Monoclonal antibodies are genetically engineered antibodies that are produced by identical immune cells which target specific proteins that exhibit disease-causing behavior within the human body. They are widely used for treating various types of cancers such as lung cancer, breast cancer, leukemia, lymphoma, and other tumours as they can identify tumor-specific antigens and kill cancer cells directly or recruit other parts of the immune system to destroy tumors. Monoclonal antibodies are administered intravenously and are incorporated as a component of therapeutic regimens, including as monotherapy and in combination with other 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 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Targeting Cancer Treatment (as mentioned in the heading). Cancer treatment is one of the key drivers that is expected to boost the monoclonal antibody therapeutics market growth over the forecast period. According to the World Health Organisation (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Monoclonal antibody therapeutics have emerged as a highly promising method for treating different types of cancers as they can identify tumor-specific antigens on cancer cells and recruit immune cells to destroy tumors. Technological advancements are allowing researchers to design monoclonal antibodies that target specific molecules on cancer cells with increased precision and fewer side effects. This increased focus on precision cancer treatment is estimated to augment the demand for monoclonal antibody therapeutics during the forecast period.
Segment Analysis
The global monoclonal antibody therapeutics market can be segmented based on source, indication, end users, and geography. Based on source, the market is segmented into mouse, humanized, chimeric, and human. The humanized segment dominates the market owing to reduced risk of being recognized by the human immune system and better binding affinity. Based on indication, the segments include cancer, autoimmune diseases, inflammatory diseases and infectious diseases. The cancer segment is dominating as monoclonal antibodies have wide applications in treating cancer such as breast cancer, lung cancer and blood cancer. Based on end users, the segments are hospitals, research laboratories and clinics. Hospitals holds major share due to availability of specialized medical staff and infrastructure to treat diseases.
PEST Analysis
Political: Governments across regions are supporting R&D initiatives for monoclonal antibodies through funding which is boosting the market growth. However, stringent regulations for approving new therapeutics can slightly hamper the growth.
Economic: Rising disposable income, growing healthcare spending are fueling the market growth. On the other hand, high development and manufacturing costs of monoclonal antibodies can hinder price sensitive market growth.
Social: Increasing incidence of cancer, infectious diseases and lifestyle disorders are propelling the demand for monoclonal antibody therapeutics. Awareness about effective targeted treatment options is prompting patients to seek monoclonal antibody therapy.
Technological: Advancements in recombinant DNA technology, cell culture processes are enabling development of humanized monoclonal antibodies with improved selectivity and less immunogenicity. Robotic automation in production facilities is increasing yield and reducing production costs.
Key Takeaways
The global monoclonal antibody therapeutics market is expected to witness high growth. Global Monoclonal Antibody Therapeutics Market Demand is estimated to be valued at US$ 72.59 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
North America is the largest and fastest growing market owing to increasing investments in R&D, high healthcare expenditure and presence of prominent players. In North America, United States holds the major share and is expected to grow at a CAGR of 8% during the forecast period.
Asia Pacific market is also growing at a faster pace due to rising healthcare spending, increasing prevalence of chronic diseases and improving access to healthcare facilities. China, India are emerging as lucrative markets in the region.
Key players operating in the monoclonal antibody therapeutics market are IOI Loders Croklaan, Ghana Nuts Company Ltd., and The Savannah Fruits Company. IOI Loders Croklaan has wide product portfolio and strong global footprint. Ghana Nuts Company Ltd. is a leading processor and exporter of raw cashew nuts. The Savannah Fruits Company deals in export of high quality raw cashew nuts from Ghana and Nigeria.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it