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The Immunotherapy Drugs Market Is Projected To Driven By Rising Cancer Prevalence

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ashwinicmi
The Immunotherapy Drugs Market Is Projected To Driven By Rising Cancer Prevalence

Immunotherapy drugs are biological therapeutics that can strengthen a patient's own immune system to help them fight diseases like cancer. Some common immunotherapy drugs include monoclonal checkpoint inhibitors and checkpoint inhibitors. Monoclonal antibodies in immunotherapy can help target specific proteins on tumors and immune cells to block or activate pathways. They have shown potential in treating various cancers such as lung cancer, melanoma, leukemia and lymphoma.

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 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The global immunotherapy drugs market is driven by the rising prevalence of various cancers worldwide. According to WHO, cancer is a leading cause of death globally, responsible for nearly 10 million deaths in 2020. Immunotherapy drugs present an alternative treatment approach to conventional chemotherapy and radiation, with added benefits of improved outcomes and better quality of life for patients. Blockbuster immuno-oncology drugs targeting PD-1, PD-L1 and CTLA-4 pathways are revolutionizing cancer care. New monoclonal antibodies, vaccines and cell-based therapies continue expanding treatment options available to cancer patients. The global market also benefits from growing research in combination therapies involving immunotherapy agents.

Market key trends:

One of the key trends in the immunotherapy drugs market is the growing focus on combination therapies. Many clinical trials are investigating double or triple combinations of checkpoint inhibitors along with other immunotherapies or conventional cancer therapies like chemotherapy. Combination therapy approaches aim to harness the synergistic effects of multiple treatments and have shown promise in improving clinical response rates and survival outcomes for various cancer types. Biopharma companies are actively developing combination regimens and seeking approval for immunotherapy drug combinations. This is expected to drive market growth as combination treatments offer improved efficacy and become standard of care over time.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the immunotherapy drugs market is moderate. Significant costs are associated with R&D of new immunotherapy drugs and getting them approved, which poses barriers to entry.

Bargaining power of buyers: The bargaining power of buyers in the immunotherapy drugs market is low. Specialized medical knowledge and infrastructure is required to develop and administer these drugs.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw material suppliers possess some bargaining power due to specialized requirements.

Threat of new substitutes: The threat of substitutes is low. Immunotherapy has fewer side effects than chemotherapy or surgery and addresses the root cause of cancer.

Competitive rivalry: The competitive rivalry in the immunotherapy drugs market is high due to the presence of several large players. Companies compete on the basis of drug efficacy, strengths of drug pipelines, and regional expansions.

Key Takeaways

The global Immunotherapy Drugs Market is expected to witness high growth in the forecast period from 2023 to 2030. The market size is projected to increase from US$ 234.85 Bn in 2023 to over US$ 400 Bn by 2030, registering a CAGR of 6.6%.

Regional analysis: North America currently dominates the immunotherapy drugs market and is expected to continue its dominance in the forecast period. This can be attributed to established healthcare infrastructure, rising cancer prevalence, and growing adoption of targeted therapies in the region. Meanwhile, Asia Pacific is expected to witness the fastest growth owing to rising healthcare spending, large patient population, and growing awareness.

Key players: 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. Companies are focusing on developing novel immunotherapies through strategic collaborations and acquisitions to gain a competitive edge in the market.


Get more insights on this topic:

https://www.marketwebjournal.com/immunotherapy-drugs-market-market-size-and-share-analysis/

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