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 antibodies are artificially produced molecules that work as immune system weapons against foreign substances in the body such as bacteria and viruses. These antibodies bind to particular antigens and stimulate immune responses against specific proteins. Monoclonal antibody therapeutics are most commonly used for treating various types of cancer, immunological disorders and infectious diseases. Popular monoclonal antibody drugs include adalimumab, bevacizumab, trastuzumab, rituximab and cetuximab.
Market Dynamics:
Two major drivers propelling the monoclonal antibody therapeutics market size include rapidly increasing demand for inexpensive biosimilar monoclonal antibodies and wide acceptance of targeted antibody-based cancer therapies. Firstly, biosimilars are second-generation therapeutic products of biologics, which are sold after the expiry of patents on innovator biologics. They provide a cost-effective option that widens patient access. Secondly, monoclonal antibody drugs are now being preferred over traditional chemotherapy for targeted treatment of various cancers. Specific antibody-drug conjugates can recognize tumour antigens and deliver cytotoxic agents directly to cancer cells without harming healthy tissues. This has revolutionized cancer management.
Segment Analysis
The global monoclonal antibody therapeutics market is segmented based on application into oncology, autoimmune diseases, infectious diseases, respiratory diseases, and cardiac diseases. The oncology segment currently dominates the market owing to rising burden of various cancers and increasing approvals of monoclonal antibodies for treatment and management of different cancer types.
PEST Analysis
Political: Government bodies are providing support through funding for R&D of novel monoclonal antibody therapeutics especially for cancer and rare diseases which is fueling market growth.
Economic: Rising healthcare spending on treatment and management of chronic diseases along with increasing approvals of high priced monoclonal antibody drugs is positively impacting the market revenue.
Social: Growing public awareness about availability of advanced treatment options and application of monoclonal antibodies in wide range of disease indications is propelling the demand.
Technological: Continuous developments in antibody engineering, advanced manufacturing technologies and entry of biosimilars are expected to augment the market over the forecast period.
Key Takeaways
The global monoclonal antibody therapeutics market size is expected to reach USD 172.32 Bn by 2030, growing at a CAGR of 12% over the forecast period. The high growth is attributed to increasing prevalence of chronic diseases, rapid product approvals and launches, and rising demand for targeted therapies over conventional treatment regimens.
Regional analysis: North America currently accounts for the largest share in the global monoclonal antibody therapeutics market and is expected to retain its dominance over the forecast period owing to rising healthcare expenditure and significant product approvals.
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. Most key players are focusing on developing biosimilars as well as novel monoclonal antibody drugs through extensive R&D initiatives.
