Immunotherapy Drugs Industry Growth, Development and Demand Forecast to 2030

NEW YORK - March 17, 2023 - PRLog -- In 2022, the immunotherapy drugs market was worth around USD 121,746 million, and it is projected to advance at a 7.10% CAGR from 2023 to 2030, hitting USD 210,752 million by 2030, according to P&S Intelligence.

The major factor behind the growth of the market is the global increase in the frequency of chronic diseases. As per the International Diabetes Federation, in 2021, around 537 million individuals between the ages of 20 and 79 had diabetes, a number that is projected to reach 783 million by 2045. To advance research on associated medicines, key players are concentrating more on product launches and creating strategic associations.

Internationally, chronic illnesses are one of the main healthcare loads in high-income as well as low- and middle-income countries. Some of the most widespread chronic illnesses are diabetes, cancer, and autoimmune diseases, like rheumatoid arthritis, which need efficient therapeutic involvement.

The effect of such diseases can be determined from the fact that approximately 10 million fatalities, or close to one in every six, were instigated by cancer in 2020. Thus, in 2022 the cancer category had a significant market share, of 41%.

Biosimilars are alike duplicates of already-accepted medications. The snowballing count of patent expirations is leading to a growth in the obtainability of biosimilars throughout the world. Furthermore, the long timespan and high prices related to the growth of single drug molecules are helping the demand for biosimilars.

North America is dominating the immunotherapy drugs market (https://www.psmarketresearch.com/market-analysis/immunoth...), with the highest revenue share, and is projected to grow with the CARG of 7.9% in the coming few years. This can be credited to the rising research and development activities in these medications and the growing frequency of chronic diseases, including autoimmune and cancer diseases, in the continent.

Hence, the industry for immunotherapy drugs is boosted by the increasing research and development expenditure and growing chronic disease burden.