Immunotherapy Drugs market Insight
The immunotherapy drugs market 2020 can grow rapidly at a rate of 8.9% over the forecast period (between 2018 and 2023), reveals Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Immunotherapy Drugs market Drivers and Restraints
The escalating demand for immunotherapy drugs for lung cancer along with colorectal cancer, liver cancer, breast cancer and stomach cancer has been favorable for the global market in recent years. Surge in funding by the government on improving healthcare infrastructure for better healthcare services, and the rising investments by private firms for developing novel products also enhances the immunotherapy drugs market size worldwide.
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Given the deteriorating lifestyle, alcoholism and smoking across the globe, cancer cases have been rising at an alarming pace. The enormous cancer population worldwide has enhanced the importance of the immunotherapy drugs market in recent years. Although, a number of therapies are available, immunotherapy is the most preferred option thanks to its high efficiency and fewer side effects in comparison to others. Considering the high effectiveness of these drugs, the demand has risen significantly, especially among patients with melanoma cancer that don’t find relief from chemotherapy or various radiation therapies. On a dim note, the high costs of the immunotherapy treatment procedure can be a key market deterrent during the review period.
Nonetheless, the steadily rising cases of inflammatory and autoimmune diseases in hospitals, in combination with the escalating use of advanced medication in clinics and hospitals for treating different diseases could foster the market attractiveness in the forthcoming period. The global market has been observing a growth in public-private partnerships as well as clinical trials by renowned players, which helps them cement their global position.
To illustrate, in August 2020, Bristol Myers Squibb’s clinical trial CheckMate-577 has reached its third phase and the conclusion is that nivolumab (an immunotherapy drug) is a promising treatment option for resected esophageal or gastroesophageal junction cancer.
Immunotherapy Drugs market Segmental Analysis
The Immunotherapy Drugs industry has been segmented with respect to therapy area, type of drugs and end user.
Depending on therapy area, the market can be regarded for infectious diseases, autoimmune & inflammatory diseases, cancer, and more.
The key drug types covered in the MRFR study are Interleukins, Adult Vaccines, Monoclonal Antibodies, Interferons Alpha & Beta, Checkpoint Inhibitors, and more.
Lastly, the end users considered in the report include ambulatory surgical centers, hospitals & clinics, and others.
Immunotherapy Drugs market Regional Outlook
Immunotherapy drugs market has been geographically categorized as Europe, Asia Pacific/APAC, the Americas, along with MEA/Middle East and Africa.
In the past few years, Europe and Americas emerged as world leaders in the global immunotherapy drugs market, given their strong reputation as an ideal hub for research and development. Also, the thriving healthcare infrastructure along with favorable reimbursement schemes and the extensive presence of reputed firms also inspire market growth in these regions. The vigorous merger and acquisition activities and the consequent surge in R&D are other important growth inducers in these regional markets. The escalating demand for safer and effective cancer therapies and the increasing FDA approvals for new drugs are favoring the markets in Americas and Europe.
APAC is dashing ahead relentlessly and can procure the fastest growth rate over the coming years, as the government is increasingly allocating huge funds for the pharmaceutical industry and the adoption of immunotherapy drugs has risen particularly in hospitals. The extensive pool of eminent vendors spread across the fast emerging countries like India, South Korea and China and the soaring demand for advanced treatment methods also boost the immunotherapy drugs market growth in APAC.
The MEA market seems to be behind other regions, in terms of growth, as the healthcare industry in the region is not as developed in comparison. With that said, the rising cancer cases due to changing lifestyle, excessive alcohol consumption and smoking could ensure steady growth of the immunotherapy drugs market share in the region. The mounting number of pharmaceutical manufacturers in the region also results in market expansion.
Immunotherapy Drugs market Eminent Firms
The most reputed firms profiled in the MRFR report include Bristol-Myers Squibb, AbbVie, Inc., Amgen Inc., Merck & Co. Inc., Hoffmann-La Roche AG, Johnson & Johnson, Novartis International AG, GlaxoSmithKline, AstraZeneca PLC, Eli Lilly and Company, to name a few.
BioNTech SE collaborated with Regeneron to conduct a clinical trial, which involves combining BioNTech’s Libtayo, an anti-PD-1 therapy and BNT111 FixVac for treating melanoma cancer. Both vendors are planning to conduct a Phase 2 trial among patients that suffer from unresectable, anti-PD1-refractory or relapsed Stage III or IV cutaneous melanoma cancer.
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