Global Immunotherapy Drugs Market to Reach US$ 327.8 Billion by 2028, Fueled by Rising Incidence of Cancer

March 22, 2023 | Healthcare

According to the latest report by IMARC Group, titled "Immunotherapy Drugs Market by Type (Monoclonal Antibodies, Vaccines, Interferons Alpha and Beta, Interleukins), Therapy Area (Cancer, Autoimmune and Inflammatory Diseases, Infectious Diseases, and Others), End User (Hospitals, Clinics, and Others), and Region 2023-2028," the global immunotherapy drugs market size reached US$ 195.4 Billion in 2022. Immunotherapy drugs refer to specialized medications used for treating a range of conditions, including lymphoma, melanoma, sarcoma, and lung, bladder, kidney, and breast cancer. These drugs stimulate the body's natural defenses by targeting and activating specific immune cells, such as T-cells, triggering an immunological response that aids in generating antibodies that prevent the growth of cancer cells. They also help fight against allergies and infections caused by bacteria and viruses. Some of the standard immunotherapy drugs available in the market include checkpoint inhibitors, monoclonal antibodies, and cancer vaccines. They provide long-lasting and sometimes permanent responses with fewer side effects than traditional chemotherapy and radiation treatments. As a result, immunotherapy drugs are becoming widely accepted and popular across the globe.

Global Immunotherapy Drugs Market Trends:

The widespread prevalence of cancer, tumor, and target diseases and the expanding geriatric population are primarily driving the global immunotherapy drugs market growth. Besides this, the rising incidences of genetic and lifestyle diseases due to the adoption of sedentary lifestyles and hectic schedules are supporting the market growth. Moreover, the shifting consumer preference for immunotherapy drugs that can be customized based on the patient's genetic profile and tailored to their individual needs to improve treatment outcomes is acting as another significant growth-inducing factor. Additionally, the enhancing popularity of antibodies and biosimilar drugs, the rise in the number of hospitals, pharmacies, and research laboratories, and extensive investments in research and development (R&D) activities to enhance the formulation of immunotherapy drugs are creating a favorable outlook for the market. Furthermore, the escalating focus on strategic collaborations and new product developments by key market players to expand their product portfolio and gain a competitive edge is contributing to the market growth. Other factors, such as rising healthcare expenditure, a growing number of clinical trials, easy availability of favorable reimbursement policies, and significant advancements in companion diagnostics, are presenting remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 327.8 Billion by 2028, expanding at a CAGR of 8.9% during 2023-2028.

Market Summary:

On the basis of the type, the market has been segregated into monoclonal antibodies, vaccines, interferons alpha and beta, and interleukins.
Based on the therapy area, the market is categorized into cancer, autoimmune and inflammatory diseases, infectious diseases, and others.
On the basis of the end user, the market has been classified into hospitals, clinics, and others.
Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being AstraZeneca plc, Bayer AG, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, F. Hoffmann-La Roche AG, GSK plc, Merck & Co. Inc., Pfizer Inc. and Sanofi S.A.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Type, Therapy Area, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	AstraZeneca plc, Bayer AG, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, F. Hoffmann-La Roche AG, GSK plc, Merck & Co. Inc., Pfizer Inc. and Sanofi S.A.
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Global Immunotherapy Drugs Market to Reach US$ 327.8 Billion by 2028, Fueled by Rising Incidence of Cancer

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