According to FutureWise analysis the market for Immunotherapy Drugs is expected to reach US$ 408.4 billion by 2031 at a CAGR of 11%.
The immune system is boosted or suppressed by immunotherapy drugs. The main purpose of these medications is to treat cancer. They stimulate the immune system and produce antibodies by stimulating the immune response. The antigen-specific antibodies kill cancerous cells or tumors. Due to the increase in cancer incidence, it is expected that the global market for immunotherapy drugs will grow significantly during the forecast period. Global immunotherapy market growth is driven by the increasing use of targeted therapies, an increase in patient life expectancy, and a high prevalence of lifestyle-related diseases. The market is also driven by rapid approvals of drugs and a reduction in the occurrence of diseases. Due to the high cost of immunotherapy treatments and the longer product development cycles, the market is hindered. In contrast, the use of immunotherapy in place of chemotherapy and as the first drug in the treatment of cancer will provide opportunities for market growth in the near term.
Immunotherapy boosts the immune system of the body to combat cancer cells. It uses components that are made in-house or in vitro. Different Immunotherapies work on different mechanisms. Some immunotherapy treatments can stop cancer cell growth. Some therapies help the immune system eliminate cancer cells or prevent cancer from spreading. Cancer treatments that use immunotherapy can be combined with other treatments or used alone.
The increasing occurrences of targeted diseases, rising insistence for biosimilars and monoclinal antibodies, rising acceptance of immunotherapy drugs over traditional drugs are some of the key factors responsible for the immunotherapy drugs market growth. Conversely, side-effects of these drugs, issues related to the timeline and complexities in manufacturing and a high rate of attrition in the product development cycle shall impede the proliferation of the market.