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Global Immuno-Oncology Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product & Service, Technology, Application & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)
As per our research report, the global immuno-oncology market size is predicted to be growing at a CAGR of 13.2% from 2021 to 2026 and worth USD 8.37 billion by 2026 from USD 4.51 billion in 2021.
COVID-19 on the global immuno-oncology market:
The global immuno-oncology market has seen a slight decline in demand due to the enforcement of government-imposed lockdown and works from home to contain the spread of COVID. Restrictions imposed by various countries to contain COVID have halted the production of various drugs, caused disruption, and resulted in supply chain discrepancies.
Owing to all the factors mentioned above, there has been a decrease in the volume of patients in hospitals, leading to rescheduling and delayed procedures. Additionally, there have been delays in screening and on-time diagnosis of suspected people, reducing several procedures; healthcare providers have prioritized essential cases to minimize the risk of exposure to COVID-19 during hospital visits. All of these factors have negatively impacted the immuno-oncology market in 2020-2021.
KEY DRIVING FACTORS:
The increasing number of immuno-oncology treatments and the growing approval of immuno-oncology therapies by the FDA led to the acceptance of new and advanced technologies in immuno-oncology. Cancer is considered the leading cause of death in the world after cardiovascular disease. The percentage of cancer deaths increased from 13% in 1990 to 15.5% in 2019 worldwide. According to the World Health Organization report, 8.35 million deaths are caused by cancer each year; around 72% of new cancer cases are projected to be reported in the next 20 years. With such a high prediction for cancer incidence, immuno-oncology therapy has been hailed as one of the most promising advances in cancer treatment. The latest advancements in research and development with varying stages of clinical trials and drug discovery shows the exciting potential of immuno-oncology for the future of cancer treatment.
Immuno-oncology therapies are widely adopted in Western countries than in Asian countries due to well-developed infrastructure and infirmed population. According to the World Health Organization report 2018, the burden of cancer has increased by 18.15 million new cases, and cancer deaths were 9.65 million. Governments and organizations in different countries invest heavily in research and development activities to develop new cancer drugs with more excellent prognoses. More than 60 percent of new cancer cases globally occur in Africa, Asia, and South America, and 70 percent of global cancer deaths also occur in these regions. This high prevalence of cancer and the demand for personalized medicine will help the immuno-oncology market. Since every cancer requires a customized treatment plan with varying complications, healthcare professionals require effective and innovative immuno-oncology treatments for these critically-ill patients; these factors are expected to drive the growth of the global immuno-oncology market.
However, immuno-oncology treatment is costly when compared to conventional chemotherapy and radiotherapy. The average cost of immuno-oncology treatment is over USD 100,000, which is very high for some cancer patients, especially in under developing and developing countries. There is also a shortage of skilled professionals in such regions. These factors are projected to limit the growth of the market during the forecast period.
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KEY MARKET INSIGHTS:
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