According to FutureWise analysis, the immuno-oncology market in 2023 was US$101.4 billion, and is expected to reach US$240 billion by 2031 at a CAGR of 12%. The Immuno-Oncology market is experiencing rapid growth due to the increasing global burden of cancer and the rising success of immunotherapies, such as checkpoint inhibitors and CAR-T cell therapies. Advances in precision medicine and biomarker research are facilitating the development of more targeted and effective treatments. Strategic collaborations between biotech firms and pharmaceutical companies are accelerating the drug development process. Furthermore, regulatory approvals for novel therapies and expanded indications are contributing to market expansion across various cancer types.
Cancer immunotherapy, also known as immuno-oncology, is a treatment approach that utilizes the body's own immune system to prevent, eliminate, and control cancer. Boosting your immune system, providing your body with additional components to enhance the immunological response, and teaching your body to recognize and fight specific cancer cells can also aid in the elimination of cancer. In cancer immunotherapy, several therapies are available, including targeted antibodies, cancer vaccines, adoptive cell transfer, tumor-infecting viruses, checkpoint inhibitors, cytokines, and adjuvants. Immunotherapies are a type of biotherapy (also known as biologic therapy or biological response modifier (BRM) therapy), which uses compounds from living organisms to treat disease.
The Department of Immuno-Oncology is at the forefront of medical research that uses the body's immune system to combat cancer. Due to its potential to utilize the body's built-in immunity to infection, immunotherapy is a significant tool in the fight against cancer. T-cell treatment, which employs specialized immune system cells to target and eliminate cancer cells, and immune checkpoint blockade, which modifies or strengthens the immune system to attack and eradicate tumor cells, are two cancer immunotherapies currently in use. For some people with metastatic cancer, these treatments work. But, researchers in the Department of Immuno-Oncology envision immunotherapy playing a much more significant role in the fight against cancer. By making immunotherapy a highly effective first-line treatment option that can lead to more potent and less toxic treatments, scientists aim to advance immunotherapy to the forefront. To treat patients with early-stage cancer and remove the microscopic residual disease that might cause cancer to return even after chemotherapy, radiation therapy, and surgery have been successful, researchers are aiming to improve the effectiveness of these innovative medicines further.
FutureWise Market Research has published a report that provides an insightful analysis of the Immuno-oncology market trends affecting overall market growth. This report provides a detailed analysis of market share, regional insights, and competitor analysis, including the stature of key manufacturers operating in this industry. According to the analysis conducted by FutureWise research analysts, the Immuno-oncology market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition to providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing the customer base.