Immuno-Oncology Market

Immuno-oncology Market Outlook from 2024 to 2034)

The global immuno-oncology market size is estimated to have a value of US$ 24.17 billion in 2024. The market is expected to register a stirring CAGR of 16.5% from 2024 to 2034. By the end of the forecast period, the market size is expected to be worth US$ 111.64 billion.

The global rise in cancer patients is highlighting the need for cancer treatments. Immuno-oncology is thus being reverted to for handling cancer patients. Preventive healthcare measures ensure cancer is being detected at early stages, and thus, there is more room for immuno-oncology to do its work.

Key Market Growth Drivers

New methods of treatment ensure that immuno-oncology is an ever-evolving field. Newer forms of treatment, like tumor-infecting viruses and cytokines, are ensuring that the market is not fixated on select forms of treatment. The positive response to the innovative treatments is further boosting the image of immuno-oncology.

In a bid to cope with the rise in cancer patients and eventually curtail death numbers, the regulatory bodies are favoring immuno-oncology. New drugs and treatment methods are more frequently receiving approvals from prominent regulatory bodies like the United States Food & Drug Administration (FDA). Thus, the influx of new products in the market is rapid, and the demand for immuno-oncology keeps flowing.

Report Attributes	Details
Estimated Market Value (2024E)	US$ 24.17 billion
Forecasted Market Value (2034F)	US$ 111.64 billion
Global Market Growth Rate (2024 to 2034)	16.5% CAGR
Immune Checkpoint Inhibitors Segment Growth Rate (2024 to 2034)	16.8%
Melanoma Segment Growth Rate (2024 to 2034)	15.6%
North America Market Share (2024)	71.0%
East Asia Market Share (2024)	12.5%
Key Companies Profiled	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

Which Factors Have Driven the Global Surge in Immuno-oncology Demand?

“Growing Confidence in the Ability of the Human Immune System Sees Immuno-oncology Treatment Find Greater Acceptance”

The focus of immuno-oncology is on bringing out the power of the immune system in combatting cancer cells. Therefore, immuno-oncology emphasizes the human immune system. With positive new revelations about the immune system, including its ability to fight cancer cells, there is a growing positive outlook towards immuno-oncology.

“Immunotherapy Being Used in Combination with Other Cancer Treatments is Bolstering the Demand for Immuno-oncology”

While the traditional market strategy would be to see chemotherapy and other cancer treatments as competitors to immuno-oncology, doctors often use a combination of immuno-oncology with other treatments. The severity of the cancers affecting the human body is sometimes such that one mode of treatment is not enough. Cancer is still a key subject of study and research, and as new methods of treatment get developed, doctors are utilizing the best possible combination in treatment. Thus, the market for immuno-oncology is growing hand-in-hand with other forms of cancer treatments like chemotherapy.

Which Factors Present Challenges to the Expansion of the Immuno-oncology Market?

“High Cost of Treatment and Manufacturing Difficulties Have the Potential to Slow Down the Growth of the Market”

Cancer treatments have earned a reputation for being costly. Immuno-oncology is no different, as the cost of drugs and treatment is not insignificant. Thus, a lot of people are not able to afford the treatment.

Immuno-oncology is a fast-developing market, with the rate of newer drugs and treatments being introduced rapidly. However, manufacturers often face difficulty in procuring the required amount of raw materials as other sections in the healthcare sector have the propensity to lag behind the latest developments. Thus, there are often difficulties with manufacturing. However, despite the challenges, the overall outlook for the market over the forecast period is bright.

Country-wise Insights

East Asia is a hotbed for developments in the healthcare sector. The immuno-oncology market, too, is reaping the benefits of the region's growing healthcare sector. For 2024, the value of the market in East Asia is estimated to be US$ 3.01 billion, for a market share of 12.5%. The market is expected to progress at an enthralling rate in East Asia from 2024 to 2034, with a CAGR of 15.2%. By 2034, it is projected that the market value for East Asia is likely to jump to US$ 12.37 billion, with a market share of 11.1%.

The North America immuno-oncology market is dominating globally. Even though, over the forecast period, the share of the region in the global market is projected to reduce, North America is expected to continue being a fertile ground for the immuno-oncology industry. For 2024, the market share for North America is projected to be 71.0%, with a market value of US$ 17.16 billion. The market is expected to register a remarkable CAGR of 13.9% in North America for the forecast period. By 2034, the market value in North America is anticipated to have shot up to US$ 62.97 billion, with a market share of 56.4%.

