According to FutureWise analysis the market for immune checkpoint inhibitors in 2023 is US$ 47.22 billion, and is expected to reach US$ 158.26 billion by 2031 at a CAGR of 16.32%.
Immune checkpoint inhibitors are drugs used in advanced-stage cancers. These drugs work on the immunity of the body and the mechanism is to develop the patient’s body immunity to recognise, fight and annihilate the disease-causing bacteria or virus. Unlike other therapies, instead of attacking the tumour, this trains the body and it’s immunity to fight and protect the body from ailments. With the growing incidences of cancer due to the deteriorating environment, drastic climate changes, and rise in the number of smokers, the global immune checkpoint inhibitors market is projected to grow unboundedly during the forecast period.
People are becoming increasingly aware due to the constant efforts taken by the government and other organisations, this is contributing to the growth of the market. Constant developments and research undertaken by the firms in the market to find new, efficient and improved cures have helped them to soar in terms of revenue. FDA has also approved numerous drugs and several combinations thus leading to other firms entering the market to explore it’s potential.
North America is the largest market globally for immune checkpoint inhibitors. Technological advancements and early diagnosis aid the growth of the market. The Asia Pacific is expected to witness significant growth in the global immune checkpoint inhibitors market and is speculated to grow at a healthy CAGR.
Firms having a significant share in the global immune checkpoint inhibitors market are AstraZeneca, Bristol-Myers Squibb, Roche Holdings AG, Novartis AG, Pfizer, and Sanofi, among others. Novartis AG, Sanofi and Incyte have their immune checkpoint inhibitor drugs awaiting approvals and thus are expected to expand the reach of the market. The firms operating in the immune checkpoint inhibitors market follow a strategy of entering into collaboration and agreement with other companies for better geographical reach and expansion of services and a larger pool of services. For instance, Bristol-Myer Squibb, an American pharmaceutical company, and Ono Pharmaceuticals, the largest pharmaceutical company in Japan, have a distribution agreement where Ono will hold the rights to distribution on Japan, Taiwan and South Korea. While, Bristol-Myer Squibb was provided with an exclusive license by ONO for the development and commercialization of ONO-4578, ONO’s selective Prostaglandin E2 (PGE2) receptor 4 (EP4) antagonist. This helps increase the geographical reach of both the firms as well as their services. Moreover, firms holding major market share are also eyeing potential markets emerging in developing countries such as KSA and South Africa by seeking FDA approvals to their products in these markets.