Market Trends of Immunotherapy Drugs Industry
Cancer is Expected to Hold Significant Market Share in the Therapy Area Segment Over the Forecast Period
Immunotherapy is referred to as a type of cancer treatment that helps the immune system fight cancer and is a type of biological therapy. It is an application of the fundamental research of cancer immunology and a growing subspecialty of oncology. There are several types of immunotherapies used for the treatment of cancer. Some immunotherapies include immune checkpoint inhibitors, T-cell cell transfer, cancer vaccines, and immune system modulators. These therapies are used for many types of cancer and their advanced stages. Some of the popular immunotherapy drugs include Rituxan, Yervoy, Adcetris, and Zevalin.
The segment is being driven by an increase in cancer cases as well as the introduction of cancer immunotherapy. Cancer is spreading throughout the world, and so the need for immunotherapy is predicted to rise, as immunotherapy has the potential to be utilized to treat all types of cancer. Immunotherapy enhances the immune system's ability to identify, target, and destroy cancer cells. For instance, according to the American Cancer Society data published in 2023, in the United States 2023, there were 297,790 women and 2,800 men diagnosed with invasive breast cancer, with an additional 55,720 cases of ductal carcinoma in situ (DCIS) detected in women.
Similarly, according to the National Center for Biotechnology Information (NCBI) research published in March 2023, about 1.46 million new cancer cases were reported in 2022, and this number was projected to increase by 12.8%. Further, as per the same source mentioned above, one in nine individuals has a lifetime risk of developing cancer in India, and the most common cancers in men and women are lung and breast cancers. Hence, the increasing burden of cancer cases globally is expected to boost drug discovery activities with the rising demand for advanced therapeutics, fueling growth in the studied market.
The market players are launching new products for cancer treatment, which is expected to boost market growth. For instance, in February 2023, the Food and Drug Administration granted full approval to GSK's cancer immunotherapy Jemperli for a kind of endometrial cancer.
Additionally, the growth of immunotherapies in developed markets is high due to increased R&D and better government policies for supporting clinical trials through findings and campaigns to raise awareness regarding several kinds of cancer. For instance, in September 2022, AstraZeneca's Imfinzi (durvalumab) was approved in the US for the treatment of adult patients with locally advanced or metastatic biliary tract cancer (BTC) in combination with chemotherapy (gemcitabine plus cisplatin).
Moreover, in October 2022, Duke Oncology researchers launched the Immunotherapy DREAM Trial. Such events can lead to the introduction of new products in the market and hence boost the segment over the forecast period.
Thus, the factors stated above, such as a rising cancer burden, product launches, and the number of immunotherapy trials in cancer treatment, are likely to grow over the projection period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America is expected to have a significant market share throughout the forecast period. This is due to the increasing incidence of cancers, rising geriatric population, growing preference, and adoption rate of immunotherapy rates across the region.
The growing burden of chronic diseases such as cancer, asthma, and rheumatoid arthritis which are effectively treated with immunotherapy is likely to boost the market growth over the forecast period. For instance, according to statistics published by the Government of Canada and released in May 2022, about 233,900 Canadians were diagnosed with cancer in 2022, and prostate cancer is expected to remain the most commonly diagnosed cancer. Thus, the growing burden of cancers in the region is expected to boost the market growth over the forecast period.
The rising new product launches and increasing research and development activities are the are also propelling the immunotherapy market in the United States. For instance, in April 2023, the Food and Drug Administration approved enfortumab vedotin-ejfv (Padcev, Astellas Pharma) in combination with pembrolizumab (Keytruda, Merck) for patients with locally advanced or metastatic urothelial carcinoma who are ineligible for cisplatin-containing treatment on April 3, 2023. Additionally, in July 2022, the FDA approved ImmunityBio's N-803, an IL-15 superagonist in conjunction with Bacillus Calmette-Guérin (BCG) vaccine immunotherapy for Bladder Cancer.
Thus, owing to the abovementioned factors, the North American region in the studied market is expected to show significant growth over the forecast period.
