Monoclonal Antibody Therapeutics Market Growth Set to Grow at a High CAGR due to Rising Prevalence of Chronic Diseases
Vishal Chavan
The monoclonal antibody therapeutics market is witnessing significant growth owing to rising demand for targeted cancer therapies, infectious disease treatments and their advantages over conventional drug therapies. Monoclonal antibodies (mAbs) are extensively used in diagnosis and treatment of various chronic diseases like cancer, cardiovascular disease, arthritis and autoimmune diseases. They selectively bind to specific antigens or epitopes and have greater specificity and safety profiles compared to traditional small molecule drugs.
The global monoclonal antibody therapeutics market Growth is estimated to be valued at US$ 205.39 billion in 2023 and is expected to exhibit a CAGR of 12.69% during the forecast period (2023-2030).
Monoclonal antibodies play a vital role in the treatment of various chronic disorders & conditions including cancer, immunological disorders, infectious diseases etc. Increased R&D investments by pharmaceutical companies to develop novel monoclonal antibodies target therapies and their commercial success in treating previously untreatable indications are fueling the market growth. However, high costs associated with their development, manufacturing and commercialization pose a major challenge to widespread adoption.
Key Takeaways
Key players operating in the monoclonal antibody therapeutics market are Pfizer Inc., Novartis AG, Bayer AG, Sanofi, F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Merck KGaA, GSK plc., AbbVie Inc., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals Inc., AstraZeneca, AbCellera Biologics Inc., Molecular Depot LLC, DAIICHI SANKYO COMPANY, LIMITED., Abbott, Biogen, Thermo Fisher Scientific, Inc., Cell Signaling Technology, Inc, Intas Pharmaceuticals Ltd., Avantor Inc., UCB S.A., Merus N.V., GENEXTGENOMICS.COM, Biogenuix, Regeneron Pharmaceuticals, Johnson & Johnson.
Key players are focused on developing novel Monoclonal Antibody Therapeutics Market Growth for tackling significant unmet needs in oncology and inflammation indications. Additionally, strategic collaborations and emerging market expansions are helping companies strengthen their product pipelines and market positions.
Regional collaborations and partnerships provide opportunities for companies to expand their geographic footprint and access new unexplored markets, especially in Asia Pacific and Latin American regions witnessing high disease burdens and increasing healthcare spends.
Market Drivers
Increasing prevalence of chronic diseases globally is a key factor driving the monoclonal antibody therapeutics market. As per WHO estimates, chronic diseases accounted for over 70% of all deaths worldwide in 2020. Monoclonal antibodies are highly effective against various cancers and immunological diseases.
Successful research leading to approval and commercialization of novel monoclonal antibody drugs to treat previously untreatable cancers and rare diseases is augmenting the market revenues. For instance, the approval of Roche’s Hemlibra for Hemophilia A indicated its potential to be a blockbuster drug treating rare bleeding disorders.
Market Restraints
High research and development costs associated with monoclonal antibody drugs pose significant financial challenges. Their clinical development process until market approval takes over a decade involving huge investments. Complex manufacturing processes further increases production costs. These factors restrain widespread adoption and commercial success of novel monoclonal antibody drugs within healthcare systems.
Segment Analysis
The Monoclonal Antibody Therapeutics Market can be segmented based on several factors such as application, therapeutic area, end-user and region. By application, the market is divided into oncology, autoimmune & inflammatory diseases, infectious diseases and others. The oncology segment dominates the market owing to increasing cancer prevalence and surge in demand for targeted cancer therapies. By therapeutic area, the market is classified into anti-cancer, anti-inflammatory & anti-immune and others. The anti-cancer segment accounts for the largest share due to rising R&D investments by key players in developing novel monoclonal antibodies for cancer treatment.
Global Analysis
Regionally, North America holds the highest share in the monoclonal antibody therapeutics market and is expected to maintain its dominance over the forecast period. This is attributed to rising healthcare expenditure, growing cancer burden and increasing awareness about targeted therapies. Asia Pacific is projected to witness the fastest growth attributed to expanding healthcare infrastructure, rising medical tourism and increasing disposable incomes. Additionally, growing generic drugs market in emerging countries of Asia Pacific and Latin America are expected to boost regional market growth during the forecast period.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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