by The monoclonal antibody therapeutics are increasingly being used for the treatment of various types of cancer such as lung cancer, breast cancer, blood cancer, and others. Monoclonal antibodies selectively identify tumor-specific antigens present on cancer cells and bind to these antigens to induce anti-tumor responses. They have shown promising results by improving the survival and quality of life of cancer patients.
The global Monoclonal Antibody Therapeutics Market is estimated to be valued at US$ 72.59 billion 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 key trends
The rising prevalence of various types of cancer such as lung cancer, blood cancer, breast cancer, and others has influenced the growth of the monoclonal antibody therapeutics market. As per the National Cancer Institute, in 2022, an estimated 1.9 million new cancer cases will be diagnosed in the United States. Monoclonal antibody therapeutics have revolutionized cancer treatment by selectively targeting tumor cells. Ongoing research and clinical trials for developing monoclonal antibody drug conjugates with new antigens, routes of administration, and compounds are widening the market scope. Manufacturers are also focused on developing biosimilar monoclonal antibodies to reduce treatment costs and expand access in developing regions.
SWOT Analysis
Strength: Monoclonal antibody therapeutics offer high target specificity and have strong efficacy against various diseases. They can be customized for specific disease conditions.
Weakness: Developing monoclonal antibodies is a complex and costly process. Long development timelines and regulatory hurdles add to the costs. Dependence on recombinant DNA technology makes scale-up challenging.
Opportunity: Increasing investment in healthcare research and growing burden of cancer and other chronic diseases are driving demand. Untapped growth potential exists in emerging markets.
Threats: Stiff competition from biosimilars and small molecule drugs poses pricing and market share threats. Supply chain disruptions and uncertain intellectual property landscape in some regions are challenges.
Key Takeaways
The global Monoclonal Antibody Therapeutics Market Share is expected to witness high growth over the forecast period driven by rising cancer prevalence and successful development of targeted therapies. The global Monoclonal Antibody Therapeutics Market is estimated to be valued at US$ 72.59 billion in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
Regional analysis comprises North America dominates currently due to strong research focus and healthcare funding. Asia Pacific is poised to grow at the fastest pace supported by healthcare reforms, growing medical capabilities and marked patient pool in China and India.
Key players operating in the monoclonal antibody therapeutics market are IOI Loders Croklaan, Ghana Nuts Company Ltd., and The Savannah Fruits Company. Monoclonal antibodies have revolutionized cancer treatment and many other therapeutic areas. Leading players are investing heavily in developing next-gen antibody drugs with improved safety and broader applications. However, market landscape will undergo changes with patent expiries of top-selling drugs and entry of biosimilars in coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
