Immune checkpoint inhibitor drugs help the body fight against certain proteins that are normally used by various tumors to suppress immune responses.
Albany, NY -- (SBWIRE) -- 11/07/2017 -- Owing to higher efficiency as compared to conventional therapies such as radiation, chemo and surgery, doctors around the globe are increasingly prescribing immunotherapy to cancer patients. Immuno-oncology therapies have low toxicity, making it easier for the patients to undergo such treatment procedures. Increasing clinical approval of immunotherapy drugs continues to support speedy adoption of immuno-oncology treatments while higher investments to further improve immunotherapies is anticipated to create greater market opportunities for drug makers. Persistence Market Research (PMR) is its latest report projects that the global market for immune-oncology is set to witness a CAGR of 16.5% between 2016 and 2025, to reach a valuation of US$ 27,846.3 Mn by the end of the forecast period.
Collaborative efforts and initiatives to identify therapies for difficult-to-treat illnesses is a key factor driving the overall immune-oncology market. However, high drug pricing, development costs and limited technical expertise are some of the challenges likely to dampen the surging spirit of the market over 2025.
Amongst regions, the immuno-oncology market in North America accounted for a revenue share of around 67.1% in 2016. The region's market is expected to witness a strong CAGR of 17.1% during the assessment period and retain its top position. In terms of revenue, the US dominates the North America immuno-oncology market and is projected to continue to do so in 2017 and beyond owing to the presence of prominent drug manufacturing companies in the country.
PMR is its report has profiled some of the leading companies operating in the global immuno-oncology market, which includes Amgen, Inc., AstraZeneca Plc, Bristol-Myers Squibb, Dendreon Corporation, F.Hoffmann-La Roche, Merck & Co., Inc. Novartis AG, Pfizer, Inc., Sanofi. In terms of revenue share, Bristol-Myers Squibb (BMS) was ranked at the top in 2016, thanks to the success of its blockbuster products Opdivo and Yervoy.
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