The Global Immunotherapy Drugs Market Size is estimated to reach revenue of $293 billion by 2024, growing at a CAGR of 13.43% during the forecast period 2019-2024. The immunotherapy drugs market growth is characterized by the increasing prevalence of lifestyle diseases across the globe. Also, the increasing adoption of targeted therapies for various diseases is also set to drive the overall market. Immunotherapy is further divided into activation immunotherapies and suppression immunotherapies. Examples of immunotherapy drugs include: granulocyte colony-stimulating factor (G-CSF) and Immunomodulatory imide drugs (IMiDs).
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Immunotherapy Drugs Market Report Coverage
The report: “Immunotherapy Drugs Market Forecast (2019-2024)”, by IndustryARC, covers an in-depth analysis of the following segments of the Immunotherapy Drugs Market:
Drug Type – Segment Analysis
The monoclonal antibody segment has accounted for the largest share by revenue. This is owing to the increasing amount of funding that is being put into its research as well as its use in the treatment of cancer. People also prefer to use this product for the treatment of cancer as it has minimal side effects. The segment is expected to grow with a CAGR of 7.25% in the forecast period 2019-2024.
Therapy Area – Segment Analysis
By Therapy Area, the Cancer segment has the largest immunotherapy drugs market share by revenue. This is owing to the rise in the prevalence of cancer as well as the rise of the geriatric population. People also favor cancer treatments that have lesser side effects and this can boost the overall growth of the immunotherapy drugs market during the forecast period. The use of immunotherapy can boost the natural killer cells or dendritic cells that is already in the body to fight off the unwanted cancer cells.
Geography – Segment Analysis
The North America region currently dominates the overall immunotherapy drugs market with a share of 32% owing to the increasing prevalence of cancer as well as the increasing preference of treatment with minimal side effects. Favorable government initiatives are also expected to boost the market growth in the coming years. However, the APAC region is the fastest growing region. The primary growth factor in the APAC region can be attributed to low manufacturing cost as well as easier regulatory scenario.
Drivers – Immunotherapy Drugs Market
There is a global increase in the adoption of targeted therapy. This type of therapy directly targets the causes of cancer such as genes, proteins as well as tissue environment in order to completely treat it. Targeted therapy treats the cancer cells while the normal cells are fine. The increasing adoption of such procedure especially in developed nations is set to boost the overall market for immunotherapy drugs.
Many governmental bodies are creating awareness regarding cancer and other diseases that requires the use of immunotherapy drugs through various initiatives. This can further support the increased usage of immunotherapy drugs and could fuel the overall market growth.
Challenges – Immunotherapy Drugs Market
Immunotherapy treatment is considered as highly expensive by common people and the availability of other forms of treatment is considered as a major challenge to the growth of the immunotherapy drugs market.
Immunotherapy Drugs Industry Outlook
Expansions and Partnerships are some of the key strategies undertaken by the major players of the Immunotherapy Drugs market. The immunotherapy drugs top 10 companies are: F. Hoffmann-La Roche AG, GlaxoSmithKline, AbbVie, Inc., Amgen, Inc., Merck & Co., Inc., Bristol-Myers Squibb, Novartis International AG, Eli Lilly and Company, Johnson & Johnson, and AstraZeneca plc.
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