Immunotherapy Drugs Market To Generate $210,752 Million Revenue by 2030
- Published: January 2023
The immunotherapy drugs market size is expected to advance at a CAGR of 7.10% during 2023–2030, to reach USD 210,752 million by 2030.
The growing frequency of lifestyle-associated illnesses, rising patient age, and increasing targeted therapy usage are the biggest driving factors for the global market for immunotherapy agents. Additionally, the quick drug approvals and the need for a decline in disease recurrence fuel the market expansion. Additionally, the use of immunotherapy as a first-line treatment and as an alternative to chemotherapy for cancer will provide market players with growth prospects in the near term.
In 2021, North America dominated the industry globally. It is projected that the launch of and regulatory approval to new immunotherapy medications, as well as the favorable reimbursement policies, would contribute to the region's growth. For instance, the FDA granted approval to Keytruda, Merck’s anti-PD-1 medication, in October 2021. It is indicated to be used in conjunction with chemotherapy to treat cervical cancer. In addition, the FDA approved Bristol Myers Squibb Co.'s Opdivo (nivolumab) for the treatment of urothelial cancer in August 2021.
Rising Prevalence of Infectious Diseases Is Expected To Drive MEA Market
The market in the MEA is projected to grow significantly during the forecast period, mainly led by the rising healthcare expenditure, increasing presence of market players, and surging research on immunotherapy drugs in the region.
African countries have large populations, and the healthcare infrastructure in these countries is also improving, thus illustrating a huge market potential. Additionally, the healthcare expenditure by private companies and the government is rapidly increasing in this region.
Moreover, cancer and infectious diseases, such as Middle East respiratory syndrome (MERS), which are rising in prevalence, demand therapeutic intervention, which is expected to drive the market growth in the coming years.
European Market Marked by Presence of Large Biopharmaceutical Companies
Europe held a around 24% share in the global market in 2022. Further, the regional market is expected to progress significantly during the forecast period, primarily due to the surging prevalence of cancer and the increasing R&D activities related to immunotherapy drugs in the region.
Furthermore, the various initiatives taken by the European Commission to improve the healthcare system of the region will foster the growth of the market. The European Commission, as part of its EU4Health Programme 2021–2027, has invested more than USD 568 million. Europe is also marked by the presence of large players in the biopharmaceutical industry.
Furthermore, collaborations partnerships and acquisitions among major market players will create new growth opportunities globally. For instance, in January 2021, with the addition of the monoclonal antibody KY1005 to its pipeline, Kymab entered into an agreement to be acquired by Sanofi for an upfront payment of around USD 1.1 billion.
The most-significant immunotherapy drugs market players are Eli Lilly and Company, Sanofi, Novartis AG, AbbVie Inc., F. Hoffmann-La Roche Ltd., AstraZeneca PLC, Merck & Co. Inc., GlaxoSmithKline plc, Bristol-Myers Squibb Company, C. H. Boehringer Sohn AG & Co. KG, and Takeda Pharmaceutical Company Limited.