Rise in incidence of cancer across the world, surge in global geriatric population, and supportive reimbursement policies for immune checkpoint inhibitors drive the growth of the global immune checkpoint inhibitors market.
PORTLAND, Ore., Jan. 9, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Immune Checkpoint Inhibitor Market by Type (PD-1 Inhibitor, PD-L1 Inhibitor, and CTLA4 Inhibitor) and Application (Lung Cancer, Bladder Cancer, Melanoma, Hodgkin Lymphoma, Colorectal Cancer and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global immune checkpoint inhibitors industry generated $34.9 billion in 2021, and is anticipated to generate $155.1 billion by 2031, witnessing a CAGR of 16.1% from 2022 to 2031.
Prime determinants of growth
Rise in incidence of cancer across the world, surge in global geriatric population, and supportive reimbursement policies for immune checkpoint inhibitors drive the growth of the global immune checkpoint inhibitors market. On the other hand, high cost of immune checkpoint inhibitors impedes the growth to some extent. However, an increase in the number of pipeline drugs is expected to create lucrative opportunities in the industry.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global immune checkpoint inhibitors market. This is owing to a decline in the number of cancer patient visits in hospitals and clinics for immune checkpoint inhibitor therapy (ICI) which, in turn, gave way to a reduced demand of immune checkpoint inhibitors products.
- However, the market is anticipated to get back on track soon. This is attributed to the increase in the prevalence of cancer and chronic diseases as well as an increase in the demand for novel drug therapies for the treatment of cancer.
The PD-1 inhibitor segment to maintain its leadership status throughout the forecast period
Based on type, the PD-1 inhibitor segment accounted for around three-fourths of the total immune checkpoint inhibitors market share in 2021, and is expected to rule the roost by 2031, owing to the increase in prevalence of various type of cancer along with a rise in geriatric population across the world. The PD-L1 inhibitor segment, on the other hand, would garner the fastest CAGR of 15.6% throughout the forecast period, owing to a rise in the number of PD-L1 drugs in pipeline.
The lung cancer segment to maintain its leadership status throughout the forecast period
Based on application, the lung cancer segment contributed to more than one-third of the total immune checkpoint inhibitors market revenue in 2021, and is projected to lead the trail by 2031. The same segment would also exhibit the fastest CAGR of 17.0% during the forecast period, owing tothe surge in the prevalence of lung cancer of across the world.
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North America to maintain its dominance by 2031
Based on region, the market across North America held the major share in 2020, garnering more than three-fifths of the global immune checkpoint inhibitors market and is estimated to maintain its leadership status throughout the forecast period, owing to high expenditure on R&D, presence of major players & their product availability, and well-established healthcare infrastructure in the region. The Asia-Pacific region, however, would manifest the fastest CAGR of 18.4% throughout the forecast period, owing to the improvement in R&D facilities, available disposable income, and rapidly developing economic conditions in the region.
Leading Market Players: –
- AstraZeneca PLC
- Bristol Myers Squibb Company
- Eli Lilly and Company
- GlaxoSmithKline PLC
- F. Hoffmann-La Roche Ltd.
- Sanofi
- Merck & Co. Inc.
- Merck KGaA
- BeiGene Ltd.
- Shanghai Jhunsi Biosciences Ltd.
The report provides a detailed analysis of these key players of the global immune checkpoint inhibitors market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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