Immunotherapy Drugs Market, By Drug Type (Monoclonal Antibodies, Immunomodulators), By Indication (Infectious Diseases, Cancer) and by Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Immunotherapy Drugs Market size is projected to reach a CAGR of 11.7% from 2023-2030.
Immunotherapy drugs are used to enhance or suppress the immune system of the body. They are mostly used in the treatment of cancer and act by stimulating the immune system of the body and generating an immune response aiding the production of antibodies. Antibodies produced against antigens kill the cancerous or tumour cells.
The global immunotherapy market is driven by the increasing adoption of targeted therapies, the increase in the life span of patients, and the high prevalence of lifestyle diseases. Furthermore, rapid approval of drugs and reduction in the recurrence of diseases propel market growth. Additionally, immunotherapy as an alternative to chemotherapy and the use of immunotherapy as the first line of drug for the treatment of cancer provide growth opportunities for the market players shortly.
On the other hand, the high cost of immunotherapy treatment and higher attrition rate in the product development cycle impede market growth.
COVID-19 had a positive impact on the immunotherapy drugs market. Because several businesses are actively engaged in creating immunotherapy-based medications or vaccines for COVID-19, the influence of COVID-19 on the immunotherapy drugs industry is positive. BioNTech SE is now undertaking phase III clinical research in healthy volunteers to examine the safety, tolerability, and immunogenicity of BNT162b2 against COVID-19 in partnership with Pfizer Inc.
The global immunotherapy drugs market is anticipated to grow owing to the increasing R&D activities aimed at developing novel immunotherapies for various chronic diseases. The market is expected to grow during the forecast period due to the rising demand for these drugs.
However, the high cost of immunotherapy treatment and the high attrition rate in the product development cycle may impede the growth of the market. Despite this, the market is expected to experience significant growth in the coming years, driven by factors such as increasing investments in R&D, growing awareness among patients about the benefits of immunotherapy, and the development of more cost-effective treatment options.
North America to Dominate the Market