The global immunotherapy drugs market is projected to reach USD 201.52 Billion by 2021 from USD 108.41 Billion in 2016, growing at a CAGR of 13.5 percent during the forecast period of 2016 to 2021.
Increasing adoption of targeted therapies with fewer side effects, quicker drug approval processes, and high prevalence rate of lifestyle diseases are major growth drivers of this market. On the other hand, the high cost of immunotherapy treatment, and high attrition rate in the product development cycle are the major factors hindering the growth of the market. However, rising opportunities in the emerging markets, and immunotherapy as an alternative to chemotherapy for first line treatment are the factors supporting the growth of the market.
The immunotherapy drugs market is segmented on the basis of type of drugs, therapy area, end user, and region. Based on type of drugs, the market is segmented into monoclonal antibodies, adult vaccines, checkpoint inhibitors, interferons alpha & beta, interleukins, and others. Adult vaccines segment is further categorized into preventive vaccines and therapeutic vaccines. Monoclonal antibodies segment is expected to account for the largest market share in the market, by type of drugs in 2016. On the other hand, checkpoint inhibitors segment is expected to be the fastest growing segment in the market, by type of drugs, in 2016. The high growth of this segment can be attributed to factors such as increasing adoption of checkpoint inhibitors in cancer treatment with their ability to target only foreign cells leaving normal cells alone.
On the basis of therapy area, the immunotherapy drugs market is segmented into cancer, autoimmune & inflammatory diseases, infectious diseases, and others. Among these segments, the cancer segment is expected to account for the largest market share in 2016. Cancer segment is also expected to be the fastest growing segment in the market, by therapy area in 2016. The large share and high growth of this segment can be attributed to factor such as high preference for immunotherapy as a first line of treatment in cancer leading to growing demand for immunotherapy drugs.
North America is expected to account for largest share in the immunotherapy drugs market, by region in 2016. Asia-Pacific is expected to be the fastest-growing regional segment in the market. The high growth of this segment can primarily be attributed to the low cost of manufacturing and acceptable regulatory scenario in this region. – Market and Markets