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In 2017, the global immunotherapy drugs market reached a value of $106.1 billion and is predicted to advance at a 13.6% CAGR during the forecast period (2018–2023). The market is growing because of the rising availability of biosimilars, surging prevalence of chronic diseases, increasing implementation of target therapy, and rising demand and development of mAbs. Immunotherapy is the treatment of a disease by enhancing, inducing, or suppressing an immune response for fighting against infection and disease. In terms of type, the immunotherapy drugs market is bifurcated into vaccines and checkpoint inhibitors.

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When therapy area is taken into consideration, the immunotherapy drugs market is categorized into infectious diseases, cancer, and autoimmune and inflammatory diseases. Out of these, the cancer category accounted for the major share of the market during the historical period and is projected to contribute the largest revenue share to the market during the forecast period as well, owing to the rising prevalence of cancer across the world. The autoimmune & inflammatory diseases category is predicted to grow at the fastest pace during the forecast period.

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The rise in prevalence of chronic diseases, including rheumatoid arthritis, cancer, autoimmune diseases, and diabetes, is a major driving factor of the immunotherapy drugs market. For example, according to the World Health Organization, in 2018, cancer caused about 9.6 million deaths. The management of these diseases need therapeutic intervention and immunotherapy drugs help in mitigating the impact of these diseases. In addition, various drugs manufactured by the players operating in the market for the treatment of chronic diseases are under clinical trials. These factors are resulting in the growth of the market.

Out of all the regions, North America held the largest share of the immunotherapy drugs market during the historical period and is projected to retain its position during the forecast period. The reasons for this are the increasing prevalence of chronic diseases, rising per capita healthcare spending, growing geriatric population, and presence of major players in the region. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. This is ascribed to the rising number of research & development activities which are being conducted in the region.

Hence, the market is being driven by the increase in the implementation of target therapy and rising prevalence of chronic diseases.