Immunotherapy Drugs Market Size, Share, Growth Analysis, By Type (Antibody Drugs Inhibitor Drugs, Interferons & Interleukins), By Application (Hematology, Neurology), By Route of Administration, By Distribution Channel, By End User, By Region - Industry Forecast 2024-2031

Global Immunotherapy Drugs Market size was valued at around USD 247.44 billion in 2022 and is expected to rise from USD 285.30 billion in 2023 to reach a value of USD 772.87 billion by 2031, at a CAGR of 15.3% over the forecast period (2024–2031).

The growth of the market is driven by rising prevalence of chronic illnesses globally. According to the International Diabetes Federation, it is estimated that 537 million adults in the age group of 20-79 years would be suffering from diabetes in 2021. Further, the number was predicted to surge to 783 million by 2045. Major companies operating in the market are focusing on new product findings and strategic collaborations to advance research studies regarding immunotherapy drugs. COVID-19 had a positive effect on the immunotherapy market due to the increase in demand for drugs associated with immunotherapy. For instance, an article featured in Open Forum Infection Diseases in January 2021 stated that treatment with monoclonal antibodies was most predicted effects in preventing the need for additional hospital or emergency department medical care among high-risk ambulatory individuals with early COVID-19 and that it was well-tolerated. Furthermore, the regulatory authorities' increased number of immunotherapy product approvals was also expected to accelerate market growth. Some of the factors contributing to the growth of immunotherapy drugs market include growing acceptance of targeted treatment over traditional treatment, introduction of biosimilars, lifestyle disorders, and increasing demand for monoclonal antibodies. In addition, other contributing factors to this growth include an increase in the number of collaborations, research laboratories, and direct and indirect investments in R&D by biotechnology and pharmaceutical companies, boosting the market.