Major players in the immuno-oncology drugs market are Amgen, Inc. , AstraZeneca Plc, Bristol-Myers Squibb, Celgene Corporation, Eli Lilly and Company, Merck & Co. , F. Hoffmann-La Roche AG, Johnson & Johnson, Novartis International AG, and AbbVie Inc.
New York, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Immuno-Oncology Drugs Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151684/?utm_source=GNW
The global immuno-oncology drugs market is expected to grow from $57.28 billion in 2020 to $62.99 billion in 2021 at a compound annual growth rate (CAGR) of 10%. 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 $92.97 billion in 2025 at a CAGR of 10%.
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 immuno-oncology drugs market covered in the report is segmented by type into monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, cancer vaccines, others, by therapeutic application into melanoma, lung cancer, blood cancer, renal cell carcinoma, prostate cancer, bladder cancer, others, and by end-user into 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 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.
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 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.
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.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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