New York, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Immuno-Oncology Drugs Global Market Report 2023" - 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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The immuno-oncology drugs market is expected to reach $120.37 billion in 2026 at a CAGR of 14.3%.
The immune-oncology drugs market consists of sales of bevacizumab, alectinib, ibrutinib, imatinib, and palbociclib.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Immuno-oncology drugs refer to a therapy or cancer treatment that employs drugs to either boost or suppress the immune system in order to aid the body’s defences against cancer, infection, and other disorders. It makes use of chemicals produced by the body or in a lab to strengthen the immune system and assist the body in locating and eliminating cancer cells.
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, and others and involve various sectors such as hospitals, clinics, ambulatory surgical centers, and cancer research institutes.
The rise in the number of cancer cases across the globe is likely to contribute to the growth of the immune-oncology drugs market. For instance, in January 2022, according to the American Cancer Society, there will likely be 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the US, or roughly 1,670 fatalities every day. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43 percent of all new cancer cases. 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 other cancer drugs and people who need immunotherapy for cancer, too often are not able to afford it.
High costs associated with drugs are 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 drug market are increasing their product innovation through strategic collaborations.To sustain themselves in the increasingly competitive immuno-oncology drug market, companies are developing innovative products as well as sharing skills and expertise with other companies.
While companies have long collaborated 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 past few years. For instance, in September 2020, AbbVie, Inc., a US based biopharmaceutical company specializing in drug discovery, research, and development, announced its research collaboration with I-Mab Biopharma Co. Ltd., a China based biopharmaceutical company pioneering in the discovery, development, and commercialization of biological drugs for immunology. Through this collaboration, both companies focus on the development of Lemzoparlimab (also known as TJC4), a cutting-edge anti-CD47 monoclonal antibody that I-Mab internally discovered and developed for the treatment of various cancers. The agreement covers its development and commercialization. The two partners may also decide to collaborate on further breakthrough cures in the future.
In December 2021, Sanofi S.A., a France-based biopharmaceutical and healthcare company, acquired Amunix Pharmaceuticals, Inc., for an amount of $1 billion. Through this acquisition, Sanofi increases its capabilities in the development of innovative medicines for cancer patients, in research and drug discovery of immune-oncology therapeutic candidates, brings these potentially superior and safer treatment candidates to patients by utilizing its expertise and working as a center of excellence together, and increases its oncology pipeline. Amunix Pharmaceuticals, Inc., is a US-based biopharmaceutical company specializing in the discovery and development of novel immuno-oncology drugs.
The regions covered in the immuno-oncology drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the immuno-oncology drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The immuno-oncology drugs market research report is one of a series of new reports that provides immuno-oncology drugs market statistics, including immuno-oncology drugs industry global market size, regional shares, competitors with an immuno-oncology drugs market share, detailed immuno-oncology drugs market segments, market trends and opportunities, and any further data you may need to thrive in the immuno-oncology drugs industry. This immuno-oncology drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06241881/?utm_source=GNW
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