Immuno-Oncology Drugs Market to Decline in 2020 Due to COVID-19, Rebound Anticipated by 2023

Strategic Insights -

The global immuno-oncology drugs market, which includes sales of immuno-oncology drugs used for the treatment of cancer and related services, is expected to decline in 2020 due to the COVID-19 pandemic. The market, which was valued at $59.64 billion in 2019, is expected to recover and reach $80.11 billion in 2023 at a compound annual growth rate (CAGR) of 11.79%. The market is driven by the increasing demand for cancer treatments and the growing number of cancer cases worldwide. However, the high cost of immuno-oncology therapies and the lack of affordability in less wealthy countries are major restraints on the market.

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 CAGR of -3.86% due to the COVID-19 pandemic.
  • The market is expected to recover and reach $80.11 billion in 2023 at a CAGR of 11.79%.
  • The market is driven by the increasing demand for cancer treatments and the growing number of cancer cases worldwide.
  • The high cost of immuno-oncology therapies and the lack of affordability in less wealthy countries are major restraints on the market.
  • Companies in the immuno-oncology drugs market are increasing their product innovation through strategic collaborations to sustain in the increasingly competitive market.
  • 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.

Statistics:

  • The global immuno-oncology drugs market was valued at $59.64 billion in 2019.
  • The market is expected to decline to $57.34 billion in 2020 at a CAGR of -3.86%.
  • The market is expected to recover and reach $80.11 billion in 2023 at a CAGR of 11.79%.
  • The four most common types of cancers worldwide account for 43% of new cancer cases.
  • There were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA.

Sources:

  • "Immuno-Oncology Drugs Global Market Report 2020-30: COVID-19 Growth and Change"
  • GlobeNewswire
  • ResearchAndMarkets.com
  • American Cancer Society