Immuno-Oncology Drugs Global Market Report 2022

New York, March 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Immuno-Oncology Drugs Global Market Report 2022" - https://www.reportlinker.com/p06241881/?utm_source=GNW


The global immuno-oncology drugs market is expected to grow from $60.32 billion in 2021 to $70.59 billion in 2022 at a compound annual growth rate (CAGR) of 17.0%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $120.37 billion in 2026 at a CAGR of 14.3%.

The immuno-oncology drugs market consists of sales of immuno-oncology drugs used for the treatment of cancer and related services by entities (organizations, sole traders and partnerships) that produce immuno-oncology drugs for cancer treatment.Immuno-oncology is the artificial stimulation of the immune system to treat cancer, improving the immune system's ability to fight the disease.

The market consists of revenue generated by the companies manufacturing immuno-oncology drugs by the sales of these products.

The main types of immuno-oncology drugs are monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, cancer vaccines and others.Monoclonal antibodies are created by cloning a single white blood cell.

Every subsequent antibody generated in this manner may be traced back to a single parent cell. The different therapeutic applications include melanoma, lung cancer, blood cancer, renal cell carcinoma, prostate cancer, bladder cancer, others and involves various sectors such as hospitals, clinics, ambulatory surgical centers, cancer research institutes.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rise in the number of cancer cases across the globe is likely to contribute to the growth of the immune-oncology drugs market. According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of the new cancer cases. Therefore, the rise in cancer incidence rate globally is anticipated to boost the demand for the immune-oncology drugs market over the coming years.

The high cost of immuno-oncology therapies is a key factor hampering the growth of the market.The immunotherapy drugs cost more than the other cancer drugs and people who need immunotherapy for cancer, too often are not able to afford it.

High costs associated with drugs is a major issue faced by patients across the globe.The pressure to contain costs and demonstrate value is widespread.

In less wealthy countries, the lack of cost-effective drugs has influenced the health conditions of the population and has led to a low average life expectancy.Immunotherapy often costs an average annual price of more than $100,000 per patient and if the value of medical assistance is included then the price would reach $850,000 per patient.

Therefore, the high cost of immuno-oncology therapies is expected to hinder the growth of the immune-oncology drugs market.

Companies in the immuno-oncology drugs market are increasing their product innovation through strategic collaborations.To sustain in the increasingly competitive immuno-oncology drugs market, companies are developing innovative products as well as sharing skills and expertise with other companies.

While companies have long collaborated with each other as well as with academic and research institutions in this market by way of partnerships, and in- or out-licensing deals, this trend has been increasing over the recent years.In 2019, Takeda announced its decision to accelerate the discovery of next-generation cancer immunotherapies, through collaborations.

The company will collaborate with Memorial Sloan Kettering Cancer Center (MSK) to discover and develop novel chimeric antigen receptor T-cell (CAR-T) products for the treatment of multiple myeloma, acute myeloid leukemia and additional solid tumor indications.

In December 2019, Sanofi, a Paris-based biopharmaceutical company, acquired Synthorx, Inc. for $2.5 billion. This acquisition is expected to allow Sanofi to gain access to Synthorx's immuno-oncology drug candidate IL-2 therapeutics for solid tumors along with its expanded genetic alphabet platform. This builds a portfolio of high-quality assets for Sanofi to lead with innovation in the oncology market. Synthorx, Inc. is a US-based clinical-stage biotechnology company focused on cancer and autoimmune disorders.

The countries covered in the immuno-oncology drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.


Read the full report: https://www.reportlinker.com/p06241881/?utm_source=GNW

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