New York, United States , March 27, 2023 (GLOBE NEWSWIRE) -- The Global Immuno Oncology Market Size to Grow from USD 26.9 Billion in 2021 to USD 154.57 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 22.9% during the forecast period. The immune-oncology market is driven due to rising investment by the government and several pharmaceutical companies in R&D cancer treatment during the forecast period.
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The study of the development of a treatment that uses the body’s immune system to prevent, control, and eliminate cancer is immuno oncology also known as cancer immunotherapy, in this development therapy, the human body’s immune responses are used for both innate and adaptive to target the cancer cell. This therapy enhances the immune system to detect and destroy cancer cells by utilizing molecules produced within the body or in a lab. Earlier traditional chemotherapies were used as an alternative to immune-oncology therapies. Immuno Oncology therapies drive the immuno-oncology market growth during the forecast period.
According to the Cancer Research Institute, the number of active agents in immuno-oncology vary across multiple immunotherapy approaches and increased by 67% in a single year, as evidenced by natural reviews of drug discovery. As claimed by Industry analysis indicates that the increasing demand for Immuno-Oncology treatments is driven by changing market trends, which are expected to support industry growth as well as market growth over the forecast period. In the development of immuno oncology thematic research, the most important drug is providing a classification of therapy and technologies, regulator, market access details, and product & company profiles along with information.
Due to the growing number of cancer patients, the global immuno oncology market is expected to reach a considerably large market size. An increasing number of cancer patients all over the world accelerate the enormous demand for immune-oncology treatment. Research and development funding is heavily invested in the fight against cancer, particularly accuracy medicine. Cancer treatment is likely to involve certainly, in the future therapy of combination of immunotherapy and personalized therapy.
The high medical cost may produce serious trouble for the market growth. Because of the absence of affordable medication, there is an impact on the health of people in developing countries, resulting in shorter average life expectancy. In spite of the fact that high cost as compared to radiotherapy and chemotherapy along with various challenges in clinical trials is expected to restrain the immuno-oncology industry growth over the forecast period.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Immuno Oncology Market Size, Share, and COVID-19 Impact Analysis, By Type (Immune Cell Therapy (CAR-T), Monoclonal Antibodies, Checkpoint Inhibitors, Cytokines, Cancer Vaccines, Others), By Indication (Malignant Tumors, Benign Tumors, Others), By End-User (Hospitals, Speciality Clinics, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here:
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Global Immuno Oncology Market: COVID 19 Impact
Due to the COVID-19 pandemic, the market has been negatively impacted due to the shortage and irregular supply of cancer immunotherapy products. This might allow local manufacturers to expand their presence in the market. In addition, some biopharmaceutical companies, such as Merck & Co. Inc. and Eli Lilly and Company, declared clinical trial delays. For example, the data from the Clinical trials gov showed that more than 200 interventional oncology studies were pendulous in March and April 2020 as a result of the COVID-19 pandemic. Also, 60% of institutions in the United States and 86% in Europe are enrolling new patients at a lower rate. Worldwide, companies are focusing on the development of drugs or vaccines, especially immunotherapy-based drugs for COVID-19, because immunotherapy is highly effective since it stimulates patients’ immune systems. This is expected to have a short period impact on market growth.
The checkpoint inhibitor is dominating the market over the forecast period.
Based on type, the global immuno oncology market is classified into immune cell therapy (CAR-T), monoclonal antibodies, checkpoint inhibitors, cytokines, cancer vaccines, and others. Among these, the checkpoint inhibitor influences the market with the largest market share over the forecast period. Checkpoint Inhibitors seized the largest market share in 2021. Checkpoint inhibitors are produced by different stem cells such as T cells, and cancer cells. These inhibitors block checkpoint proteins to associate with their companion proteins which allow T cells to destroy the cancer cells. The checkpoint inhibitors are further divided into CTLA-4, PD-1, and PD-L1. Among these CTLA-4 and PD-1 are primarily develop in T-cells and PD-L1 in cancer cells. The drug Nivolumab and pembrolizumab are most commonly used in the prevention of PD-1. The pembrolizumab is used to medicate different types of cancer such as melanoma skin cancer, Hodgkin lymphoma, and non-small cell lung cancer as well as for some kidney cancers, head cancer, neck cancer, and for urinary tract cancer.
The benign has projected the largest market share during the forecast period.
Based on indications, the immuno oncology is segmented into malignant tumors, benign tumors, and others. Among these, the benign segment held the largest market share growth during the forecast period. The benign tumor grows slowly and avoids spreading easily, and can become quite large without causing nearby tissues or spread to other parts of the body. Examples that include benign tumors are fibroids in the uterus and lipomas in the skin. The benign causes severe pain or other complications if they compress against nerves or blood vessels and it may cause the overproduction of hormones in the endocrine system.
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North America is dominating the market over the forecast period
North America is expected to maintain its dominance during the forecast period owing to the rising elderly population with the conjunction of developed healthcare infrastructure. Because presence of key market players, rising cancer cases in North America are expected to build opportunities for the market growth over the forecast period. The North American immuno oncology market is dominating owing to the rising incidence of disease.
Asia Pacific is expected d to have the highest growth rate over the forecast period due to the uptake of cancer immunotherapy expanding at a good cost. Asia Pacific will command the growth of the global market due to enhanced factors like medical infrastructure, a rise in disposable income, and increased patient awareness.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Immuno Oncology Market include AstraZeneca, Gilead Sciences, Inc., Bristol-Myers Squibb, Sanofi, Biogen, Abbott Laboratories, Pfizer, Inc., Amgen, Inc., Novo Nordisk A/S, Merck KGaA, Johnson & Johnson Services, Inc., Novartis AGF., Hoffmann, La Roche Ltd., Lonza, CELGENE Corporation, Promega Corporation (U.S.), Sysmex Corporation Olympus, Corporation TAKARA HOLDINGS, INC., Tosoh Corporation, Ortho Clinical Diagnostics, and among others.
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