it helps target cancer in a more precise way with fewer side effects than other treatments. The market is witnessing high growth due to the increasing prevalence of cancer and growing demand for new targeted and personalized treatment options. Immunotherapies can provide long-lasting benefits for some cancer patients by boosting the body's natural defenses with little to no serious adverse effects.
Market key trends:
The immunotherapy drugs market is driven by rising incidence of cancer globally. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide and was responsible for an estimated 9.6 million deaths in 2018. Furthermore, increasing adoption of immunotherapy drugs as a first line of treatment over conventional chemotherapy drugs is fueling market growth. Traditionally chemotherapy was the first line of treatment for cancer. However, due to severe side effects and poor tolerance, immunotherapy is gaining popularity as first line treatment. Innovation in monoclonal antibody therapeutics is also one of the key trends in the market. Companies are focusing on development of novel monoclonal antibody therapies with higher efficacy and specificity against cancer cells.
Porter’s Analysis
Threat of new entrants: The immunotherapy drugs market is moderately difficult to enter due to high R&D costs involved.
Bargaining power of buyers: There exist a large number of established market players leading to higher bargaining power of buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute materials.
Threat of new substitutes: Threat from substitutes is low as immunotherapy drugs are more effective than traditional therapies.
Competitive rivalry: The market exhibits high competitive rivalry among existing players trying to gain more market share.
Key Takeaways
The Global Immunotherapy Drugs Market Demand is expected to witness high growth, exhibiting CAGR of 11.5% over the forecast period, due to increasing prevalence of cancer worldwide. North America is currently the largest market for immunotherapy drugs due to favorable health reimbursement policies and growing research activities in the region.
The global immunotherapy drugs market size was valued at US$ 188.9 Bn in 2023. The market is driven by rising demand for effective targeted therapies and growing adoption of combination therapies. Monoclonal antibodies currently dominate the market; however, cell therapies are expected to witness fastest growth during the forecast period.
Key players operating in the immunotherapy drugs market are F. Hoffmann-La Roche AG, Merck Group, Bristol Myers Squibb, GlaxoSmithKline, AstraZeneca, Novartis, Janssen Pharmaceuticals, among others. These players are focusing on new product launches and acquisition strategies to strengthen their market position.
