Monoclonal Antibody Therapeutics is the largest segment driving the growth of Monoclonal Antibody Therapeutics Market
Monoclonal antibody therapeutics are complex, artificially produced antibodies that are used to treat various medical conditions such as cancer, cardiovascular diseases, and other chronic diseases. They have high target specificity and are more potent than conventional drug molecules.
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:
One of the key trends in the monoclonal antibody therapeutics market is the increasing demand for biosimilar monoclonal antibodies. Biosimilar antibodies have the potential to increase patient access and lower healthcare costs due to their lower prices compared to innovator biologics nearing patent expiry. Top companies are focusing on developing affordable biosimilar versions of commercially successful monoclonal antibodies to target cancer and other disease areas. For instance, Pfizer received approval for its biosimilar version of adalimumab (HUMIRA) in 2019.
SWOT Analysis
Strength: Monoclonal antibodies therapies offer highly targeted treatment options with fewer side effects compared to conventional drug therapies. They improve treatment outcomes for various chronic and life-threatening diseases.
Weakness: High development costs of monoclonal antibody drugs make them unaffordable for many patients. Lengthy development and regulatory approval timelines pose challenges.
Opportunity: Rising prevalence of chronic diseases like cancer, infectious diseases, and autoimmune disorders drives the demand for monoclonal antibody drugs. Growing geriatric population vulnerable to such conditions supplements market growth.
Threats: Stiff competition from alternative drug classes poses pricing and market share challenges. Supply chain disruptions and stringent regulations can impact business operations.
Key Takeaways
The Global Monoclonal Antibody Therapeutics Market Size is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis: North America dominates the global market owing to well developed healthcare infrastructure and high healthcare spending. Asia Pacific shows high growth potential led by expanding patient pool, rising healthcare investments and growing adoption of novel antibody therapeutics in countries like China and India.
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.
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