Yahoo Finance Drugs for Immunotherapy Global Market Report 2023
Major players in the drugs for immunotherapy market are F. Hoffmann-La Roche Ltd, Novartis AG, Amgen, Inc., AbbVie, Inc., and Merck & Co. Inc., GlaxoSmithKline, Eli Lilly and Company, Bristol-Myers Squibb, AstraZeneca plc, Johnson & Johnson and UbiVac.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drugs for Immunotherapy Global Market Report 2023" - https://www.reportlinker.com/p06241840/?utm_source=GNW
The global drug for immunotherapy market is expected to grow from $186.39 billion in 2021 to $208.56 billion in 2022 at a compound annual growth rate (CAGR) of 11.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The drug for immunotherapy market is expected to reach $310.48 billion in 2026 at a CAGR of 10.5%.
The drugs for immunotherapy market consists of sales of cytokines, CAR T-cell therapy, and cancer treatment vaccines.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The drugs for immunotherapy market consists of sales of cytokines, CAR T-cell therapy, and cancer treatment vaccines.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Drugs for immunotherapy refer to a kind of medication that offers treatment to either stimulate or suppress the immune system in order to aid the body’s protection against cancer, infection, and other disorders.Your immune system is assisted in fighting cancer via immunotherapy, a sort of cancer treatment.
The body’s immune system aids in the fight against infections and other disorders.
North America was the largest region in the immunotherapy market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the drugs for immunotherapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of drugs for immunotherapy are monoclonal antibodies, interferons, interleukins, vaccines, checkpoint inhibitors, and others.Monoclonal antibodies are created by cloning a single white blood cell.
Every subsequent antibody generated in this manner may be traced back to a single parent cell. The different areas of therapy include cancer, autoimmune & inflammatory diseases, infectious diseases, and others and are used by various sectors such as hospitals and clinics, ambulatory surgical centres, and others.
The immunotherapy drugs market is being driven by rising incidences of cancer globally.The major causes of most cancers include obesity, smoking, alcohol, and improper eating habits.
For instance, in February 2022, according to a report shared by WHO, a Switzerland-based specialized agency of the United Nations responsible for international public health, roughly 10 million deaths, or nearly one in six deaths, will be caused by cancer in 2020, making it the top cause of death globally.Breast, lung, colon, rectum, and prostate cancers are the most prevalent types of cancer.
The use of tobacco, having a high body mass index, drinking alcohol, eating few fruits and vegetables, and not exercising account for about one-third of cancer-related fatalities. The rising incidences of cancer are expected to increase the demand for immunotherapy drugs driving the market growth.
The high cost of immunotherapy drugs is acting as a restraint on the drugs for the immunotherapy market as a smaller number of patients can afford the treatment.Immunotherapy drugs are expensive as drugs are made specifically for each patient and investment costs in the research and development are high.
For instance, Novartis’ Kymriah and Gilead Sciences’ Yescarta are two immunotherapy treatments that cost between $373,000 and $475,000 per patient depending on the type of cancer.The Yervoy (ipilimumab) drug from Bristol-Myers Squibb, for the treatment of melanoma, a type of skin cancer costs $120,000 per course of treatment.
The high cost of immunotherapy drugs makes them unaffordable, thereby affecting the market growth.
Manufacturers of immunotherapy drugs are increasingly collaborating or partnering with other companies to share technology, resources, and product knowledge and expand the business. For example, Illumina Inc. and Bristol-Myers Squibb (BMS) collaborated to utilize Illumina’s next-generation sequencing (NGS) technology to develop and commercialize in-vitro diagnostic (IVD) assays in support of Bristol-Myers Squibb’s oncology portfolio. Allogene Therapeutics Inc. and Pfizer Inc. entered into an asset contribution agreement to use Pfizer’s portfolio of assets related to allogeneic CAR-T therapy.
Manufacturers of immunotherapy drugs are governed by various regulatory bodies such as the Food and Drug Administration in the USA.The Food and Drug Administration (FDA) regulates drugs and biologics under the authority granted to it by the Federal Food, Drug, and Cosmetic Act (FD&C Act) and its amendments.
Under this authority, FDA regulates the pre-market testing and marketing approval for all immunotherapeutic agents, either as drugs or biologics depending on the source and function of the investigational agent. Immunotherapeutic products that are regulated as biologics include antibodies and proteins and some nucleic acids.
In August 2020, Bristol Myers Squibb, a US-based pharmaceutical company that manufactures prescription pharmaceuticals and biologics in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis, and psychiatric disorders acquired Dragonfly Therapeutics’ investigational immunotherapy program for $475 million.Through this acquisition, Bristol Myers Squibb will be granted Dragonfly’s extended half-life cytokine DF6002, a monovalent IL-12 immunoglobulin Fc.
Dragonfly Therapeutics, Inc. is a US-based discovery-stage company developing drugs to stimulate immune responses against cancer.
The countries covered in the drugs for immunotherapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The drugs for immunotherapy market research report is one of a series of new reports that provides drugs for immunotherapy market statistics, including drugs for immunotherapy industry global market size, regional shares, competitors with drugs for immunotherapy market share, detailed drugs for immunotherapy market segments, market trends and opportunities, and any further data you may need to thrive in the drugs for immunotherapy industry. This drug for immunotherapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06241840/?utm_source=GNW
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