Immunotherapy Drugs Market Opportunities by Types, Demand, Top Manufactures and Application
The global immunotherapy drugs market generated a revenue of $106.1 billion in 2017 and is projected to register a CAGR of 13.6% during the forecast period 2018–2023.
By: P&S Intelligence
Furthermore, in a report of the International Agency for Research on Cancer (IARC) in 2018, it is estimated that around 18.1 million people were suffering from cancer globally, and the number is projected to reach 29.5 million by 2040. Similarly, a study conducted between 2005 and 2015 by the American Medical Association found that cancer cases increased by 33% during this period, of which 16.4% cases were due to aging population. Hence, the growing use of immunotherapy drugs to meet the increasing prevalence of chronic diseases in the elderly is driving the immunotherapy drugs market.
Moreover, the rise in the implementation of target therapy, thriving demand and development of mAbs, and increasing availability of biosimilars are contributing to the growth of the domain. There are various drugs available in the immunotherapy drugs market for the treatment of cancer, psoriasis, rheumatoid arthritis, and multiple sclerosis. However, there are several more drugs manufactured by market players that are under clinical trials. Thus, it is clear that the rising production and easy availability of such drugs are taking the market forward.
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In the immunotherapy drugs market, players are actively looking for collaborations and partnerships for the development of novel medicines. For instance, in April 2018, Illumina Inc. and Bristol-Myers Squibb Company (BMS) came together to utilize Illumina's next-generation sequencing (NGS) technology to develop and market the in-vitro diagnostic (IVD) assay to expand BMS's oncology portfolio. This collaboration helped in developing a diagnostic version of Illumina's TruSight Oncology 500 assay that assesses tumor mutation burden, and microsatellite instability for immunotherapies.
That same month, Allogene Therapeutics Inc. and Pfizer Inc. signed an asset contribution agreement to use Pfizer's allogeneic CAR-T therapy, which is investigational immune cell therapy, for cancer. This agreement provided an opportunity for Pfizer Inc. to continue the development of the CAR-T therapy. Other players operating in the global immunotherapy drugs market, such as AstraZeneca PLC, F. Hoffmann-La Roche Ltd., Eli Lilly and Company, Sanofi, Medigene AG, AbbVie Inc, Johnson & Johnson, Amgen Inc., Merck & Co. Inc., GlaxoSmithKline plc, C. H. Boehringer Sohn AG & Co. KG, Novartis International AG, Takeda Pharmaceutical Company Limited, and Celgene Corporation, are taking similar steps.
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Hence, as more people get affected by chronic diseases in the future, the immunotherapy drugs sector will continue to prosper.