Global Immuno-Oncology Market By Treatment Type (Immune Checkpoint Inhibitors, CAR T-cell Therapy, mAbs, Cancer Vaccines, and Oncolytic Virus Therapy), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2025-2034

Report Overview

Global Immuno-Oncology Market was valued at US$ 47.3 Billion in 2024 and is expected to grow at a CAGR of 22.7% from 2025 to 2034. In 2024, North America led the market, achieving over 52.1% share with a revenue of US$ 24.6 Billion.

Immuno-Oncology Market, Global Analysis, 2020-2024 (US$ Billion)

The global immuno-oncology market is shaped by several dynamic forces, including the growing prevalence of cancer, advancements in immunotherapy research, and increasing healthcare investments. A rising global cancer burden has spurred demand for innovative treatments, with immuno-oncology therapies offering promising alternatives to traditional approaches.

Technological advancements, such as improved biomarkers for personalized treatments and the development of combination therapies, are driving market growth. The success of immune checkpoint inhibitors, CAR-T therapies, and other novel treatments has fuelled optimism within the industry. However, challenges such as high treatment costs, side effects, and the risk of resistance in some patients remain obstacles.

Additionally, regulatory hurdles and market access disparities across regions can limit global market penetration. Geopolitical factors and economic conditions also play a role in determining research funding and healthcare spending, influencing market dynamics. Despite these challenges, strong R&D pipelines and increasing collaborations between biotech companies and research institutions continue to drive market expansion.

Key Takeaways

• The global immuno-oncology market was valued at USD 47.3 billion in 2024 and is anticipated to register substantial growth of USD 366.3 billion by 2034, with 22.7% CAGR.
• In 2024, the CAR T-cell therapy segment took the lead in the global market, securing 40.8% of the total revenue share.
• North America maintained its leading position in the global market with a share of over 52.1% of the total revenue.

Treatment Type Analysis

Based on treatment type the market is fragmented into immune checkpoint inhibitors, CAR T-cell therapy, mAbs, cancer vaccines, and oncolytic virus therapy. Amongst these, immune checkpoint inhibitors segment dominated the global immuno-oncology market capturing a significant market share of 40.8% in 2024. The immune checkpoint inhibitors segment has dominated the global immuno-oncology market due to their transformative impact on cancer treatment.

These therapies, such as pembrolizumab (Keytruda) and nivolumab (Opdivo), work by blocking proteins like PD-1, PD-L1, and CTLA-4, which cancer cells exploit to evade the immune system. By inhibiting these checkpoints, the drugs help restore the body’s ability to recognize and attack cancer cells. Their success in treating a wide range of cancers, including melanoma, lung cancer, and bladder cancer, has significantly contributed to their market leadership.

Immuno-Oncology Market, Treatment Type Analysis, 2020-2024 (US$ Billion)

Key Segments Analysis

• Immune Checkpoint Inhibitors
• PD-1/PD-L1 Inhibitors
• Pembrolizumab (Keytruda)
• Nivolumab (Opdivo)
• Dostarlimab (Jemperli)
• CTLA-4 Inhibitors (Ipilimumab (Yervoy))
• Combination (PD-1/PD-L1+CTLA-4)
• CAR T-cell Therapy
• mAbs
• Cancer Vaccines
• Oncolytic Virus Therapy

Market Dynamics

Favourable Government Policies and Funding

Favorable government policies and funding are playing a crucial role in driving the growth of the global Immuno-Oncology (IO) market. Governments across the world are increasingly recognizing the potential of immuno-oncology therapies in transforming cancer treatment, leading to enhanced funding for research and development.

Government-backed initiatives such as the U.S. National Cancer Moonshot program have directed significant resources toward advancing cancer research, particularly in immuno-oncology and precision medicine. Funding support has enabled the exploration of MSI-H/dMMR biomarkers, which are crucial in identifying patients who may benefit from immunotherapies like checkpoint inhibitors.

• In 2023, the U.S. National Cancer Institute (NCI) allocated over US$7.5 billion in funding for cancer research, which includes a significant focus on immuno-oncology and targeted therapies
• The U.S. Department of Defense DoD allocated approximately US$100 million for cancer research in fiscal year 2021, which includes funding for immuno-oncology therapies and novel treatments for cancers with MSI-H/dMMR characteristics.

Market Restraints

Severe Side Effects of Treatments

In some cases, these side effects can be life-threatening, leading to treatment discontinuation or long-term complications. For patients with cancers, therapies such as checkpoint inhibitors may also cause immune-related toxicity, which requires careful monitoring and management. These risks may deter patients and healthcare providers from fully embracing immunotherapies, especially in populations where other treatment options are available with fewer side effects.

• The common side effects are high fever, fatigue, nausea, skin irritation and more severe complications like hypotension (low blood pressure) and organ failure in extreme cases.

