Major players in the drugs for immunotherapy market are F. Hoffmann-La Roche Ltd, Novartis AG, Amgen, Inc. , AbbVie, Inc. , and Merck & Co. Inc. The global drugs for immunotherapy market is expected to grow from $149.
New York, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drugs for Immunotherapy Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151593/?utm_source=GNW
31 billion in 2020 to $160.43 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. 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 $248.27 billion in 2025 at a CAGR of 11.5%.
The drugs for immunotherapy market consist of sales of immunotherapy drugs. Immunotherapy drugs help the immune system to fight cancer by stimulating the immune system of the body and generate an immune response aiding the production of antibodies.
The drugs for immunotherapy market covered in this report is segmented by type into monoclonal antibodies, interferons, interleukins, vaccines, checkpoint inhibitors, others. It is also segmented by therapy area into cancer, autoimmune & inflammatory diseases, infectious diseases, others and by end user into hospitals & clinics, ambulatory surgical centers, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high cost of immunotherapy drugs is acting as a restraint on the drugs for immunotherapy market as a smaller number of patients can afford the treatment.Immunotherapy drugs are expensive as drugs are made specifically for each patient and investment costs in the research and development are high.
For instance, Novartis’ Kymriah and Gilead Sciences’ Yescarta are two immunotherapy treatments that cost between $373,000 and $475,000 per patient depending on the type of cancer.The Yervoy (ipilimumab) drug from Bristol-Myers Squibb, for the treatment of melanoma, a type of skin cancer costs $120,000 per course of treatment.
The high cost of immunotherapy drugs makes it unaffordable, thereby affecting market growth.
Manufacturers of immunotherapy drugs are increasingly collaborating or partnering with other companies to share technology, resources, product knowledge and expand business. For example, Illumina Inc. and Bristol-Myers Squibb (BMS) collaborated to utilize Illumina’s next-generation sequencing (NGS) technology to develop and commercialize in-vitro diagnostic (IVD) assays in support of Bristol-Myers Squibb’s oncology portfolio. Allogene Therapeutics Inc. and Pfizer Inc. entered into an asset contribution agreement to use Pfizer’s portfolio of assets related to allogeneic CAR-T therapy.
In August 2020, Bristol Myers Squibb, an American pharmaceutical company that manufactures prescription pharmaceuticals and biologics in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders acquired Dragonfly Therapeutics’ investigational immunotherapy program for $475 million.Through this acquisition Bristol Myers Squibb will be granted Dragonfly’s extended half-life cytokine DF6002, a monovalent IL-12 immunoglobulin Fc.
Dragonfly Therapeutics, Inc., a USA based discovery-stage company developing drugs to stimulate immune responses against cancer.
The immunotherapy drugs market is being driven by rising incidences of cancer globally.The major causes for most cancers include obesity, smoking, alcohol, improper eating habits.
According to the American Cancer Society, in 2019, around 606,880 deaths were caused in USA due to prevalence of the cancer. The Cancer Research UK predicts that there will be 27.5 million new cases of cancer each year by 2040. The rising incidences of cancer are expected to increase the demand for immunotherapy drugs driving market growth.
Manufacturers of immunotherapy drugs are governed by various regulatory bodies such as the Food and Drug Administration in the USA.The Food and Drug Administration (FDA) regulates drugs and biologics under the authority granted to it by the Federal Food, Drug, and Cosmetic Act (FD&C Act) and its amendments.
Under this authority, FDA regulates the pre-market testing and marketing approval for all immunotherapeutic agents, either as drugs or biologics depending on the source and function of the investigational agent. Immunotherapeutic products that are regulated as biologics include antibodies and proteins and some nucleic acids.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151593/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001