The Immuno-oncology Drugs Market is estimated to be valued at US$ 1020.24 Bn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Immuno-oncology drugs are specialized biologics that work by stimulating the body's natural defenses to fight cancer. These drugs help boost the ability of the immune system to detect and destroy cancer cells. Common types of immuno-oncology drugs include checkpoint inhibitors, monoclonal antibodies, therapeutic cancer vaccines, among others. Immuno-oncology drugs have emerged as a breakthrough in cancer treatment in view of their improved survival rates and quality of life for patients.

Market key trends:
One of the key trends fueling the growth of immuno-oncology drugs market is the rising adoption of targeted therapies. Targeted therapies such as immune checkpoint inhibitors, cell therapies, oncolytic virus therapies, tumor-targeting antibodies have demonstrated a clear survival benefit with less toxicity as compared to conventional chemotherapy. For instance, in 2019, the US FDA approved avelumab (Bavencio) in combination with axitinib for advanced renal cell carcinoma. Avelumab is an anti-PD-L1 immune checkpoint inhibitor marketed by Merck KGaA and Pfizer. With continuous research and development, the targeted immuno-oncology therapies market is expected to grow at an exponential rate over the forecast period.

Porter’s Analysis
Threat of new entrants: The immense capital requirements and stringent regulations for developing and marketing of immuno-oncology drugs limit the threat of new entrants.
Bargaining power of buyers: The presence of a large number of established market players enables buyers to negotiate on price points.
Bargaining power of suppliers: Suppliers such as raw material providers and contract manufacturers have moderate bargaining power due to availability of substitute suppliers.
Threat of new substitutes: Threat from new substitutes is moderate as cancer therapies operate in a niche segment with high entry barriers.
Competitive rivalry: High degree of competition exists among key players to gain higher market share through extensive R&D and newer product launches.

SWOT Analysis

Strength: Wide product portfolio and strong R&D capabilities of leading players. Emerging combination therapies offering improved efficacy.
Weakness: High costs associated with drug development. Side effects related to immunotherapy.
Opportunity: Rising cancer incidence worldwide and growing demand for targeted treatment options. Potential of combination therapies in newer indications.
Threats: Price controls and market access hurdles posed by regulatory authorities. Increasing preference for biosimilars over patented drugs.

Key Takeaways
The Global Immuno-Oncology Drugs Market Size is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period, due to increasing prevalence of cancer globally. As per WHO, cancer burden is expected to reach 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Rapid advancements in understanding tumor microenvironment and development of novel drug formulations are also fueling market growth.

Regional analysis: North America dominated the global immuno-oncology drugs market in 2023, owing to strong presence of key market players and rising adoption of high-cost cancer targeting therapies. Asia Pacific exhibits high potential and is expected to witness fastest growth during the forecast period, driven by expansion of healthcare infrastructure and patient access to targeted therapies in populuous countries like China and India.

Key players: Key players operating in the Immuno-oncology Drugs market are AbbVie Inc., AstraZeneca, Bristol-Myers Squibb Company, Dendreon Pharmaceuticals LLC., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Novartis AG, Pfizer Inc., Sanofi, Ferring B.V., Enzo Biochem Inc., Celldex Therapeutics, Atara Biotherapeutics, Inc., Apexigen, BioNTech SE, Blueprint Medicines Corporation, Regeneron Pharmaceuticals Inc., CytomX Therapeutics, Inc., Agenus Inc., Betta Pharmaceuticals Co., Ltd., CStone Pharmaceuticals, Amgen Inc., MediMergent, LLC, Gilead Sciences, Inc., and ONKO

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