Monoclonal Antibody Therapeutics (Mab Therapies) Are The Largest Segment Driving The Growth Of Monoclonal Antibody Therapeutics Market
The global 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 therapeutic and diagnostic tools that bind to specific sites of substances such as infectious agents, cancer cells, or other toxins. They are used to treat various chronic and infectious diseases. Advantages of mAb therapies include high target specificity and reduced side effects.
Market key trends:
One of the key trends in the monoclonal antibody therapeutics market size is the rise of biosimilar monoclonal antibodies. Biosimilar mAbs offer significant cost savings compared to reference biologics and expand patient access to important therapies. As patent expiries of major biologics commence, a growing number of biosimilar mAbs are being approved and commercialized. For instance, in 2021, the FDA approved its first interchangeable biosimilar insulin glargine. This approval is expected to increase competition and drive market growth.
Market key trends:
One of the key trends in the monoclonal antibody therapeutics market is the rise in demand for 'biobetter' drugs. Biobetter drugs are basically an enhanced version of the original biologic drug including antibody drugs. They aim to improve the efficacy and safety profiles as compared to existing antibody drugs. Advancements in antibody engineering technologies have enabled development of biobetter antibody drugs which exhibit improved stability, half-life, specificity and functionality. This trend is expected to significantly contribute to the monoclonal antibody therapeutics market growth during the forecast period.
SWOT Analysis
Strength: Wide range of therapeutic applications in various disease areas like cancer, autoimmune disorders boost market potential. Weakness: High development costs and regulatory requirements associated with biologics limit market growth. Opportunity: Emergence of biosimilars provides cost-effective alternatives driving market penetration. Threats: Expiry of key patent protections incentivizes biosimilar competition lowering brand revenue.
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 demand for targeted cancer therapies. Regionally, North America dominates currently due to established healthcare infrastucture and favourable reimbursement policies. However, Asia Pacific is expected to exhibit highest growth owing to rising healthcare spending, large patient population and increasing penetration of biologics. Key players operating in the monoclonal antibody therapeutics market include 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.