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Global Immunotoxin Market 2024: Comprehensive Analysis, Key Growth Drivers, and Market Insights
Immunotoxin Global Market Report 2024
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According to The Business Research Company's, The immunotoxin market size has grown strongly in recent years. It will grow from $55.94 billion in 2023 to $60.97 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to the discovery of target antigens, advancements in monoclonal antibody technology, preclinical efficacy studies, clinical trials and regulatory approval, and identification of resistance mechanisms.
The immunotoxin market size is expected to see strong growth in the next few years. It will grow to $86.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to the increasing incidence of cancer, rising demand for natural and organic products, expansion of the cosmetic industry, expansion of R and D financing, and improving healthcare infrastructure. Major trends in the forecast period include precision medicine approach, enhanced targeting strategies, multifunctional immunotoxins, combination therapies, and advancements in monoclonal antibody technology.
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Market Drivers and Trends:
The high prevalence of chronic diseases is expected to propel the growth of the empty intravenous (IV) bags market going forward. Chronic diseases are long-lasting conditions that usually develop slowly and persist over an extended period, often for the rest of a person's life. Chronic diseases are increasing due to aging populations, lifestyle factors, urbanization, obesity epidemics, healthcare access and quality, increased stress, and mental health issues. Empty IV bags are crucial for preparing and administering personalized medication solutions, facilitating home infusion therapy, nutrition support, hydration, and palliative care, while also serving as a platform for research and development in chronic disease treatment. For instance, in January 2023, according to the National Library of Medicine, a US-based national library of medicine, the estimated increase in the number of individuals affected by at least one chronic disease is projected to be 99.5%, rising from 71.522 million in 2020 to 142.66 million by the year 2050. Therefore, the high prevalence of chronic diseases is driving the growth of the empty intravenous (IV) bag market.
Major companies operating in the immunotoxin market are focused on developing antibody-drug conjugates (ADCs) to enhance the specificity and efficacy of cancer treatment. ADCs are biopharmaceutical medicines that are intended to be used as targeted cancer treatments. Antibody-drug conjugates are made up of an antibody coupled to a cytotoxic medication, enabling targeted drug delivery to cancer cells that express a specific antigen. For instance, in April 2024, Pfizer Inc., a US-based pharmaceutical company, and Genmab A/S, a Denmark-based biotechnology company, received full U.S. Food and Drug Administration (FDA) approval for TIVDAK, a first antibody-drug conjugate designed to treat patients with metastatic or recurrent cervical cancer. The toxic payload of TIVDAK is monomethyl auristatin E, a microtubule-disrupting chemical that causes cell death. This novel mechanism leads to its efficiency in cancer treatment. TIVDAK showed statistically significant increases in overall survival, making it a promising alternative for individuals with recurrent or metastatic cervical cancer.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Pfizer Inc., Roche Holding AG, AbbVie Inc., Bayer AG, Bristol Myers Squibb, Thermo Fisher Scientific Inc., AstraZeneca plc, Merck KGaA, BioNTech SE, Ipsen Pharma, Seagen Inc., Orion Corporation, GenScript, Cytek Biosciences, MacroGenics Inc., Sutro Biopharma Inc., Sorrento Therapeutics Inc., Innate Pharma Inc., Cayman Chemical, ImmunoGen Inc., Mersana Therapeutics, Molecular Templates Inc., Celldex Therapeutics, CytImmune Sciences Inc., Enzo Life Sciences Inc.
Immunotoxin Market 2024 Key Insights:
• The immunotoxin market size is expected to see strong growth in the next few years. It will grow to $86.29 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Impact of Increasing Breast Cancer Incidence on the Immunotoxin Market
• FDA Approves First ADC For Metastatic Or Recurrent Cervical Cancer
• North America was the largest region in the immunotoxin market in 2023
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