Immunotherapy Drugs Market 2022 Innovations, Cancer Treatments and Research till 2028

The immunotherapy drugs market is expected to grow from US$ 186.32 billion in 2021 to US$ 476.04 billion by 2028; it is expected to grow at a CAGR of 14.4% from 2022 to 2028.

Increasing demand for monoclonal antibodies has attributed to the growth of the immunotherapy drugs market. Monoclonal antibodies used in immunotherapy are produced artificially from a cell clone and therefore consist of a single type of immunoglobulin. They are targeted toward specific antigens and bind to the antigens to form a complex. Monoclonal antibodies can be used to treat diseases such as cancer, rheumatoid arthritis, multiple sclerosis, systemic lupus erythematosus, and cardiovascular diseases. According to the Food and Drug Administration (FDA), more than 450 monoclonal antibodies were approved till 2020.

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In February 2022, the FDA issued an emergency use authorization (EUA) for bebtelovimab a new monoclonal antibody that is effective against the omicron variant of SARS-CoV-2. The drug was effective in adult and pediatric patients with mild to moderate symptoms or in those who are at a high risk of progression to severe COVID-19.

MARKET DYNAMICS:

The growth of the immunotherapy drugs market is majorly attributed to increasing demand for target diseases, rising demand for biosimilars and monoclonal antibodies, and rising adoption of immunotherapy drug categories compared to traditional treatment methods. However, challenges related to manufacturing immunotherapy drugs are hampering the growth of the market. Moreover, the rising demand for personalized medicinal treatments is driving the growth of the immunotherapy drugs market during the forecast period.

IMPACT OF COVID-19 PANDEMIC:

The COVID-19 outbreak resulted in the increased demand for immunotherapy drugs, which led to a high volume of orders among drug manufacturers, resulting in a higher production volume. The rise in production volumes increased the product profit of various drug component manufacturers. Thus, the procurement of drug components grew during the initial phase of the spread of SARS-CoV-2, thereby boosting the growth of the global immunotherapy drugs market.

The majority of demand was witnessed from the vaccine adjuvant manufacturers. The US Food and Drug Administration (FDA) has granted emergency use authorization for Pfizer/BioNTech and Moderna COVID-19 vaccines. These drugs have been recommended by healthcare professionals to people 16 years of age and older, with a dose of 30 μg (0.3 m) at the cost of US$ 19.50. As a result, the procurement of drugs has increased, which will bolster the immunotherapy drugs market during the forecast period.

MARKET PLAYERS

Incyte Corporation
Juno Therapeutics
Celldex Therapeutics
Tesaro, Inc.
F. Hoffmann-La Roche Ltd
Amgen Inc.
Novartis AG
BioNTech SE
Sanofi
GlaxoSmithKline Plc
Pfizer Inc.
Merck & Co
Johnson & Johnson

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This release was published on openPR.