Rising Use For Treatment Of Chronic Diseases To Drive The Global Immunotherapy Drugs Market Growth
As per the report, the global immunotherapy drugs market in 2018 had a valuation of around USD 138.4 billion and is projected to attain a value of about USD 330.4 billion by 2025, growing at around 13.24% CAGR between 2019 and 2025.
Immunotherapy drugs are utilized to suppress or improve the body’s immune system. They are mainly utilized as a cancer treatment and functions by stimulating the body’s immune system and produce an immune response helping the generation of antibodies. Immunotherapy treatment boosts the body’s overall immunity and restrains the development of cancer cells. Antibodies generated against antigen destroy the tumor or cancerous cells. The global immunotherapy drugs market is anticipated to witness noteworthy expansion during the forecast period owing to the rise in prevalence of cancer.
The key factor contributing to the growth of the global immunotherapy drugs market is the growing implementation of immunotherapy drugs from people suffering from chronic diseases like solid tumors. Further, the growing spending by government on improvement of healthcare infrastructure so as to aid healthcare services together with the rising expenditure by private players & government for development of innovative product offerings are also projected to fuel the expansion of the global market during the years to come. In addition, the increasing number of cases for inflammatory and autoimmune diseases within hospitals and the rising approval of advanced medication for treating a number of diseases by clinics and hospitals are further expected to fuel the global market growth during the forecast period. Moreover, the increasing public-private associations for innovative product offerings and R&D activities are projected to drive the global market growth during the coming period.
The immunotherapy drugs market is bifurcated based on type, therapeutic area, end-users, and region. The market, on the basis of type, is divided into interferons & interleukins, checkpoint inhibitors, monoclonal antibodies, and other immunotherapies. Among these, in 2019, the monoclonal antibodies segment held the biggest market share. This segmental growth can be credited to their fewer side-effects and high specificity, rising inclination toward personalized medicines, the growing target disease prevalence & patient pool, and initiatives by market players. Based on therapeutic area, the global immunotherapy drugs market is classified into infectious diseases, autoimmune & inflammatory diseases, cancer, and other therapeutic areas. Based on end-users, the market is bifurcated into clinics, hospitals, and other end users. Among these, the highest market share was held by hospitals segment in 2019. This expansion can be credited to the increasing expenditure by hospitals for immunotherapies and the rising need for advanced treatments only offered by hospitals at present.
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On the basis of region, the global immunotherapy drugs market is anticipated to be ruled by North America during the forecast period. This regional growth can be attributed to the suitable government programs, personalized medicine, vigorous R&D spending, accessibility to technologically enhanced healthcare research framework, and development of next-gen sequencing. Further, Asia Pacific is also expected to witness the highest rate of expansion within the immunotherapy drugs market during the coming period owing to improvement of healthcare infrastructure, increase in awareness related to health & hygiene, economic development, high disposable income, and huge unexploited market base.
The major players operating in the global immunotherapy drugs market comprises Acorda Therapeutics, DC Therapeutics, AB Science, Ablynx, Bristol-Myers Squibb, ELI Lilly and Company, Abbvie, Astrazeneca, Glaxosmithkline PLC, Amgen Inc, Novartis International AG, Johnson & Johnson (A Parent Company of Janssen Biotech, Inc.), F. Hoffmann-La Roche AG, and Merck & Co., Inc., among others.
- CDN Newswire