Monoclonal antibodies are highly specific, targeted therapeutic agents used for treatment of various medical conditions like cancer, autoimmune diseases, infectious diseases, etc. Monoclonal antibodies act by binding to specific proteins and cellular antigens. This highly targeted approach provides advantages like reduced side effects and improved efficacy over conventional drug therapies.
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 key trends:
Cancer is a leading cause of mortality worldwide, and monoclonal antibodies play a vital role as targeted therapies in cancer treatment. Advancements in antibody engineering technology have resulted in development of next-gen monoclonal antibodies with improved safety profiles. The popularity of monoclonal antibody therapeutics continues to surge as they demonstrate better clinical outcomes than conventional chemotherapies for various cancers. Their targeted approach enables enhanced quality of life for cancer patients undergoing treatment.
Porter’s Analysis
Threat of new entrants: The monoclonal antibody therapeutics market has high capital requirements and established brand loyalty which poses significant entry barriers for new companies.
Bargaining power of buyers: Individual consumers have little bargaining power, but large organizations like hospitals can negotiate prices down due to high volumes.
Bargaining power of suppliers: A few large companies dominate the supply chain for monoclonal antibodies, giving them strong influence over pricing.
Threat of new substitutes: No close substitutes exist for monoclonal antibody drugs currently in the presence of stringent regulations.
Competitive rivalry: Intense competition exists among major players to gain more market share through continuous innovation.
SWOT Analysis
Strengths: Monoclonal antibodies offer high specificity and minimal side effects compared to other drug classes. Established brands have built brand loyalty.
Weaknesses: High development costs and lengthy approval timelines. Storage and transportation require strict temperature control.
Opportunities: Rising prevalence of cancer and autoimmune diseases raises demand. Growing focus on personalized medicine creates scope for specialized antibodies.
Threats: Strict regulations delay market entry. Price erosion due to patent expiries of blockbuster drugs. Supply chain disruptions affect availability.
Key Takeaways
The Global Monoclonal Antibody Therapeutics Market Size is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is US$ 72.59 Bn.
Regionally, North America dominates due to presence of major players and advanced healthcare systems. However, Asia Pacific is poised to exhibit strongest growth at a CAGR of 26% owing to rising healthcare investments, growing medical tourism, and increasing disposable incomes 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.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it