Immuno-oncology Drugs Market, By Treatment Type (Immune Checkpoint Inhibitors, Immune System Modulators, Cancer Vaccines, Oncolytic Virus, Others), By Disease Type (Melanoma, Lung Cancer, Blood Cancer, Renal Cell Carcinoma, Prostate Cancer, Bladder Cancer, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jul 2024

Code : CMI1271

Pages :188

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Challenges: High cost of treatment

The high cost of treatment can hamper the global immuno-oncology drugs market growth. Immunotherapy drugs that mobilize the body's immune system to fight cancer cells are considered as one of the major breakthroughs in cancer treatment. However, high cost of these drugs makes them out of reach of many patients globally. Immuno-oncology drugs often require prolonged treatment over months or years, which makes their overall cost of therapy significantly higher than traditional cancer drugs. For instance, according to a study published by American Society of Clinical Oncology in 2021, the monthly cost of popular immuno-oncology drugs like Keytruda and Opdivo ranges between US$ 12,500 to US$ 15,000. This high monthly cost poses a significant financial burden for majority of patients worldwide. Most public and private health insurance programs find it difficult to cover the complete cost of such expensive treatments. The high treatment cost is especially a roadblock in developing nations where affordability is a major concern. As per data published by World Health Organization in 2022, nearly 70% of all annual cancer deaths occur in low and middle-income countries but most national health budgets can barely afford the high cost of immunotherapy.

Market Opportunities: Pharmaceutical companies focusing on pipeline products

Focusing on pipeline products can offer opportunity for pharmaceutical companies in the global immuno-oncology drugs market. Immuno-oncology is an evolving field with significant potential as these therapies work to harness the body's own immune system to fight cancer in a more targeted manner than traditional therapies. There are many late-stage pipeline drugs currently in clinical trials that can drive the market growth. Some of the most advanced pipeline programs are in combination therapies, as combining different mechanisms, like immune checkpoint inhibitors with other immunotherapy drugs, has shown great promise in treating various cancer types more effectively than single-agent treatments. Many large pharmaceutical companies have extensive pipelines of combination therapies being tested, such as checkpoint inhibitors paired with vaccines, cellular therapies, small molecule targeted therapies, and other immune modulators. The success of these ongoing Phase III clinical trials over the next few years can drive the immuno-oncology drugs market growth.