Immuno-Oncology Therapy Market Report Overview
-
Request a Free Sample to learn more about this report
The global immuno-oncology therapy market size was USD 1266 million in 2022, as per our research, the market is expected to generate USD 1881.44 million by 2031, exhibiting a high CAGR 4.5% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the immuno-oncology therapy market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
A cutting-edge field of study called immuno-oncology (I-O) aims to support the immune system of the body in battling cancer. The immune system may be strengthened or suppressed by drugs used to treat cancer in order to assist the body's defenses towards cancer, viruses, and other illnesses. It uses compounds that the body generates or in a lab to boost immunity and aid in the body's search for and elimination of cancer cells.
COVID-19 Impact: National Lockdown to Deplete Market Growth
In addition to disrupting the global healthcare system and delaying surgeries, treatments, and diagnoses of non-emergency ailments, the onset of COVID-19 depleted industry penetration. Due to the COVID-19 lockdown being lifted and constraints as a consequence of effective immunization programs, the testing volume increased again in late 2021. Market suffered as a result of the outbreak in 2020 and 2021. The immuno-oncology therapy market growth is expected to rebound from the shock over the forecast period.
Latest Trends
"Government Approvals to Intensify Market Magnification"
Much progress in immuno-oncology therapy market has been made in recent years thanks to government approval of cytokines, vaccinations, cancer monoclonal antibodies, immunotherapy blockers, and many other immuno-oncology therapy drugs. As more people learn about the advantages of IO over conventional methods, the market is expected to grow. Immuno-oncology therapy improve immunity, which helps to target a larger patient group rather than just treating cancer. This will create fresh opportunities for the immuno-oncology therapy market growth throughout the course of the projection period.
Immuno-Oncology Therapy Market Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be segmented into monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, cancer vaccines
Monoclonal antibodies are the leading part of the type segment
- By Application Analysis
According to application, the market can be segmented into hospitals, ambulatory surgical center, others
Hospitals is the leading part of the application segment
Driving Factors
"Cancer Diagnoses to Boost Market Share "
The growing number of cancer diagnoses around the world is expected to raise demand for immuno-oncology medications. For example, the American Cancer Society estimates that in the US in January 2022, there will be a total of 1.9 million new cancers diagnosis and 609,360 cancer-related deaths, or nearly 1,670 fatalities each day. The top four cancer types worldwide, accounting for 43% of all new cases of cancer, are lung, prostate, intestine, and female breast cancer. The four most common cancers globally are lung, prostate, intestine, and female breast cancer, which together accounted for 43% of all new cases of cancer. Hence, it is anticipated that the requirement for immuno-oncology drugs would rise as cancer incidence rates rise globally. Hence, the immuno-oncology therapy market share is boosting on a daily basis.
"Research and Development to Expand Market Forwarding "
Funding for research and development, particularly precision medicine, is significantly committed to the fight against cancer. Precision medicine allows for the provision of tailored care depending on a patient's genetic profile. As a result, immunotherapy and customized therapy are likely to be used in the future to treat cancer. A wide spectrum of cancer types will undoubtedly experience better patient outcomes as a result of the advancements in cancer management supported by cutting-edge surgical and radiation technologies. These are the specific elements that fuel the immuno-oncology therapy market growth expansion.
Restraining Factors
"High Medical Costs to Deplete Market Advancement"
High medical costs are a big issue for patients all around the world. There is intense pressure to reduce costs and demonstrate value. The lack of accessible drugs has had an impact on population health in underdeveloped nations and shortened average life expectancy. Immunotherapy frequently entails an estimated yearly cost of above $100,000 per patient; if the value of medical insurance were taken into account, this cost would rise to $850,000 per patient. As a result of the high price of immuno-oncology therapy market will deplete.
Immuno-Oncology Therapy Market Regional Insights
-
Request a Free Sample to learn more about this report
"Growing Accessibility of Modern Treatments to Uplift Market Growth in North America"
Because to the increased prevalence of the disease, North America now controls the majority of the immuno-oncology therapy industry. The growing accessibility of modern treatments will also lead to increasing market growth for immune- oncology therapy (IO) in the area.
Due to the rapid development in the use of cancer immunotherapy, North America is predicted to experience the most rapid expansion between 2023 and 2030. The region's immune- oncology therapy market is also anticipated to grow in the approaching years as a result of the region's rising disease incidence and, subsequently, death rate.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.
The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.
List of Market Players Profiled
- Amgen (U.S.)
- AstraZeneca (U.K.)
- Bristol-Myers Squibb (U.S.)
- Eli-Lilly (U.S.)
- Roche (Switzerland)
- GlaxoSmithKline (U.K.)
- Janssen Biotech (U.S.)
- Merck (U.S.)
- Novartis (Switzerland)
- Pfizer (U.S.)
- Sanofi (France)
- Spectrum Pharmaceuticals (U.S.)
- Takeda (Japan)
- BioNTech SE (Germany)
- Allogene Therapeutics (U.S.)
- IMAB-I-Mab Biopharma Co., Ltd. (China)
- Arcus Biosciences (U.S.)
- Gritstone Oncology (U.S.)
- Autolus Therapeutics (U.K.)
- Rubius Therapeutics (U.S.)
Report Coverage
The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1266 Million in 2022 |
Market Size Value By |
US$ 1881.44 Million by 2031 |
Growth Rate |
CAGR of 4.5% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What are the key factors driving the immuno-oncology therapy market?
Cancer diagnoses and research and development to drive the immuno-oncology therapy market.
-
What is the leading region in the immuno-oncology therapy market?
North America is the leading region in the immuno-oncology therapy market.
-
What are the key players in the immuno-oncology therapy market?
Amgen, AstraZeneca, Bristol-Myers Squibb, Eli-Lilly, Roche are the key players in the immuno-oncology therapy market.