Rising prevalence of cancer, autoimmune diseases, and infectious diseases worldwide, is expected to boost growth of immunotherapy drugs market

calendar_today 26 July, 2022 person_outline Growth Plus Reports

Immunotherapy Drugs Market by Type (Monoclonal Antibodies, Vaccines, Interferons & Interleukins, and Checkpoint Inhibitors), by Application (Cancer, Infectious Diseases, and Autoimmune & Inflammatory Diseases), by End User (Hospitals and Specialty Centers) – Global Outlook & Forecast 2022-2030

According to the deep-dive market assessment study conducted by Growth + Reports, the global immunotherapy drugs market was pegged at ~US$1.60 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030.

The rising prevalence of cancer, autoimmune diseases, and infectious diseases worldwide, the growing adoption of immunotherapy over traditional treatments, the strong product pipeline, the growing investment in R&D activities, and the growing demand for personalized medicine are some of the pivotal factors propelling the growth of the immunotherapy drugs market. However, the high cost and the adverse effects associated with immunotherapy treatment are likely to restrain the market growth to a certain extent.

Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of immunotherapy drugs by providing the necessary funding, grants, permissions, and approvals. For instance, in April 2021, the U.S. Food and Drug Administration approved a cancer immunotherapy drug Jemperli developed by GlaxoSmithKline for recurrent or advanced endometrial cancers with a specific type of genetic error that alter cells' capability to repair DNA.

The global rise in cancer incidence is driving the immunotherapy drugs market. Obesity, smoking, alcohol abuse, and poor eating habits are the leading causes of most cancers. According to the American Cancer Society, cancer caused approximately 606,880 deaths in the United States in 2019. Cancer Research UK predicts that by 2040, there will be 27.5 million new cases of cancer each year. Rising cancer incidences are expected to increase demand for immunotherapy drugs, propelling the market growth. Personalized medicine/precision medicine, as well as immunotherapy, are transforming the nature and effectiveness of cancer treatment. Personalized medicine, is a practice of medicine that uses an individual's genetic profile to take guided decision in regard to the diagnosis, prevention, and treatment of several diseases. Many

advancements are being taking place in cancer treatment to provide more precise targeted care to patients through personalized healthcare. Immunotherapy perfectly fits the rationale of precision medicine, as it aims to treat patients on the basis of patient-specific and immune-targeted molecular traits. Therefore, the rising prevalence of various types of cancers and the development of innovative targeted immunotherapies and personalized treatment plans for the patient are expected to boost the growth of the market.

The prominent players are progressively implementing collaborative initiatives with several organizations, research centers, and other companies in order to R&D of novel immunotherapy drugs. For instance, in December 2020, Janux Therapeutics announced a strategic collaboration and license agreement with Merck to discover develop, and commercialize next generation T cell engager immunotherapies for the treatment of cancer.

However, the high cost of immunotherapy drugs is expected to restrain the market to a certain extent. According to GAVI, the median price for monoclonal antibody treatments in the US ranges from $15,000 to $200,000 a year. As most of the drugs are patented, many patients in low- and middle-income countries struggle with the physical and emotional effects of high out-of-pocket medical costs. Uninsured or underinsured low-income families face medical bills that exceed four times their annual salary. Furthermore, the use of multiple costly drugs during combination therapy and multiple rounds of therapy overall contributes to the high cost of the treatment.

Asia Pacific is projected to be the fastest growing immunotherapy drugs market. The high growth of the region can mainly be attributed to the developing healthcare infrastructure; the increasing number of clinical trials in the region owing to less stringent regulations compared to developed countries; and the rising awareness among the people about early diagnosis & treatment of cancer. Countries such as India, China, and Japan in the APAC region are projected to offer significant growth opportunities owing to the presence of a large patient pool and current low penetration rate, coupled with the growing awareness about immunotherapies.

Some of the prominent players operating in the immunotherapy drugs market are Merck & Co., Inc., Novartis AG, Pfizer Inc., Bristol-Myers Squibb Company, Johnson & Johnson Services Inc., Bayer AG, GlaxoSmithKline plc., F. Hoffmann-La Roche Ltd., AstraZeneca plc, and Amgen Inc. among others. Leaders have engaged in acquisitions, mergers, collaboration, and novel product launches, allowing them to differentiate themselves in the industry.

AstraZeneca announced in June 2021 that its study demonstrated that the company's patent Lynparza drug can reduce the risk of recurrence and death in breast cancer patients by 42 percent. In another instance, in June 2021, Bayer announced a strategic agreement to acquire Noria Therapeutics and PSMA Therapeutics Inc. in order to expand its prostate cancer pipeline.

awards awards key differentiators

Reach Us

enquire@growthplusreports.com

Web –  www.growthplusreports.com