Market Opportunities

Expansion of Combination Therapies

The global immuno-oncology market lies in the expansion of combination therapies. Immuno-oncology treatments, particularly immune checkpoint inhibitors, have shown promising results in various cancers. However, their effectiveness can be limited in some patients. Combining these therapies with other treatment modalities, such as targeted therapies, chemotherapy, or personalized medicine, has the potential to enhance efficacy, overcome resistance, and broaden patient eligibility.

This approach may also help in addressing unmet needs for cancers that are difficult to treat, like pancreatic or glioblastoma. The increasing understanding of tumor microenvironments and the immune system’s role in cancer progression offers further opportunities for developing novel combination strategies.

Impact of macroeconomic factors / Geopolitical factors

Macroeconomic and geopolitical factors significantly influence the global immuno-oncology market by affecting investment, research funding, and regulatory policies. Economic downturns or recessions can reduce healthcare budgets and limit public and private investment in innovative therapies, slowing the development of immuno-oncology treatments.

Conversely, strong economic growth in key regions may boost healthcare spending, accelerating market expansion. Geopolitical tensions, such as trade conflicts or political instability, can disrupt the global supply chain for raw materials, manufacturing, and distribution of immuno-oncology drugs, leading to delays and increased costs.

Latest Trends

The global immuno-oncology market is witnessing several key trends that are shaping its growth. One prominent trend is the increasing adoption of combination therapies, where immune checkpoint inhibitors are being combined with other treatments like targeted therapies, chemotherapy, or radiation to enhance efficacy and overcome resistance in cancers.

Another significant trend is the development of personalized medicine, with an emphasis on identifying biomarkers to tailor treatments to individual patients, improving outcomes and minimizing side effects. The use of bispecific antibodies, which can target multiple tumor antigens simultaneously, is gaining momentum as a promising approach.

Regional Analysis

North America leads the immuno-oncology market with a 52.1% share. The growing incidence of cancer, particularly colorectal, endometrial, and other cancers, has increased the demand for targeted therapies. Regulatory support from agencies like the U.S. Food and Drug Administration (FDA), which has approved several therapies, including checkpoint inhibitors such as pembrolizumab and nivolumab, has further propelled market growth.

• The American Cancer Society (ACS) estimates that approximately 1.9 billion new cancer cases will be diagnosed in the U.S. in 2024. Around 609,000 cancer-related deaths are expected in the same year. The most commonly diagnosed cancers in the U.S. include breast cancer, lung cancer, prostate cancer, and colorectal cancer. For example, breast cancer is expected to account for about 20% of all new cancer cases.

Immuno-Oncology Market Country/Regional Analysis, 2020-2024 (US$ Billion)

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Key Players Analysis

The global immuno-oncology market is highly competitive, characterized by the presence of established pharmaceutical companies, biotech firms, and emerging players. Key players include large pharmaceutical giants such as Bristol-Myers Squibb, Merck & Co., Roche, and AstraZeneca, which dominate the market with their advanced immunotherapies, such as PD-1/PD-L1 inhibitors and CAR-T cell therapies. These companies are focused on expanding their immuno-oncology portfolios through strategic partnerships, acquisitions, and extensive research and development efforts to address unmet needs in cancer treatment.

Additionally, smaller biotech firms and startups are entering the market with innovative therapies, often focusing on novel immune checkpoints, combination therapies, and personalized treatment approaches. The competitive landscape is further shaped by the increasing number of clinical trials and collaborations, aiming to explore the potential of immuno-oncology in treating various cancers. With rapid technological advancements and evolving treatment regimens, competition remains fierce, making innovation and regulatory approval key drivers of success in this dynamic market.

F. Hoffmann-La Roche Ltd is a Swiss multinational healthcare company, primarily known for its innovations in pharmaceuticals and diagnostics. Roche is a global leader in oncology, immunology, and neuroscience, with a strong emphasis on personalized medicine. It develops cutting-edge treatments and diagnostic tools to improve patient care, supported by significant investments in research and development.

In addition, Bristol-Myers Squibb Company is an American global biopharmaceutical company, it focuses on the discovery, development, and delivery of innovative medicines for the treatment of serious diseases, particularly in oncology, immunology, and cardiovascular conditions. The company is renowned for its cancer immunotherapy treatments, such as Opdivo and Yervoy.

Top Key Players

• Pfizer Inc.
• Merck & Co.
• AstraZeneca
• F. Hoffmann-La Roche Ltd
• Bristol-Myers Squibb Company
• Eli Lilly and Company
• GSK plc.
• BeiGene LTD.
• Summit Therapeutics Inc.
• Sanofi
• Novartis AG
• AbbVie Inc.
• Amgen Inc.
• Johnson & Johnson Services, Inc.

Recent Developments

• In April 2022, Merck announced that the European Commission has approved KEYTRUDA, Merck’s anti-PD-1 therapy, as monotherapy for the treatment of microsatellite instability-high (MSI-H) or deficient mismatch repair (dMMR) tumors in adults with unresectable or metastatic colorectal cancer after previous fluoropyrimidine-based combination therapy; advanced or recurrent endometrial carcinoma.

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