The global immunotherapy drugs market is projected to reach USD 320.8 billion by 2027 from USD 163.0 billion in 2020, at a CAGR of 10.2 % during the forecast period. 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 generate an immune response aiding the production of antibodies. Antibodies produced against antigen kill the cancerous or tumor cells. The global immunotherapy drugs market is expected to grow significant growth during the forecast period due to increase in incidence of cancer.
Rising adoption of immunotherapy drugs from individuals suffering from chronical diseases such as solid tumors is a major factor expected to drive growth of the global market. In addition, increasing government expenditure on development of healthcare infrastructure in order to facilitate healthcare services, coupled with increasing investment by government and private players for development of novel product offerings is another factor expected to further support growth of the global market to certain extent.
Moreover, rising number of cases for autoimmune and inflammatory diseases in hospitals, coupled with increasing adoption of advanced medication for treatment of various diseases by hospitals and clinics are among other factors expected to support growth of the global market to certain extent. In addition, growing public-private partnership for R&D activates and innovative product offerings are another factor expected to further support growth of the global market.
However, high cost of immunotherapy treatment is a major factor expected to hamper growth of the global market over the forecast period. In addition, side-effects of immunotherapy on body is another factor expected to limit growth of the global market to certain extent.
The major players in the global immunotherapy drugs market are F. Hoffmann-La Roche Ltd. (UK), Pfizer Inc. (US), Merck & Co (US), Novartis International AG (UK), Johnson & Johnson (US), Sanofi (France), GlaxoSmithKline Plc (UK), Amgen Inc. (US), AbbVie Inc. (US), BoehringerIngelheim (Germany), AstraZeneca (UK), and Immatics Biotechnologies (Germany), BioNTech SE, Genmab, Gilead Sciences, NBE Therapeutics, Teva Pharmaceuticals, Bayer, and Bristol-Myers Squibb.
North America accounted for the largest share of the immunotherapy drugs market in 2019. The large share of this region in the global market can be attributed to the increasing prevalence of cancer and autoimmune diseases, rising demand for safer cancer therapies, increasing number of approvals from the FDA, and the introduction of favorable reimbursement policies. The Asia Pacific market is expected to grow at the highest rate during the forecast period.
Rising adoption of immunotherapy drugs from individuals suffering from chronical diseases such as solid tumors is a major factor expected to drive growth of the global market. In addition, increasing government expenditure on development of healthcare infrastructure in order to facilitate healthcare services, coupled with increasing investment by government and private players for development of novel product offerings is another factor expected to further support growth of the global market to certain extent.
Moreover, rising number of cases for autoimmune and inflammatory diseases in hospitals, coupled with increasing adoption of advanced medication for treatment of various diseases by hospitals and clinics are among other factors expected to support growth of the global market to certain extent. In addition, growing public-private partnership for R&D activates and innovative product offerings are another factor expected to further support growth of the global market.
However, high cost of immunotherapy treatment is a major factor expected to hamper growth of the global market over the forecast period. In addition, side-effects of immunotherapy on body is another factor expected to limit growth of the global market to certain extent.
The major players in the global immunotherapy drugs market are F. Hoffmann-La Roche Ltd. (UK), Pfizer Inc. (US), Merck & Co (US), Novartis International AG (UK), Johnson & Johnson (US), Sanofi (France), GlaxoSmithKline Plc (UK), Amgen Inc. (US), AbbVie Inc. (US), BoehringerIngelheim (Germany), AstraZeneca (UK), and Immatics Biotechnologies (Germany), BioNTech SE, Genmab, Gilead Sciences, NBE Therapeutics, Teva Pharmaceuticals, Bayer, and Bristol-Myers Squibb.
North America accounted for the largest share of the immunotherapy drugs market in 2019. The large share of this region in the global market can be attributed to the increasing prevalence of cancer and autoimmune diseases, rising demand for safer cancer therapies, increasing number of approvals from the FDA, and the introduction of favorable reimbursement policies. The Asia Pacific market is expected to grow at the highest rate during the forecast period.
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