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January 2024
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Monoclonal antibodies (mAbs) are monoclonal antibody therapeutics that are designed to bind to very specific sites on abnormal cells and proteins. They work by interrupting specific cell-signaling pathways that promote the growth and spread of cancer cells. mAbs are developed to target particular tumor antigens that are expressed on certain cancer cell types and not others. This high specificity reduces the non-specific toxicities associated with traditional chemotherapies. Key application areas of mAbs include oncology, autoimmune disorders, and infectious diseases.
The global Monoclonal Antibody Therapeutics Market is estimated to be valued at US$ 72.59 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: The monoclonal antibody therapeutics market is primarily driven by the rapid adoption of biosimilars due to their cost-effectiveness. Biosimilars refer to biotherapeutic products that have been approved based on demonstrating that they are highly similar to an existing FDA-approved biological product. The introduction of biosimilars has provided more treatment options while also lowering healthcare costs substantially. Another major driver has been the continuous expansion of applications of mAbs beyond oncology. Monoclonal antibodies were initially developed and approved only for cancer but are now increasingly being explored for various other therapeutic areas including autoimmune disorders, antiviral therapies, and more. This expanded focus on new therapeutic indications is expected to augment the market growth over the coming years. Segment Analysis The monoclonal antibody therapeutics market is segmented into monoclonal antibodies and biosimilars. The monoclonal antibodies sub segment is further segmented into breast cancer, respiratory system disease, infectious disease, cardiovascular disease, immunological disease, oncology, and others. The monoclonal antibodies sub segment dominates the market as it accounts for over 80% market share due to increasing prevalence of cancer, cardiovascular diseases and other chronic diseases. Monoclonal antibodies offers high efficacy and target specificity in treating complex diseases. PEST Analysis Political: Government support in the form of favorable regulations for approval and reimbursement of monoclonal antibody drugs in developing nations is driving market growth. Economic: Rising healthcare spending accompanied with growth in disposable income in emerging markets are factors boosting the market growth. Social: Increasing public awareness about availability of novel targeted therapies and growing adoption rate of monoclonal antibodies is positively impacting the market growth. Technological: Advancements in monoclonal antibody engineering technologies such as bispecific antibodies, antibody drug conjugates have increased the potential of monoclonal antibodies in treating various life threatening diseases. Key Takeaways The Global Monoclonal Antibody Therapeutics Market Size is expected to witness high growth, exhibiting 23% CAGR over the forecast period, due to increasing prevalence of cancer globally. The market size for 2023 is estimated to be US$ 72.59 Bn. Regional analysis: North America dominates the global monoclonal antibody therapeutics market owing to rising incidences of cancer and product approvals in the region. However, Asia Pacific is anticipated to be the fastest growing market for monoclonal antibody therapeutics due to increasing healthcare spending, larger patient population and growing medical tourism in the region. 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.Key players are majorly focused on R&D of next generation monoclonal antibody drugs for treatment of various types of cancer and chronic diseases. Get more insights on this topic: https://www.dailyprbulletin.com/monoclonal-antibody-therapeutics-market-market-size-and-share-analysis/
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