Immuno-Oncology Drugs Market Expected to Decline due to COVID-19 Outbreak but Recover and Reach $80.11 Billion by 2023

Strategic Insights -

The immuno-oncology drugs market is expected to face a decline in 2020 due to the COVID-19 outbreak but is expected to recover and reach $80.11 billion by 2023 at a compound annual growth rate of 11.79%. The market was valued at $59.64 billion in 2019 and is expected to grow due to the rising number of cancer cases across the globe. The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of the new cancer cases.

Key Takeaways:

  • The global immuno-oncology drugs market is expected to decline from $59.64 billion in 2019 to $57.34 billion in 2020 at a compound annual growth rate of -3.86% due to the COVID-19 outbreak.
  • The market is expected to recover and reach $80.11 billion by 2023 at a compound annual growth rate of 11.79%.
  • The immuno-oncology drugs market consists of sales of immuno-oncology drugs used for the treatment of cancer and related services by entities (organizations, sole traders and partnerships) that produce immuno-oncology drugs for cancer treatment.
  • The market is segmented by type into monoclonal antibodies, immune checkpoint inhibitors, immune system modulators, cancer vaccines, and others.
  • The rise in the number of cancer cases across the globe is likely to contribute to the growth of the immune-oncology drugs market.
  • The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of the new cancer cases.
  • Amgen is one of the largest players in the immuno-oncology drugs market.
  • The high costs associated with drugs are a major issue faced by patients across the globe, with immunotherapy drugs costing more than other cancer drugs.
  • Companies covered in the report include Amgen, Inc., AstraZeneca Plc, Bristol-Myers Squibb, Celgene Corporation, Eli Lilly and Company, Merck & Co., F. Hoffmann-La Roche AG, Johnson & Johnson, Novartis International AG, AbbVie, Inc., Pfizer Inc, Sanofi S.A., Incyte, EMD Serono, Inc., Gilead Sciences Inc., Prometheus Therapeutics & Diagnostics, Aduro BioTech, Galena Biopharma, Bavarian Nordic.
  • The entire supply chain has been disrupted due to the COVID-19 outbreak, impacting the market negatively.

Statistics:

  • The global immuno-oncology drugs market is expected to decline from $59.64 billion in 2019 to $57.34 billion in 2020 at a compound annual growth rate of -3.86%.
  • The market is expected to recover and reach $80.11 billion by 2023 at a compound annual growth rate of 11.79%.
  • The four most common types of cancers worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of the new cancer cases.
  • The rise in the number of cancer cases across the globe is likely to contribute to the growth of the immune-oncology drugs market.

Sources:

  • "Immuno-Oncology Drugs Global Market Report 2020-30: COVID-19 Growth And Change" by The Business Research Company (2020)
  • The Business Research Company - Immuno-Oncology Drugs Market Report 2020-30 (2020)
  • BusinessResearchCompany.com - Immuno-Oncology Drugs Market Report 2020-30 (2020)