What Makes China Such a Promising Country for the Immuno-oncology Market?

“Government Encouragement Propels the Research and Development of Immuno-oncology Treatments in China”

China is filled with promise for immuno-oncology, and the 2024 market valuation is estimated to be US$ 1.68 billion. The immuno-oncology market in China is expected to register an impressive CAGR of 15.2% over the forecast period, at the end of which, the market value for the country is projected to hit US$ 6.96 billion.

The government in China has given research relating to cancer treatment a prominent place in its health policy. Thus, the government is positive about the development of novel immuno-oncology treatments. Research work in the field is also encouraged.

Why is Japan Emerging as a Lucrative Country for the Immuno-oncology Market?

“Japan Enabling the Introduction of Novel Drugs and Forms of Treatment in the Immuno-oncology Field”

The progress of the immuno-oncology market in Japan is anticipated to be even faster than in China, making it one of the premier countries for the industry. The 2024 market valuation for the country is US$ 0.77 billion. From 2024 to 2034, the market is expected to progress at a stellar rate in Japan, with a CAGR of 15.5%. By 2034, the market valuation is expected to reach US$ 3.26 billion.

Japan’s aging population contributes to cancer rates increasing in the country. To get control over the rise in people affected by cancer, Japanese regulatory bodies are approving newer drugs and treatments with enthusiasm. For example, in 2023, the Japanese Patent Office granted a patent to the immuno-oncology company Imugene for its PD1-Vaxx candidate.

 Category-wise Insights

Based on therapy type, immune checkpoint inhibitors are the leaders in the market. For 2024, immune checkpoint inhibitors are expected to account for an overwhelming 91.4% of the market share. Immune system modulators are a distant second, expected to contribute to 3.8% of the market share in 2024. Based on the therapeutic area, melanoma is the leader, with an estimated 36.9% of the market share in 2024. Lung cancer is not far behind, with an estimated market share of 31.7% in 2024.

Why are Immune Checkpoint Inhibitors the Top Form of Therapy in Immuno-oncology?

“Checkpoint Inhibitors’ Positive Results are Leading to More Doctors Relying on the Treatment Method”

Checkpoint inhibitors are the predominant type of therapy in immuno-oncology. For 2024, checkpoint inhibitors are expected to contribute to a mammoth 91.4% of the market share. The product is expected to progress at a CAGR of 16.8% over the forecast period. By 2034, checkpoint inhibitors’ market share is expected to have grown even further to 93.7%.

Checkpoint inhibitors have shown positive results even in the relatively short amount of time the treatment has been available. Thus, doctors are not hesitant about administering the form of treatment.

Competitive Landscape

Collaboration between market players is a common sighting in the immuno-oncology landscape. By means of collaborations, the companies hope to fuse the technological capabilities of different organizations.

The partnerships extend across international borders. Many Western companies are teaming up with their Asian counterparts to explore opportunities in the global market. The development and authorization of new drugs and treatments is also a common concern in the market. Some of the key companies in the market are 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, and AstraZeneca.

Recent Developments in the Market are:

• In December 2023, Elpiscience Biopharma signed an agreement with Astellas Pharma. The companies will jointly carry out research programs on cancer treatment, with Elpiscience in for monetary rewards of over US$ 1.7 billion in case milestones are met.
• In September 2023, South Korean player GI Innovation inked a deal with American clinical trial data solution provider Medidata Solutions. The South Korean company hopes to leverage the American’s AI and big data capabilities for the development of two new drugs- GI-101 and GI 102.
• In May 2023, American startup KSQ Therapeutics and Japanese enterprise Takeda expanded the scope of their partnership. KSQ Therapeutics increased its investment in the Japanese player, with further monetary rewards should their common targets be met.

Segmentation of Immuno-oncology Market Research

• By Therapy Type:

  • Immune Checkpoint Inhibitors
  • Immune System Modulators
  • Cancer Vaccines
  • Oncolytic Virus
  • Others

• By Therapeutic Area:

  • Melanoma
  • Lung Cancer
  • Blood Cancers
  • Renal Cell Carcinoma
  • Prostate Cancer
  • Bladder Cancer
  • Other Cancers

• By End User:

  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers

• By Region:

  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia & Oceania
  • The Middle East & Africa