Global immuno-oncology drugs market is estimated to witness high growth, owing to increasing cancer cases & immuno-oncology R&D investments
Global Immuno-Oncology Drugs Market is estimated to be valued at USD 27.25 Bn in 2024, exhibiting a CAGR of 18.4% over the forecast period 2024-2031. Immuno-oncology therapy is gaining traction as it enhances the body's natural defenses to fight cancer in a unique way unlike conventional cancer treatment options. Furthermore, approval and launch of novel immuno-oncology combination therapies can drive the market growth during the forecast period.
Market Dynamics:
Global immuno-oncology drugs market growth is driven by increasing cancer prevalence worldwide and rising R&D investments in immuno-oncology therapies by pharmaceutical companies. Cancer has become one of the leading causes of mortality with an estimated 10 million deaths in 2020. This has significantly boosted demand for effective and targeted cancer treatment options such as immuno-oncology drugs. Moreover, leading pharma players have increased their funding for developing novel IO drug formulations and combination treatments. For instance, in 2021, AstraZeneca spent US$ 6 billion on R&D with major focus on oncology portfolio including IO drugs.
Increasing Prevalence of Cancer
Global immuno-oncology drugs market growth is driven by rising prevalence of various types of cancer globally. Cancer has become one of the leading causes of mortality worldwide, with an estimated 9.6 million cancer deaths in 2018. According to WHO, around 18 million new cancer cases are diagnosed globally every year. This growing burden of cancer boosts demand for advanced and effective treatment options like immuno-oncology drugs. Immuno-oncology therapies harness the power of the body's own immune system to fight cancer.
Advancements in Immuno-oncology Research
Continuous advancements in immuno-oncology research and development of innovative drugs, drug combinations and treatment strategies can drive the market growth. Significant investments are being made by pharmaceutical companies, venture capitals, government organizations as well as non-profit organizations to accelerate immuno-oncology drug discovery and development. A robust pipeline of novel and late-stage immuno-oncology drug candidates provides optimism about future growth prospects. Monoclonal antibodies, cancer vaccines, checkpoint inhibitors and other immunotherapies offer new hope for various cancer types. This ongoing R&D momentum ensures a steady flow of new product approvals and launches that also expands treatment options.
High Cost of Immuno-oncology Treatment
High cost associated with immuno-oncology treatment can hamper the market growth. These drugs require long-term treatment and maintenance therapy as the effects are sustained. The list price of a single immuno-oncology drug can range from tens of thousands to even hundreds of thousands of dollars per year of treatment. For example, the average annual cost of Merck's Keytruda is estimated to be around US$ 150,000. Such steep costs put immense pressure on the healthcare system and make immuno-oncology out of reach for many patients. Reimbursement issues increase the economic burden. This price factor limits widespread adoption of these drugs.
Severe Side Effects of Immunotherapies
Potential severe side effects associated with these therapies can hamper the market growth. While immuno-oncology drugs help activate the immune system to fight cancer cells, these can overstimulate the immune response leading to 'immune-related adverse events.' Some common severe side effects include autoimmune disorders, pneumonitis, colitis, hepatitis, neuropathies and endocrinopathies. Managing these immune-related toxicities requires additional treatment and hospitalization, thus, increasing the cost burden. Safety concerns over long-term side effects can also hamper the market growth.
Combination Therapies
Development of combination therapies involving immuno-oncology agents can offer opportunities for the market players. Clinical studies show that combinations of different immunotherapy drugs work synergistically, thus, producing improved efficacy as compared to single agents. For example, combining an immune checkpoint inhibitor with a cancer vaccine leads to greater immune stimulation. Combination treatments also help reduce the risk of developing resistance. There has been an increasing focus on combination strategies involving chemo or targeted therapies along with immunotherapies.
Personalized Cancer Vaccines
Advancements in cancer genetics and precision medicine can offer opportunity for developing personalized cancer vaccines. Such vaccines can be tailored based on the unique set of tumor-specific neoantigens present in a patient's cancer. This precision approach promises higher therapeutic response rates by generating a targeted immune response against patient's tumor. Several biotech companies are currently exploring personalized neoantigen vaccines. As predictive biomarkers and vaccine design technologies improve further, personalized cancer immunization can become an important segment within the broader immuno-oncology field.
Link - https://www.coherentmarketinsights.com/market-insight/immuno-oncology-drugs-market-1271
Key Developments
- In February 2024, Researchers at UF, University of Florida, Health Cancer Center developed a groundbreaking compound that enhances immunotherapy for various cancers. In laboratory and mouse trials focusing on skin and colorectal cancer models, the compound effectively slowed tumor growth by stimulating the body's immune system to target cancer cells, and in some cases, completely eliminated tumors.
- In December 2023, GSK plc, a multinational pharmaceutical and biotechnology company, announced that the European Commission (EC) had granted marketing authorization for Jemperli (dostarlimab) in combination with carboplatin-paclitaxel chemotherapy. This can be used for treatment of adult patients with mismatch repair deficient (dMMR)/microsatellite instability-high (MSI-H) primary advanced or recurrent endometrial cancer who require systemic therapy.
- Gilead Sciences, Inc and Xilio Therapeutics, Inc. announced an exclusive license agreement to develop and commercialize Xilio’s Phase 1 tumor-activated IL-12 program, known as XTX301. Xilio Therapeutics, a clinical-stage biotechnology company, specializes in discovering and developing tumor-activated immuno-oncology therapies. Its proprietary tumor-activation platform is utilized to create a pipeline of innovative molecules, including antibodies, cytokines, bispecifics, and cell engagers.
Key Players: Coloplast Corp, Bristol Myers Squibb Company, Novartis AG, F. Hoffmann-LA Roche Ltd., Merck & Co., Inc., GSK Plc., Eli Lilly and Company, Fresenius Kabi AG, Pfizer Inc., AbbVie Inc., Genentech Inc., Sanofi, AstraZeneca, Bayer AG, Bluebird Bio, Inc., Regeneron Pharmaceuticals, Inc., Amgen Inc.
