Immuno-Oncology Market to grow at a CAGR of 16.5% to Reach US$ 111.64 Billion by 2034: Fact.MR Report
Novel Modes of Treatment and Drugs Spur the Demand in the Immuno-oncology Market
Rockville, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global immuno-oncology market is estimated to have a value of US$24.17 billion in 2024. The market is projected to grow at a robust clip through 2034, with a CAGR of 16.5%. The demand for immuno-oncology is projected to hit a valuation of US$111.64 billion by 2034.As with other oncology-related fields, the growing incidence of cancer is seeing the demand for immuno-oncology accelerate. Significant growth in cigarette smokers, genetic diseases, excess sun exposure, and changing eating habits are leading factors in cancer growth, which further necessitates the use of immuno-oncology. The effectiveness of the treatment is a further boost for the market.
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Immuno-oncology is a dynamic field, and newer modes of treatment and drugs keep the product line fresh. Significant sums of money and time are devoted to research and development for the introduction of new drugs. As governments all over the world look to curb death rates due to cancer, there is encouragement for the development of novel products from public health institutions.
As part of a more positive outlook towards immuno-oncology, regulatory bodies are approving newer products at a frequent pace. As companies in the market rely on approval from regulatory bodies like the United States Food and Drug Administration (FDA) to get their products moving, this positive tendency is a boon for the market.
*“Doctors often use immuno-oncology in combination with other cancer treatments. Immuno-oncology’s boosting of the immune system is paired up with other effective treatments to battle cancer cells. Thus, the market is growing in conjunction with other oncological markets,"** says a Fact.MR analyst.**Report Attribute* *Details*
Value Projection (2034) US$ 111.64 billion
Growth Rate (2024-2034) 16.5% CAGR
No. of pages 170 Pages
No. of Tables 48 Tables
No. of Figures 240 Figures
*Key Takeaways from the Market Study*
· The global immuno-oncology market is projected to expand at a CAGR of 16.5% through 2034.
· The East Asia immuno-oncology market is expected to evolve at a CAGR of 15.2% through the forecast period.
· The immuno-oncology industry is expected to register a CAGR of 15.2% in China over the forecast period.
· The immuno-oncology industry in Japan is expected to rise at a CAGR of 15.5% through 2034.
· Based on therapy type, immune checkpoint inhibitors lead the market, with an expected market share of 86.3% in 2024.*Companies are Pairing Together to Combine Technological Capabilities in the Pursuit of More Effective Products *
The market is fertile ground for the inking of partnerships, sometimes even between direct competitors. Startups and established giants alike are taking the opportunities provided by collaboration.*Key Companies Profiled in This Report*
· Bristol Myers Squibb Company
· Novartis AG
· F. Hoffmann-LA Roche Ltd.
· Merck & Co., Inc.
· GSK Plc.
· Eli Lilly and Company
· Fresenius Kabi AG
· Pfizer Inc.
· AbbVie Inc.
· Genentech Inc.
· Sanofi
· AstraZeneca
*Some recent developments in the market are:*
· In December 2023, Elpiscience Biopharma joined forces with Astellas Pharma for research programs on cancer treatment.
· In September 2023, GI Innovation partnered up with Medidata Solutions for the development of two new drugs- GI-101 and GI 102.
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*Country-wise Insights*
The healthcare industry is rapidly developing in East Asia. The expanding healthcare industry in the area is helping the immuno-oncology market as well. East Asia's market is projected to be worth US$ 3.01 billion in 2024, with a 12.5% market share. East Asia's market is anticipated to grow at a fascinating rate between 2024 and 2034, with a compound annual growth rate of 15.2%. East Asia's market value is expected to increase to US$12.37 billion by 2034, representing an 11.1% market share.
Globally, the immuno-oncology market is dominated by North America. North America is anticipated to be a thriving location for the immuno-oncology business, despite projections that its proportion of the worldwide market will decline during the forecast period. North America's market share is expected to reach 71.0% in 2024, with a projected market value of US$ 17.16 billion. For the duration of the forecast period, North America's market is anticipated to grow at an astounding 13.9% CAGR. It is projected that North America's market value will soar to US$ 62.97 billion by 2034, with a 56.4% market share.
*Explore More Related Studies Published by Fact.MR Research:*
*Immune Checkpoint Inhibitor Market: *Demand for immune checkpoint inhibitors is projected to reach a market value of US$ 1,06,155.7 million by 2034.
*Radioimmunotherapy Market: *North America is expected to witness the highest growth over the forecast period of 2020 to 2030.
*Cancer Immunotherapy Market: *The cancer immunotherapy market is expected to reach nearly US$ 310 Bn by 2031.
*About Fact.MR**:*
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