Yahoo Finance Immunotherapy Drugs Market Size to Surpass US$ 351.56 BN by 2030
According to Canada based company Precedence Research, the global immunotherapy drugs market size is expected to surpass around US$ 351.56 billion by 2030 and growing at a notable CAGR of 7.9% between years 2022 to 2030.
Ottawa, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The immunotherapy drugs market size was estimated at USD 190.44 billion in 2022. The rising prevalence of various chronic diseases among the global population owing to various factors such as changing lifestyle, unhealthy food habits, and increasing prevalence of smoking and tobacco consumption. The rising awareness regarding various therapies such as targeted therapy, monoclonal antibodies, and biosimilars is fueling the demand for the immunotherapy drugs. The rising investments by the biopharmaceutical companies in the development of various immunotherapy drugs is positively impacting the market growth.
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The rising adoption of the latest technologies such as AI and data analytics is boosting up the research and development and the manufacturing process of the immunotherapy drugs. The improving access to healthcare facilities owing to the strong economic growth in the past years is driving the growth of the global immunotherapy drugs market.
Report Highlights
By indication type, the cancer segment has accounted highest market share of 91.5% in 2021.
The North America region has held 45% market share in 2021.
Based on the drug type, the monoclonal antibodies segment dominated the market with revenue share of 76.6% in 2021. This is attributed to the increased demand for the monoclonal antibodies to treat various chronic diseases owing to its enhanced effectiveness and low side-effects.
Based on the therapeutic area, the cancer segment dominated the market in 2022. This is due to the increased demand for the immunotherapy drugs for the treatment of cancer. Lungs cancer, breast cancer, colorectal cancer, and prostate cancer are the prominent types of cancer that are growing at a rapid rate across the globe.
Regional Snapshot
North America dominated the global immunotherapy market in 2022. The increased prevalence of the chronic diseases among the population, increased healthcare expenditure, and easy access to the healthcare services has augmented the demand for the immunotherapy drugs. The increased penetration of the healthcare insurances and the favorable reimbursement policies have resulted in the high expenditure on healthcare. Moreover, half of the people in US are suffering from at least one chronic diseases. According to the American Cancer Society, over 1.8 million new cancer cases and 606,520 deaths were reported in the US in 2020. Furthermore, the increased awareness regarding cancer, infections, and other autoimmune diseases have boosted the demand for the immunotherapy drugs in North America. The presence of various top market players in the region and various developmental strategies adopted by them significantly influences the market.
Asia Pacific is estimated to be the fastest-growing market. Asia Pacific is witnessing a strong economic growth owing to rising industrialization and growing urbanization. Moreover, the growing investments on the development of sophisticated healthcare infrastructure along with the rising healthcare expenditure is expected to augment the market growth. Moreover, the growing prevalence of various chronic diseases is spurring the demand for the immunotherapy drugs. According to the International Journal of General Medicine 2018, the mortality from the chronic diseases is rapidly rising in the low- and middle-income countries, accounting for around 75% of the global deaths from the chronic diseases.
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Scope of the Report
Report Attributes | Details |
Market Size in 2022 | USD 190.44 Billion |
Revenue Forecast by 2030 | USD 351.56 Billion |
CAGR | 7.9% from 2022 to 2030 |
Largest Market | North America |
Fastest Growing Market | Asia Pacific |
Base Year | 2021 |
Forecast Year | 2022 to 2030 |
Key Players | F. Hoffmann-La Roche AG, GlaxoSmithKline plc., AbbVie, Inc., Amgen, Inc., Merck & Co., Inc., Alligator Bioscience, UbiVac, Bristol-Myers Squibb, Novartis International AG, AstraZeneca plc. and Others. |
Market Dynamics
Rapidly rising prevalence of cancer across the globe
The globe is witnessing an alarming rise in the cases of cancer. As per the GLOBOCAN, a report published by the International Agency for Research on Cancer, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe, in 2020. It is estimated that approximately over 28 million new cancer cases will be reported in 2040. Thus, the growing prevalence of cancer and the rising awareness regarding it is expected to significantly drive the demand for the immunotherapy market during the forecast period.
Restraints
Inadequate access to the healthcare facilities
There is a lack of awareness regarding the chronic diseases owing to the lack of access of adequate healthcare services. In fact, most of the people in the developing and the underdeveloped nations remain undiagnosed and untreated due to the lack of financial strength and lack of access to healthcare facilities. This is a major factor that may hinder the market growth.
Opportunities
Developmental strategies and use of AI in the drug development
The presence of several top market players and the increased investments by them in the adoption of digital technologies like artificial intelligence in the research and manufacturing of the immunotherapy drugs is expected to drive the market growth. Moreover, various developmental strategies adopted by the market players influences the market exponentially. For instance, VinsBioproducts Ltd. collaborated with the University of Hyderabad and the CSIR Center for Cellular and Molecular Biology, in India to develop immunotherapy treatment for COVID-19 in May 2020.
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Challenges
High capital investments in the drug development
There is a huge capital investment in the development of immunotherapy drugs. The difficulties associated are lack of time, high investments in research, higher attrition rate of drug candidates, and others difficulties associated in the acquisition of approvals. These are the major challenges faced by the immunotherapy market.
Market Segmentation
By Drug Type
Monoclonal Antibodies
Vaccines
Interleukins
Interferons Alpha & Beta
Others
By Therapeutic Area
Cancer
Infectious Diseases
Autoimmune & Inflammatory Diseases
Others
By Geography
North America
U.S.
Canada
Europe
U.K.
Germany
France
Asia Pacific
China
India
Japan
South Korea
MEA
Rest of the World
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About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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