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What are the Market Values and Growth % of Immunotherapy Drugs Market in Emerging Countries? | P&S Intelligence
Across the globe, the increasing prevalence of chronic diseases has become a major healthcare burden, as it affects people in high-income as well as low and middle-income countries (LMIC). According to a World Health Organization report, the fact that cancer led to an estimated 9.6 million deaths in 2018 firmly cements this claim. The organization further reported that around 70% of all deaths from cancer occur in LMICs.
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Furthermore, in a report of the International Agency for Research on Cancer (IARC) in 2018, it is estimated that around 18.1 million people were suffering from cancer globally, and the number is projected to reach 29.5 million by 2040. Similarly, a study conducted between 2005 and 2015 by the American Medical Association found that cancer cases increased by 33% during this period, of which 16.4% cases were due to aging population. Hence, the growing use of immunotherapy drugs to meet the increasing prevalence of chronic diseases in the elderly is driving the immunotherapy drugs market.
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In the immunotherapy drugs market, players are actively looking for collaborations and partnerships for the development of novel medicines. For instance, in April 2018, Illumina Inc. and Bristol-Myers Squibb Company (BMS) came together to utilize Illumina's next-generation sequencing (NGS) technology to develop and market the in-vitro diagnostic (IVD) assay to expand BMS's oncology portfolio. This collaboration helped in developing a diagnostic version of Illumina's TruSight Oncology 500 assay that assesses tumor mutation burden, and microsatellite instability for immunotherapies.
Hence, as more people get affected by chronic diseases in the future, the immunotherapy drugs sector will continue to prosper.
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