Immuno-oncology Drugs Market Analysis, Growth by Top Companies, Trends by Types and Application, Forecast Analysis to 2030 | AbbVie Inc., AstraZeneca, Bristol-Myers Squibb Company

The Immuno-oncology Drugs Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Immuno-oncology drugs help stimulate the body's immune system to fight cancer. Key types include checkpoint inhibitors, monoclonal antibodies, immune system modulators, and therapeutic vaccines for cancer treatment.

Market Dynamics:

The immuno-oncology drugs market is expected to experience significant growth over the forecast period owing to the increasing incidence of cancer worldwide and rising awareness about immunotherapies. Between 2023 to 2030, cancer cases are expected to rise by over 45% globally according to WHO estimates. This rising disease burden will drive the demand for advanced treatment options such as immuno-oncology drugs. Furthermore, the approval of novel pipeline candidates and combination therapies in recent years is also expected to boost the adoption of immuno-oncology drugs during the forecast period.

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Major companies in Immuno-oncology Drugs Market are:

✤ AbbVie Inc.
✤ AstraZeneca
✤ Bristol-Myers Squibb Company
✤ Dendreon Pharmaceuticals LLC.
✤ F. Hoffmann-La Roche Ltd.
✤ Merck & Co. Inc.
✤ Novartis AG
✤ Pfizer Inc.
✤ Sanofi
✤ Ferring B.V.
✤ Enzo Biochem Inc.
✤ Celldex Therapeutics
✤ Atara Biotherapeutics Inc.
✤ Apexigen
✤ BioNTech SE
✤ Blueprint Medicines Corporation
✤ Regeneron Pharmaceuticals Inc.
✤ CytomX Therapeutics Inc.
✤ Agenus Inc.
✤ Betta Pharmaceuticals Co., Ltd.,
✤ CStone Pharmaceuticals
✤ Amgen Inc.
✤ MediMergent LLC
✤ Gilead Sciences Inc.
✤ ONKO-INNATE

Note: Major Players are sorted in no particular order.

Increasing Prevalance of Cancer Driving Immuno-oncology Drugs Demand

The rising prevalence of different types of cancers across the globe is one of the key drivers fueling the growth of the immuno-oncology drugs market. As per GLOBOCAN estimates, around 19.3 million new cancer cases were reported globally in 2020. Moreover, cancer claimed nearly 10 million lives in 2020 worldwide. The surge in cancer burden can majorly be attributed to factors such as rising geriatric population, sedentary lifestyles, unhealthy dietary habits, and other environmental factors. Immuno-oncology drugs have shown promising results against various cancers like lung cancer, colorectal cancer, head & neck cancer, melanoma, etc. Attributed to significantly higher efficiency and improved survival outcomes compared to conventional cancer therapies, adoption of immuno-oncology drugs is rising. This increased demand for effective treatment options is a major market driver.

Growing Pipeline of Immuno-Oncology Drugs Boosting Market Growth

The extensive research and clinical development activities in immuno-oncology therapies have led to a robust pipeline of potential drug candidates. Currently, more than 2000 IO drug candidates are under development targeting over 250 cancers and indications. Several big pharmaceutical companies are ramping up R&D investments to expand immuno-oncology product portfolios. For instance, in 2018 alone, around USD 14.6 billion was invested in immuno-oncology drug development globally. Promising late-stage pipeline candidates offer significant commercialization potential once approved. This growing product pipeline is expected to augment the access to innovative treatment options, thereby driving the revenues of immuno-oncology drugs market. The launch of newer drugs targeting different types of cancers along with various combination therapies will drive future uptake.

High Cost of Immuno-oncology Therapy Limiting Adoption

While immuno-oncology drugs have shown promising clinical benefits, their high cost remains a major barrier limiting widespread adoption. Most novel immuno-oncology therapies command an annual cost of over USD 100,000. For instance, the top five immuno-oncology drugs including Opdivo, Keytruda, Tecentriq, Bavencio and Imfinzi had an average annual cost of over USD 150,000 in the US in 2018. Especially in developing nations, such exorbitant prices are depriving cancer patients of novel treatments. The affordability challenge is more pronounced in case of combination therapies involving multiple immuno-oncology agents. High therapy costs not only burden patients but also healthcare systems and payers in terms of overall drug expenditure. Stringent price control regulations and lack of adequate insurance coverage in many countries restrain the uptake of expensive IO drugs to some extent.

Emergence of Biosimilars Opening Avenues

With the expiry of patents for some of the top-selling blockbuster immuno-oncology drugs, the biosimilar market is evolving at a rapid pace. For instance, the first PD-1 inhibitor biosimilar, Amivantamab, was approved by the European Commission in June 2022. Biosimilars offer significant cost savings of up to 30% compared to their reference biologics. This is paving the way for improving access and aiding treatment optimization. Rising biosimilar approvals will positively impact the overall immuno-oncology drug market by supplementing availability and penetration in price-sensitive regions. Manufacturers are also leveraging the potential of biosimilars and pursuing strategic partnerships for commercialization of biosimilar alternatives. This emerging avenue holds immense potential to make cutting-edge cancer treatments more affordable and hence increase adoption rates.

Emergence of Combination Therapies as Prevalent Treatment Strategy

Combination therapy, involving use of two or more treatment modalities, is increasingly evolving as the preferred option to enhance clinical outcomes of cancer patients. Using immuno-oncology agents in combinations, especially with targeted therapies, has shown promising results in terms of improved response rates, progression-free and overall survival. Combination IO regimens are also being explored to combat resistance. This has prompted clinical evaluation of various IO drug combinations targeting solid as well as liquid tumors. Commercial availability of novel fixed-dose combination therapies approved for broader patient segments will transform the treatment landscape going forward. Leveraging synergies, combination IO strategies aim to make cancer control more effective.

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Highlights of the global Immuno-oncology Drugs Market report:

→ This analysis provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2023-2030), using 2021 as the base year. It also covers the global Immuno-oncology Drugs Market in-depth.

→ It offers enticing investment proposition matrices for this sector and explains the likely future growth of key revenue streams.

→ Additionally, this study offers crucial insights into market forces, limitations, opportunities, new product introductions or approvals, market trends, regional perspective, and competitive tactics used by top rivals.

→ Based on the following factors: company highlights, product portfolio, significant highlights, financial performance, and strategies, it covers key players in the global Immuno-oncology Drugs Market.

→ Marketers and company leaders will be able to make wise decisions about next product launches, type updates, market expansion, and marketing strategies thanks to the insights from this research.

→ A wide spectrum of industry stakeholders are covered by the global Immuno-oncology Drugs Market research, including investors, vendors, product producers, distributors, new entrants, and financial analysts.

→ The many strategy matrices used in researching the global Immuno-oncology Drugs Market will aid stakeholders in making decisions.

The research was developed through the synthesis, analysis, and interpretation of data gathered from multiple sources on the parent market. Additionally, analysis has been done of the economic circumstances and other economic indicators and factors to evaluate their respective impact on the Immuno-oncology Drugs Market, along with the present impact, so as to develop strategic and informed projections about the scenarios in the market. This is mostly due to the developing countries' unmet potential in terms of product pricing and revenue collection.

Key Questions Answered In The Report:

• Which regional market will experience the greatest and most rapid growth?

• Who are the top five Immuno-oncology Drugs Market players?

• How will the Immuno-oncology Drugs Market evolve over the next six years?

• What application and product will dominate the Immuno-oncology Drugs Market?

• What are the market drivers and constraints for Immuno-oncology Drugs Market?

• What will be the Immuno-oncology Drugs Market's CAGR and size during the forecast period?

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