As per the estimates of the market research firm, P&S Intelligence, the market will generate a revenue of $227.6 billion by 2023. Some of the major factors driving the expansion of the market are the surging incidence of chronic diseases and burgeoning requirement for monoclonal antibodies (mAbs) across the world.
The increasing incidence of chronic diseases is rapidly becoming a major healthcare burden that affects both low and middle-income countries (LMIC) and high-income nations. For instance, as per the World Health Organization, cancer, which is a chronic disease, was responsible for 9.6 million deaths in 2018. Furthermore, the organization reported that nearly 70% of the deaths caused due to cancer occurred in LMIC. The increasing occurrence rate of these diseases is pushing up the requirement for various immunotherapy drugs, thereby driving the growth of the market.
Additionally, the increasing adoption of targeted therapies, soaring availability of biosimilars, and rapid development of mAbs are also propelling the advancement of the market. Depending on type, the immunotherapy drugs market is divided into vaccines and checkpoints. Of these, the checkpoint category held larger share in the market during the last few years, and it is predicted to contribute over $100.0 billion revenue by 2023. This is ascribed to the development of mAbs and the surging use of chimeric antigen receptor (CAR) T-cell therapies.
Geographically, North America contributed the highest revenue to the immunotherapy drugs market during the last few years. This was because of the surging per capita healthcare expenditure, presence of a large geriatric population, high incidence of chronic diseases, and existence of several immunotherapy drugs producing companies in the region. Additionally, the soaring number of research laboratories and the huge direct and indirect investments that were made in research and development (R&D) projects by biotechnology and pharmaceutical companies also contributed toward the expansion of the market in the region in the past years.