The Monoclonal Antibody Therapeutics Market Size is estimated to be valued at US$ 72.59 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Monoclonal antibody therapeutics are products derived from a single cloned parental B cell and designed to bind to a specific antigen. They are primarily used for treating various chronic diseases like cancer, autoimmune disorders and infectious diseases. These drugs are customized to target tumors and immune cells to treat diseases with high precision and fewer side effects.
Market Dynamics:
The growth of the Monoclonal Antibody Therapeutics market size is majorly driven by the increasing prevalence of chronic diseases like cancer and autoimmune disorders globally. It is estimated that around 10 million new cancer cases emerged in 2020 worldwide. Moreover, higher efficiency and precision of monoclonal antibodies over conventional drug molecules is also propelling the demand. However, high development cost and stringent regulations for approval may hinder the market growth over the forecast period.
SWOT Analysis
Strengths: The monoclonal antibody therapeutics market benefits from high specificity and selectivity of monoclonal antibodies. Monoclonal antibodies have minimal side effects and are more targeted than conventional drug therapies. They can be customized and developed to cure a wide range of life-threatening diseases.
Weaknesses: Developing monoclonal antibodies is an expensive and time-consuming process. It requires extensive research and clinical trials. High R&D costs associated with drug development pose major challenges. Storage and transportation of monoclonal antibody drugs also require stringent conditions.
Opportunities: Growing prevalence of cancer and other chronic diseases worldwide presents lucrative opportunities. Rising healthcare expenditures and improving access to healthcare in developing nations will boost market revenues. Collaboration between biotech and pharmaceutical companies can help in developing affordable biosimilars.
Threats: Patent expirations of blockbuster drugs pose pricing pressure. Stringent regulatory landscape and delays in approval process can impede market growth. Rising competition from alternative therapies also threatens market share of existing players.
Key Takeaways
The global monoclonal antibody therapeutics market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of chronic diseases. Rising healthcare spending and new product launches are fueling the market expansion. According to reliable estimates, the global market was valued at US$ 72.59 Billion in 2023.
Regional analysis North America dominated the global market in 2023 and is projected to continue its leading position during the forecast period. This is attributed to increasing adoption of biologics, rising healthcare spending, and robust presence of many market players in the region. Asia Pacific is poised to emerge as the fastest growing market for monoclonal antibody therapeutics. Improving access to healthcare, rising disposable incomes, and growing awareness about such therapies are driving the APAC market.
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
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Source: Coherent Market Insights, Public sources, Desk research
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