A recent report published by Infinium Global Research on the immuno-oncology market provides ian n-depth analysis of segments and sub-segments in the global as well as regional immuno-oncology market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional immuno-oncology market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global immuno-oncology market. According to the report, the global immuno-oncology market is projected to grow at a CAGR of nearly 18% over the forecast period of 2022-2028.
The global Immuno-oncology market was valued at over USD 18 Billion in 2022 and is expected to reach about USD 50 Billion in 2028, with a CAGR of nearly 18% during the forecast period. Immuno-oncology, also known as, Cancer immunotherapy is a type of cancer treatment that uses the power of the body's own immune system to prevent, control, and eliminate cancer. The quick detection of I-O treatments for various types of cancers has changed the treatment of cancer therapy and enhanced the long-term projection for many cancer patients, which has increased the demand for the immuno-oncology market. Furthermore, increasing investment by the government and several pharmaceutical companies in research & development for treating cancer is expected to drive the immuno-oncology (IO) market over the forecast period. Increasing treatment for blood, lung, and prostate cancer increased the demand for the therapy during the forecast period.
The growth of the market is attributed to the increase in the research and development in cancer immunotherapy within the forecast period. Moreover, the introduction of innovative and advanced treatment options that are more efficient and effective is further projected to enhance the demand for immuno-oncology (IO). Furthermore, the growth in the competitive rivalry is anticipated to bolster the expansion of the immuno-oncology (IO) market during the forecast period. Increasing utilization of immuno-oncology therapies in most of the Western countries, as they have a huge well-tolerated antagonistic event profile as compared with traditional chemotherapy. The rising demand for advanced immuno-oncology therapies influences the growth of the global immuno-oncology market. However, high cost as compared to chemotherapy and radiotherapy together with various challenges in clinical trials is projected to hamper the growth of the Immuno-oncology market during the forecast period. Additionally, the strict Food and Drug Administration regulations for the approval of the new drug are further projected to hinder the growth of the immuno-oncology (IO) market within the forecast period.
The effect of COVID-19 has negatively affected the growth of the market during the forecast period. Decreased development costs and unavailability of technical expertise due to increased workforce in treatment of the covid-19 patients had restrained the market growth during the covid-19 pandemic. Decreased visits of the patients and therefore the treatment has majorly affected the market growth. Furthermore, decreased research and development to make advancements in the therapy decreased the demand. Growth of the immuno-oncology market during the forecast period. Moreover, reduced income and increased cost of the therapy during the covid-19 epidemic also hampered the growth of the market.
Based on the region, the worldwide immuno-oncology market is segmented into the Asia Pacific, North America, Europe, and also the Middle East & Africa. North America also holds a significant share in the immuno-oncology market. The increasing old age population along with the advanced healthcare infrastructure. Furthermore, rising cases of cancer along with the presence of major market players in the North American region is projected to create lucrative opportunities for the immune oncology (IO) market to grow. Furthermore, the Asia Pacific region is expected to be the fastest-growing region during the forecast period. Increasing awareness for treatment and early exposure to cancers due to advanced technology in the developing countries of Asia Pacific is anticipated to drive the market growth.
The report on the global immuno-oncology market covers segments such as type, targets, indication, and end users. On the basis of type, the sub-markets include immune cell therapy, monoclonal antibodies, checkpoint inhibitors, cytokines, cancer vaccines, and others. On the basis of targets, the sub-markets include LAG-3, anti-CTLA-4, MAGE-A3, VEGF, HDAC, and others. On the basis of indication, the sub-markets include malignant tumors, benign tumors, and others. On the basis of end users, the sub-markets include hospitals, specialty clinics, and others.
The report provides profiles of the companies in the market such as Bristol Myers Squibb Company, Novartis AG, F. Hoffmann-LA Roche Ltd., Merck & Co., Inc., Regeneron Pharmaceuticals, GlaxoSmithKline Plc., Eli Lilly and Company, Fresenius Kabi AG, Pfizer Inc., and AstraZeneca PLC.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of immuno-oncology market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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