Next-Gen Drug Conjugates Market Forecast 2024: Key Players and Emerging Trends

"The Business Research Company recently released a comprehensive report on the Global Next Generation Drug Conjugates Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The next generation drug conjugates market size has grown rapidly in recent years. It will grow from $1.85 billion in 2023 to $2.15 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to an increasing understanding of tumor biology, the success of early drug conjugates, increasing oncology, increasing investment and funding, and increasing patient advocacy and awareness.

The next generation drug conjugates market size is expected to see rapid growth in the next few years. It will grow to $3.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to the growth of combination therapies, clinical research expansion, focus on rare diseases, strategic collaborations, and emerging bioinformatics tools. Major trends in the forecast period include advancements in monoclonal antibody technology, combination therapies with JAK inhibitors, artificial intelligence in drug development, development of biosimilars, and advancements in subcutaneous formulations.

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Market Drivers and Trends:

The rising prevalence of cancer is expected to propel the growth of the next-generation drug conjugates market going forward. Cancer refers to a group of diseases characterized by the uncontrolled growth and spread of abnormal cells in the body. The rise in cancer incidence is primarily due to an aging population, lifestyle factors, environmental exposures, improved detection, genetic factors, and infectious agents. Next-generation drug conjugates help mitigate cancer by delivering targeted therapies directly to cancer cells, enhancing treatment efficacy while minimizing damage to healthy tissues. For instance, in August 2024, according to a report published by the Australian Institute of Health and Welfare, an Australia-based national agency for information and statistics on Australia's health and welfare., by 2034, Australia is projected to have approximately 209,000 new cancer diagnoses, a significant increase from the estimated 169,000 cases expected in 2024, reflecting the impact of a growing population and rising cancer rates. Therefore, the rising prevalence of cancer is driving the growth of the next-generation drug conjugates market.

Major companies operating in the next-generation drug conjugates market are adopting a strategic partnerships approach to enhance research and development capabilities, accelerate product innovation, and expand their market presence. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in November 2023, Prelude Therapeutics Incorporated, a US-based clinical-stage precision oncology company, partnered with AbCellera Biologics Inc., a Canada-based biotechnology company, to develop first-in-class precision antibody-drug conjugates (ADCs) for oncology. The partnership will concentrate on the discovery, development, and commercialization of innovative antibody-drug conjugates (ADCs), starting with a program that targets a SMARCA degrader linked to a novel antibody. This strategy aims to broaden the therapeutic applications of Prelude's small-molecule SMARCA2 selective degraders to a wider patient population, especially those with cancers unrelated to SMARCA4 mutations.

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Major Key Players of the Market:

Pfizer Inc., Johnson & Johnson, Merck & Co. Inc., AbbVie Inc., Novartis International AG, AstraZeneca PLC, Daiichi Sankyo Company Limited, Eisai Co Ltd., Bicycle Therapeutics plc, Zymeworks Inc., Genentech Inc., MacroGenics Inc., Abzena plc, Innate Pharma S.A., CytomX Therapeutics Inc., ImmunoGen Inc., Ascentage Pharma Group International, Mersana Therapeutics Inc., Antengene Corporation Limited, Nurix Therapeutics Inc., Tubulis GmbH

Next Generation Drug Conjugates Market 2024 Key Insights:

• The next generation drug conjugates market size is expected to see rapid growth in the next few years. It will grow to $3.91 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
• Rising Prevalence Of Cancer Is Driving The Growth Of The Next Generation Drug Conjugates Market
• Strategic Partnerships Driving Innovation In Next-Generation Drug Conjugates
• North America was the largest region in the next generation drug conjugates market in 2023

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