Immuno Oncology (IO) Market Share, Size, Trends, Industry Analysis Report, By Treatment Approaches (Monoclonal Antibodies, Therapeutic Vaccines, Checkpoint Inhibitors, Cytokines); By Novel Targets; By Tumor Types; By Region; Segment Forecast, 2023 - 2032
- Published Date:Dec-2023
- Pages: 118
- Format: PDF
- Report ID: PM1083
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global immuno oncology (IO) market was valued at USD 20.99 billion in 2022 and is expected to grow at a CAGR of 20.0% during the forecast period.
Immuno-oncology (IO) has emerged as a revolutionary approach to treating cancer. IO harnesses the immune system's power to combat cancer cells by enhancing the body's natural defense mechanisms. This innovative approach has significantly impacted the oncology market, provided new therapeutic options and improved patient outcomes.
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The increasing incidence of cancer worldwide has created a pressing need for more effective treatments. IO therapies offer a promising solution by targeting specific immune checkpoints or antigens, unleashing the immune system to recognize and destroy cancer cells. Clinical successes and regulatory approvals have propelled the market forward. Breakthrough IO drugs such as immune checkpoint inhibitors, CAR-T cell therapies, and cancer vaccines have demonstrated remarkable efficacy in various cancer types, including melanoma, lung cancer, and hematological malignancies. These approvals have encouraged further research and investment in the IO field.
The COVID-19 pandemic had an impact on the market. Clinical trials experienced delays and disruptions, hindering the development of IO therapies, but the importance of these treatments for vulnerable cancer patients during the pandemic underscored their significance. Collaboration and research efforts focused on repurposing IO therapies for COVID-19 treatment. Economic challenges and shifts in healthcare priorities affected adopting and reimbursing IO treatments. Still, the pandemic also accelerated the adoption of digital health technologies that could enhance patient access to IO therapies.
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Industry Dynamics
Growth Drivers
- Rising incidence of cancer and growing adoption of targeted therapies
The increasing incidence of cancer globally is a significant driver. As cancer rates continue to rise, there is a growing demand for more effective treatment options. IO therapies offer a promising approach by harnessing the immune system to target and eliminate cancer cells, providing a new avenue for combating the disease.
The diagnosis, prognosis, and treatment of cancer present significant challenges due to its complex nature and the involvement of multiple molecular pathways. Consequently, relying on a single marker is insufficient; each cancer type has a distinct molecular profile. Immuno-oncology assays have been crucial in understanding cancer signatures and developing tailored therapies to address this complexity.
The rapid discovery of immuno-oncology treatments for various types of cancer has revolutionized cancer therapy and improved long-term prospects for many advanced-stage cancer patients. This has led to an increased demand for immuno-oncology (IO) approaches. Additionally, the government and pharmaceutical companies have significantly invested in research and development for cancer treatment, which is expected to drive the market's growth.
The increasing adoption of combination therapies has become a notable driver in the immuno oncology (IO) market. Combination treatments involve IO therapies combined with other treatment modalities, such as chemotherapy or targeted therapies. The synergistic effects of combining different treatment approaches have shown improved response rates and patient outcomes. The growing recognition and adoption of combination therapies are driving the expansion and diversification of the IO market.
Report Segmentation
The market is primarily segmented based on treatment approaches, novel target, tumor type, and region.
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By Treatment Approaches |
By Novel Targets |
By Tumor Types |
By Region |
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By Treatment Approaches Analysis
- Checkpoint inhibitors segment accounted for holding largest revenue shares in 2022
Checkpoint inhibitors emerged as the leading treatment approach, holding the largest market share. This trend will continue over the forecast period, with checkpoint inhibitors dominating the treatment approaches segment. These inhibitors work by blocking checkpoint proteins from binding to their companion proteins, thus enabling T cells to target and destroy cancer cells effectively.
The growth of this segment is primarily driven by increasing public awareness of checkpoint inhibitors and the continuous innovation of technology in this field. The efficacy and potential of checkpoint inhibitors in improving cancer treatment outcomes have propelled their adoption and contributed to their market dominance.
- Monoclonal antibodies segment anticipated to hold the highest CAGR during forecast period
The monoclonal antibodies segment is expected to hold the highest CAGR rate over the forecast period. These laboratory-produced molecules specifically target antigens on cancer cells, triggering immune responses or directly interfering with cancer cell growth. Advancements in technology and research, successful clinical outcomes, and the ability to be used in combination therapies have driven the adoption of monoclonal antibodies. Ongoing innovation and a robust pipeline of antibodies targeting different cancer-related antigens provide further opportunities for market expansion in the future.
Regional Insights
- North America dominated the global market in 2022
North America emerged as the dominant region in the global market and is expected to maintain its leading position throughout the forecast period. This can be attributed to a growing senior population, well-developed healthcare infrastructure, and the region's high prevalence of cancer cases. Additionally, the presence of key market players further strengthens the market's growth potential in North America.
The Asia Pacific region is projected to experience significant growth in the market during the forecast period. This can be attributed to the increasing incidence of cancer cases in the area and the rapid development of the pharmaceutical and healthcare industries. Furthermore, private and government organizations in the Asia Pacific are making substantial investments in immuno-oncology, creating lucrative opportunities for market growth.
Competitive Insight
The Immuno Oncology (IO) market is highly competitive, driven by the development of innovative immunotherapies for cancer treatment. Key players dominate the market with checkpoint inhibitors and CAR-T therapies. Emerging biotech firms also contribute to the fierce competition by advancing novel IO approaches fostering ongoing research and development.
Some of the major players operating in the global market include
- Amgen, Inc.
- AstraZeneca
- Bristol Myers Squibb
- Celgene Corporation
- Eli Lilly and Company
- F. Hoffmann-La Roche AG
- GlaxoSmithKline Plc.
- Incyte
- Janssen Biotech, Inc.
- Merck
- Novartis AG
- Pfizer
- Sanofi
- Spectrum Pharmaceuticals
- Takeda Pharmaceuticals
Recent Developments
- In June 2023, Biosyngen, an Immuno-oncology company, has opened a new Good Manufacturing Practice (GMP) facility in Singapore to support cell manufacturing for immunotherapies. The facility aims to cater to the growing demand in the cell and gene therapy industry globally.
- In June 2023, Coherus BioSciences Inc has acquired Surface Oncology Inc, a clinical-stage immuno-oncology (I-O) company specializing in developing advanced immunotherapies that target the tumor microenvironment.
Immuno Oncology (IO) Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 25.11 billion |
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Revenue forecast in 2032 |
USD 129.18 billion |
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CAGR |
20.0% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Treatment Approaches, By Novel Targets, By Tumor Types, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
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