Immuno-oncology drugs are a form of cancer treatment that utilises the body's immune system to combat cancer instead of just attacking cancerous tumours directly. Immuno-oncology drugs work by harnessing the body's T-cells and giving them the ability to detect and attack cancer cells. Some common immuno-oncology drugs include checkpoint inhibitors such as PD-1 and PD-L1 inhibitors that help disable cancer's ability to hide from the immune system. The need for such drugs is increasing as they provide more targeted treatment options with less side-effects compared to traditional chemotherapy.
The global Immuno-Oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn in 2023 and is expected to exhibit a CAGR of 33.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Exciting new cancer immunotherapies represent a major opportunity in the immuno-oncology drugs market. Checkpoint inhibitors have shown great promise in treating various types of cancers. However, researchers are continuously developing next-generation immunotherapies that can target different mechanisms and provide more effective treatment. Some areas showing promise include T-cell receptor therapies, therapeutic vaccines, oncolytic virus therapies and personalized cancer vaccines. These new therapies have potential to significantly expand the market size and also boost response rates. As research accelerates in this area, more innovative immunotherapies are expected to enter the market in the coming years and drive high growth of the immuno-oncology drugs industry. Porter's Analysis Threat of new entrants: The threat of new entrants in the immuno-oncology drugs market is moderate due to the huge investment required for R&D and clinical trials. Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative treatment options. Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of raw material suppliers. Threat of new substitutes: The threat of new substitutes is low as there are limited treatment alternatives available for cancer currently. Competitive rivalry: The competitive rivalry is high among existing players due to their focus on product innovation. SWOT Analysis Strength: Immuno-oncology drugs have shown promising results in clinical trials. Several big pharmaceutical companies have established R&D facilities for immuno-oncology drug development. Weakness: High costs associated with R&D and clinical trials of immuno-oncology drugs limit their availability. Side effects of these drugs pose challenges to wider acceptance. Opportunity: Large cancer patient pool worldwide presents scope for market expansion. Combination therapies involving immuno-oncology drugs offer growth prospects. Threats: Stringent regulatory norms delay drug approvals and market entry. Generics pose pricing pressure once patents expire. Key Takeaways The global Immuno-Oncology Drugs Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing demand. The market size for 2023 is valued at US$ 1020.24 billion. Regional analysis indicates North America dominates currently owing to early adoption and high healthcare spending. However, Asia Pacific is likely to emerge as the fastest growing region in coming years led by China, India, Japan and South Korea on back of rising incidence of cancer cases. Key players operating in the immuno-oncology drugs market include IBM Corporation, Oracle Corporation, Xerox Corporation, Nintex Limited, Source Code Technology Holdings Inc, Software AG, Appian, Pegasystems, Bizagi, Newgen Software Technology, and Zoho. These players focus on new product launches and acquisitions to strengthen their market positions. Get More Insights On This Topic: https://www.ukwebwire.com/the-growing-adoption-of-immunotherapy-drugs-market/
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
November 2023
Categories |