Number of pages: 100 | Report Format: PDF | Published date: July 26, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global immunotherapy drugs market was pegged at US$ 1.60 billion in 2021 and is expected to witness a CAGR of 7.3% during the forecast period.
Immunotherapy or biological therapy is the treatment that harnesses the power of an individual’s immune system to identify and control diseases such as cancer, autoimmune diseases, and infectious diseases. Immunotherapy works by activating or suppressing the immune system. Immunotherapies that elicit or amplify an immune response are categorized as activation immunotherapies. Whereas immunotherapies that reduce or suppress immune response are categorized as suppression immunotherapies. Immunotherapy is widely used alone or in combination with other therapies for the treatment of cancer. Several immunotherapy drugs have been approved to treat various types of cancers and many drugs are under research.
The global immunotherapy drugs market is mainly driven by the rising prevalence of cancer, autoimmune diseases, and infectious diseases, the growing adoption of immunotherapy over traditional treatments, the strong product pipeline, and the growing investment in R&D activities for immunotherapies. Furthermore, the growing demand for personalized medicine is also likely to play a pivotal role in contributing to the growth of the market globally. However, the high cost and the adverse effects associated with the immunotherapy treatment are likely to restrain the market growth to a certain extent.
The global immunotherapy drugs market has been analyzed from four perspectives: type, application, end user, and region.
Immunotherapy Drugs Market by Type
Based on type, the global immunotherapy drugs market has been segmented into monoclonal antibodies, vaccines, interferons & interleukins, checkpoint inhibitors, and others. The monoclonal antibodies segment dominated the market with the largest share. Monoclonal antibodies are laboratory made antibodies that boost the body’s natural antibodies or act as antibodies themselves. These antibodies trigger a targeted response by the body to protect it against an attack from a foreign antigen. Monoclonal antibodies are widely used in oncology to recognize tumor cells and to slow or stop their growth. Furthermore, in past few years, monoclonal antibodies have also found application in the treatment of infectious diseases. More recently, monoclonal antibodies are being actively researched and are given emergency use authorizations to battle the COVID-19 pandemic. This factor is further expected to drive the growth of the market.
Immunotherapy Drugs Market by Application
Based on application, the global immunotherapy drugs market has been segmented into cancer, infectious diseases, autoimmune & inflammatory diseases, and others. The infectious diseases segment is expected to be the fastest growing segment during the forecast period owing to the sudden outbreak of several infectious diseases such as H1N1 and COVID-19. An outbreak of such diseases had increased the demand for effective drugs that can amplify immune responses against these diseases.
Immunotherapy Drugs Market by End User
Based on end user, the global immunotherapy drugs market has been segmented into hospitals, specialty centers, and others. The hospitals segment dominated the immunotherapy drugs market with the largest share in 2020. The dominance of this segment can be attributed to the relatively greater number of patients visiting hospitals for immunotherapy and favorable reimbursement scenario.
Immunotherapy Drugs Market by Region
Based on region, the global immunotherapy drugs market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global immunotherapy drugs market, followed by the Asia Pacific. The large share of North America in the global market can largely be attributed to the rising prevalence of different types of cancers and infectious diseases in the region, the presence of prominent players with the large number of drugs present in the pipeline, favorable reimbursement policies, and growing funding by public & private organizations for the development of immunotherapies.
Some of the prominent players operating in the immunotherapy drugs market are
The rising prevalence of cancer, autoimmune diseases, infectious diseases worldwide, and the growing adoption of immunotherapy over traditional treatments are the prime reasons growth of the market.
Some of the prominent players operating in the immunotherapy drugs market are Merck & Co., Inc., Novartis AG, and Pfizer Inc. among others.
The use of multiple costly drugs during combination therapy and multiple rounds of therapy overall contributes to the high cost of the treatment which ultimately limiting the market growth.
The North America dominated the global immunotherapy drugs market, followed by Asia Pacific.
The monoclonal antibodies segment dominated the market with the largest share during forecast period.
*Insights on financial performance is subject to availability of information in public domain