Growing Adoption of Targeted Therapy Driving Immunotherapy Drugs Market
In 2017, the global immunotherapy drugs market reached a value of $106.1 billion and is predicted to advance at a 13.6% CAGR during the forecast period (2018–2023). The market is growing because of the rising availability of biosimilars, surging prevalence of chronic diseases, increasing implementation of target therapy, and rising demand and development of mAbs. Immunotherapy is the treatment of a disease by enhancing, inducing, or suppressing an immune response for fighting against infection and disease. In terms of type, the immunotherapy drugs market is bifurcated into vaccines and checkpoint inhibitors.
Browse detailed report Immunotherapy Drugs Market Revenue Estimation and Forecast
Between these, the checkpoint inhibitors division held the largest share of the immunotherapy drugs market during the historical period (2013–2017) and is expected to dominate the market during the forecast period. Checkpoint inhibitors are preferred for the treatment of chronic diseases, since they offer better and effective treatment results. These drugs act directly on the site of action without delaying the effect of the medicine, which is why they are increasingly being adopted. On the basis of brand, the division is further classified into Enbrel, Remicade, Herceptin, Rituxan/MabThera, Humira, and others.
The rise in prevalence of chronic diseases, including rheumatoid arthritis, cancer, autoimmune diseases, and diabetes, is a major driving factor of the immunotherapy drugs market. For example, according to the World Health Organization, in 2018, cancer caused about 9.6 million deaths. The management of these diseases need therapeutic intervention and immunotherapy drugs help in mitigating the impact of these diseases. In addition, various drugs manufactured by the players operating in the market for the treatment of chronic diseases are under clinical trials. These factors are resulting in the growth of the market.
Out of all the regions, North America held the largest share of the immunotherapy drugs market during the historical period and is projected to retain its position during the forecast period. The reasons for this are the increasing prevalence of chronic diseases, rising per capita healthcare spending, growing geriatric population, and presence of major players in the region. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. This is ascribed to the rising number of research & development activities which are being conducted in the region.
Hence, the market is being driven by the increase in the implementation of target therapy and rising prevalence of chronic diseases.