(MENAFN- GlobeNewsWire - Nasdaq) Intense Research and Development for Immuno-oncology to Offer Therapeutic Breakthroughs.
Fort Collins, Colorado, April 04, 2024 (GLOBE NEWSWIRE) -- The Immuno-oncology Clinical Trials market size was valued at USD 5.4 Billion in 2023 and is expected to reach a market size of USD 14.7 Billion by 2032 at a CAGR of 11.8%.
The rising global prevalence of cancer is a primary driver of immuno-oncology clinical trials. As cancer rates rise, there is a larger need for novel and effective treatment options, which increases the demand for clinical trials to evaluate new immuno-oncology drugs. Moreover, novel immunotherapies have emerged due to complex interactions between the immune system and cancer cells.
Pharmaceutical and biotechnology companies invest heavily in R&D to discover and develop new immunotherapeutic medications, including immune checkpoint inhibitors, CAR-T cell therapy, cancer vaccines, and cytokine therapies. The growing number of immunotherapy drugs has prompted a rise in clinical studies in immuno-oncology. The immuno-oncology trials market has experienced positive growth in the past few years owing to a significant increase in clinical trials conducted worldwide. The investments by pharmaceutical businesses and institutions for immuno-oncology research and development further fuels innovation. In addition, the market is undergoing therapeutic breakthroughs that offer hope to patients battling several types of cancer.
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Segmentation Overview:
The global immuno-oncology clinical trial market has been segmented into therapy type, cancer type, trial phase, and region. Based on therapy type, the market is segmented into checkpoint inhibitors, CAR-T cell therapy, cytokine therapy, adoptive cell transfer therapy, cancer vaccines, and others. Checkpoint Inhibitors are expected to dominate the market growth in the forecast period because checkpoint inhibitors rank among the most extensively researched immunotherapy treatments in clinical trials.
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Global Immuno-oncology Clinical Trials Market Report Highlights:
The global immuno-oncology clinical trial market growth is anticipated at a CAGR of 11.8% by 2032.
The rising global prevalence of cancer is a primary driver of immuno-oncology clinical trials. As cancer rates rise, there is a larger need for novel and effective treatment options, which increases the demand for clinical trials to evaluate new immuno-oncology drugs. The National Institutes of Health estimates that around two million people in the United States were diagnosed with cancer in 2023.
North America will dominate market growth as it generates a significant revenue share due to its well-developed healthcare infrastructure, solid regulatory environment, notable academic and research institutions, and a large number of clinical trial sites and investigators.
Some prominent players in the global immuno-oncology clinical trials market report include Bristol-Myers Squibb Company, Merck & Co., Inc., F. Hoffmann La Roche Ltd. (Genentech), AstraZeneca, Novartis AG, Pfizer Inc., Johnson & Johnson (Janssen), AbbVie Inc., Amgen plc., GSK plc., Moderna, Inc., Regeneron Pharmaceuticals, Incyte Corporation, Eli Lilly and Company.
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Immuno-oncology Clinical Trial Market Segmentation:
By Therapy Type: Checkpoint Inhibitors (e.g., PD-1, PD-L1, CTLA-4 inhibitors), CAR-T Cell Therapy, Cytokine Therapy, Adoptive Cell Transfer Therapy, Cancer Vaccines, Others
By Cancer Type: Melanoma, Lung Cancer, Breast Cancer, Colorectal Cancer, Leukemia, Lymphoma, Prostate Cancer, Others
By Trial Phase: Phase I, Phase II, Phase III, Phase IV
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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