Global Immunotherapy Drugs Market - Segmented by Type of Drug, Therapy Area, End-User and Geography - Growth, Trends and Forecast (2018 - 2023)
The global immunotherapy drugs market is expected to register a CAGR of nearly 13.0% during the forecast period, 2018-2023. The immunotherapy drugs market is primarily expected to rise due to rising prevalence of cancer and infectious diseases as these therapies are used to improve the human immunity to fight against diseases. With a well-established healthcare infrastructure and rising demand for advanced therapies, makes the North America region to dominate the immunotherapy drugs market.
Increasing Global Prevalence of Chronic Diseases and Lifestyle Disorders
The increasing global prevalence of chronic diseases and lifestyle disorders is one of the major factors propelling this market. These diseases majorly includes cardiovascular diseases, cancer, stroke, infectious diseases, lung disorders, diabetes, chronic kidney diseases and liver diseases. According to chronic diseases prevention and health promotion, in 2015, more than 85% of the US annual healthcare expenditures was spent on people with chronic diseases and mental health condition. Other factors associated with lifestyle disorders such as obesity, changing lifestyle globally as well as smoking and eating habits are vital factors aggravating the chronic diseases. All these factors raise the demand for immunotherapy drugs market.
Other factors driving this market are rising adoption of targeted therapies over traditional therapies, the emergence of biosimilars and rising demand for monoclonal antibodies.
High Cost of Immunotherapy Treatment
The immunotherapies are expensive and that is one of the primary reasons declining this market. Immunotherapies are often covered by the health insurance companies but still, a major part of its costs are paid from the patients’ packets. In the US, it is estimated that the cost reaches above USD 1.0 million per year and when combined with other drugs, it is above USD 2.0 million per year. In the emerging markets such as India, the cost of one immunotherapy is in the range of 1-3 lakhs and it continues for a period of 3-6 months. Therefore, it is not easily affordable globally.
Other factors affecting this market is the higher attrition rate in the product development cycle.
US is Expected to Have the Largest Share in the Forecast Period
In North America, the US is expected to have the largest market share related to immunotherapy market. The factors such as increased awareness among people for the early detection of diseases, better reimbursement policies, healthcare expenditure with better infrastructure and rising prevalence of chronic and lifestyle disorders are primary factors raising the immunotherapy market in this country. The Asia Pacific has a large diversified patient pool with growing economies and rising awareness among people regarding chronic and infectious diseases which is expected to raise the immunotherapy market at the highest rate among the global regions
Key Developments in the Market
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