Immunotherapy Drugs Market to Surpass US$ 210.6 Bn by 2028 - Coherent Market Insights

Immunotherapy is a type of cancer treatment. It uses substances made in a laboratory or by the body to boost the immune system and help body find and destroy cancer cells. Immunotherapy can treat many different types of cancer. Immunotherapy holds a lot of promise for treating and curing cancers. Immunotherapy is treatment that uses a person's own immune system to fight cancer. Immunotherapy drugs can help boost or change how the immune system works so it can find and attack cancer cells. Thus, with the increasing prevalence of cancer worldwide, the demand for immunotherapy drugs is also increasing with a rapid pace.

Market Statistics:

The global Immunotherapy Drugs Market is estimated to account for US$ 210.6 Bn in terms of value by the end of 2022.

Drivers:

Increasing demand for safe and effective immunotherapy drugs owing to increasing prevalence of cancer across the globe is expected to boost the growth of the global immunotherapy drugs market over the forecast period. For instance, in April 2022, the Food and Drug Administration (FDA) approved a combination of two immunotherapy drugs for the treatment of some people with advanced melanoma. The combination consists of relatlimab and nivolumab (Opdivo) and will be marketed under the name Opdualag. FDA approved the combination of nivolumab and relatlimab for people aged 12 and/or older with previously untreated melanoma that cannot be removed surgically or has spread (metastasized) within the body.

Opportunities:

Increasing adoption of biosimilars and monoclonal antibodies is expected to provide lucrative growth opportunities for players in the immunotherapy drugs market. For instance, there are many biologic medicines, such as immunotherapy drugs, now being used to treat cancer, and some have biosimilar versions available. FDA-approved biosimilars can be used to treat breast cancer, stomach cancer, colorectal cancer, and others. A biosimilar is a version of a known and proven biologic drug. Between 2007 and 2020, 33 biosimilars for oncology were approved by the European Medicines Agency (EMA), 16 by the U.S. Food and Drug Administration (FDA), and 10 by the Japan Pharmaceuticals and Medical Devices Agency (PMDA).

Restraints:

High cost of immunotherapy, side-effects of immunotherapy drugs, high attrition rate, timeline issues, and manufacturing complexities are some major factors expected to hamper the growth of the global immunotherapy drugs market. For instance, depending on the patient's conditions, numerous immunotherapy sessions take place in a month's interval or so (varies with patients). The one-time cost of many immunotherapies is relatively higher than several expensive long-term treatments. Immunotherapies in particular often cost more than US$ 100,000 per patient. Moreover, side effects can occur at any point during and after treatment.

Global Immunotherapy Drugs Market- Impact of Coronavirus (Covid-19) Pandemic :

The impact of COVID-19 pandemic on the immunotherapy drugs market is positive because many companies are currently focusing on developing immunotherapy-based drugs or vaccines for COVID-19. Immunotherapy plays crucial role in inhibiting viral infection or modifying the over-activated immune response against SARS-CoV-2. For instance, in November 2020, FDA issued an emergency use authorization (EUA) for the investigational monoclonal antibody therapy bamlanivimab for the treatment of mild-to-moderate COVID-19 in adult and pediatric patients. However, bamlanivimab is not authorized for individuals who are hospitalized due to COVID-19 or require oxygen therapy due to COVID-19.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/immunotherapy-drugs-market-525

Key Takeaways:

The global immunotherapy drugs market was valued at US$ 188.9 Bn in 2021 and is forecast to reach a value of US$ 405.7 Bn by 2028 at a CAGR of 11.5% between 2022 and 2028.

Among product monoclonal antibodies segment held dominant position in the global immunotherapy drugs market in 2021, accounting for 72.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

1. Frequent approvals by regulatory authorities are expected to propel the growth of the global immunotherapy drugs market. For instance, in March 2022, FDA approved nivolumab (brand name Opdivo) with platinum-doublet chemotherapy for adults with resectable non-small cell lung cancer in the neoadjuvant setting. This represents the first FDA approval for neoadjuvant therapy for early-stage non-small cell lung cancer.
2. Growing geriatric population is expected to drive growth of the global immunotherapy drugs market. For instance, cancer can develop at any age. But as people get older, many types of cancer become more common. According to the World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion).

Competitive Landscape:

Major players operating in the global immunotherapy drugs market include F. Hoffmann-La Roche AG, Merck Group, Bristol Myers Squibb, GlaxoSmithKline, AstraZeneca, Novartis, and Janssen Pharmaceuticals, among others.

Recent Developments:

In May 2022, U.S. FDA accepted the supplemental Biologics License Application for priority review of Dupixent (dupilumab) indicated for treating prurigo nodularis.

In February 2022, GSK’s Benlysta (belimumab) received China’s National Medical Products Administration approval for the treatment of active lupus nephritis.

In October 2021, the FDA approved Merck’s anti-PD-1 therapy, Keytruda, in combination with chemotherapy for cervical cancer treatment.