The immunotherapy drugs market is expected to register a CAGR of 8.4% during the forecast period.
North America is expected to have a significant market share throughout the forecast period. This is due to the increasing incidence of cancers, rising geriatric population, growing preference, and adoption rate of immunotherapy rates across the region.
The growing burden of chronic diseases such as cancer, asthma, and rheumatoid arthritis which are effectively treated with immunotherapy is likely to boost the market growth over the forecast period. For instance, according to statistics published by the Government of Canada and released in May 2022, about 233,900 Canadians were diagnosed with cancer in 2022, and prostate cancer is expected to remain the most commonly diagnosed cancer. Thus, the growing burden of cancers in the region is expected to boost the market growth over the forecast period.
The rising new product launches and increasing research and development activities are the are also propelling the immunotherapy market in the United States. For instance, in April 2023, the Food and Drug Administration approved enfortumab vedotin-ejfv (Padcev, Astellas Pharma) in combination with pembrolizumab (Keytruda, Merck) for patients with locally advanced or metastatic urothelial carcinoma who are ineligible for cisplatin-containing treatment on April 3, 2023. Additionally, in July 2022, the FDA approved ImmunityBio's N-803, an IL-15 superagonist in conjunction with Bacillus Calmette-Guérin (BCG) vaccine immunotherapy for Bladder Cancer.
Thus, owing to the abovementioned factors, the North American region in the studied market is expected to show significant growth over the forecast period.
The immunotherapy drugs market is moderately fragmented and consists of several major players. In terms of market share, few of the major players currently dominate the market. The market players are focusing on new product launches, R&D, and expansions to gain a competitive advantage. Some of the market's major players include AbbVie Inc., Amgen Inc., AstraZeneca, GlaxoSmithKline PLC, Novartis AG, and F. Hoffmann-La Roche AG.
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