As per the estimates of the market research firm, P&S Intelligence, the market will generate a revenue of $227.6 billion by 2023. Some of the major factors driving the expansion of the market are the surging incidence of chronic diseases and burgeoning requirement for monoclonal antibodies (mAbs) across the world.
The increasing incidence of chronic diseases is rapidly becoming a major healthcare burden that affects both low and middle-income countries (LMIC) and high-income nations. For instance, as per the World Health Organization, cancer, which is a chronic disease, was responsible for 9.6 million deaths in 2018. Furthermore, the organization reported that nearly 70% of the deaths caused due to cancer occurred in LMIC. The increasing occurrence rate of these diseases is pushing up the requirement for various immunotherapy drugs, thereby driving the growth of the market.
Vaccines are further divided on the basis of brand and type. Therapeutic and preventive are the two types of vaccines available all over the world. Between these, the sales of preventive vaccines were found to be higher in the years gone by. Out of the several brands of vaccines available in the market, Prevenar 13/Prevnar is one of the most widely sold one and in 2017, the sales of these vaccines generated $5.6 billion revenue in the market.
Immunotherapy drugs are extensively used for treating inflammatory diseases, autoimmune ailments, and cancer. Out of these, the requirement for these drugs was found to be the highest for treating cancer in 2017. This is credited to the rising incidence of cancer across the world. Clinics and hospitals, and individuals are the major end users of immunotherapy drugs. Between these, the demand for these drugs is predicted to rise at a faster pace in hospitals and clinics in the coming years.
Geographically, North America contributed the highest revenue to the immunotherapy drugs market during the last few years. This was because of the surging per capita healthcare expenditure, presence of a large geriatric population, high incidence of chronic diseases, and existence of several immunotherapy drugs producing companies in the region. Additionally, the soaring number of research laboratories and the huge direct and indirect investments that were made in research and development (R&D) projects by biotechnology and pharmaceutical companies also contributed toward the expansion of the market in the region in the past years.
Get More Details Segmentation Immunotherapy Drugs Market Growth and Sales Data
