Immuno-Oncology Therapy Market - A Paradigm shift from traditional Chemotherapies to Immunotherapies is propelling the Overall Market Growth
The global Immuno-oncology therapy market accounted for USD 62.2 Billion in 2020 and is expected to reach USD 194.9 Billion by 2028, growing at a CAGR of around 15% between 2021 and 2028.
Immuno-oncology or cancer immunotherapy also called as biologic therapy, is a type of cancer treatment that boosts the body's natural defenses to fight cancer. It uses substances made by the body or in a laboratory to improve or restore immune system function. The number of deaths occurring due to cancer is increasing every year and has therefore forced government bodies to take initiatives for the improvement of the health conditions of people, by investing heavily in research and development and enabling innovation and advancements in technology so as to offer improved treatments. Healthcare providers are focusing on improving treatments and reduction in recurrence of cancer post-chemotherapy. This has pushed the growth of the immuno-oncology therapy market globally.
The global Immuno-oncology therapy market has witnessed a slight decline in the sales for short term to the lockdown enforcement placed by governments in order to contain COVID spreading. The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain.
The major reason for decline in market during pandemic outbreak was decrease in patient volume in hospitals, owing to rescheduling and delaying of procedures for safety reasons. Furthermore, delays happened after careful review of patient history and if feasible, healthcare providers rescheduled endoscopic procedures to minimize risk of getting exposed to COVID-19 during hospital visits. All these factors negatively impacted the Immuno-oncology therapy market in 2020.
Rising R&D in cancer immunotherapy is resulting in the introduction of advanced treatment options that are more effective and efficient. A paradigm shift from traditional chemotherapies to immunotherapies is propelling the overall market growth. Introduction of new drugs has resulted in an increase in the competitive rivalry. Immuno modulatory drugs, such as thalidomide, lenalidomide, and pomalidomide, were the best treatment options available in the past few years. Introduction of newer drug classes, such as monoclonal antibodies and HDAC inhibitors, designed to target receptors related to multiple myeloma, is expected to initiate newer trends in the market.
Ongoing studies on similar drugs designed to minimize side effects are expected to propel the market for these drug classes in the immuno-oncology therapy market.
Segment Analysis Preview
The immuno-oncology therapy market is segmented on the basis of therapy type into monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, cancer vaccines and others. Immune checkpoint inhibitors are further segmented into PD1/ PDL1 and CTLA-4. Monoclonal antibodies segment is expected to grow at fastest rate in the global market over the forecast period.
Based on the therapeutic area the market is segmented into lung cancer, colorectal cancer, breast cancer, prostate cancer, melanoma, blood cancer and other cancers. Breast cancer segment is expected to grow at fastest rate in the global market over the forecast period.
Hospitals, clinics, ambulatory surgical centers and cancer research institutes are the key end-user segments of the global immuno-oncology therapy market. The hospital's segment dominated the market in terms of revenue in 2020.
Region Analysis Preview
North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global immuno-oncology therapy market. North America is anticipated to remain the leading region over the forecast period. Rising incidence of the disease, increasing ease of access to modern therapeutics coupled with expanding geriatric population is propelling the market in this region. On the other hand, factors, such as challenges in clinical trials, coupled with higher costs and rapidly changing reimbursement policies, are impeding the growth of the market in this region. The Asia Pacific is anticipated to show a very high favorable growth rate in cancer immunotherapy adoption. Rising incidence of the disease and in turn, rising mortality rate is propelling demand for immunotherapy in the region. Moreover, the presence of market players with major investments in the market, such as AstraZeneca and Pfizer, Inc., is boosting the market in the Asia Pacific.
Key Market Players & Competitive Landscape
The major players operating in the immuno-oncology therapy market are Amgen, Inc., AstraZeneca Plc., Bristol-Myers Squibb Company, Eli-Lilly and Company, F.Hoffmann-La Roche Ltd., GlaxoSmithKline Plc., Janssen Biotech, Inc., Merck and Co., Novartis AG, Pfizer, Inc., Sanofi, Spectrum Pharmaceuticals and Takeda Pharmaceuticals among others.
Get Sample of this Research Report for more Insights – https://www.zionmarketresearch.com/sample/immuno-oncology-therapy-market
Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Contact Us –
Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651