Press release
Monoclonal Antibody Therapeutics Market Size to Accelerate at a Rapid CAGR of 12.60%
The global monoclonal antibody therapeutics market is being driven by improving rate of approval of products across Europe and the U.S. Both the regions are witnessing approval of about five to six monoclonal antibodies every year. The increasing usage of monoclonal antibodies in therapeutic areas has also given the market an additional boost. Today, monoclonal antibodies are being used in areas of orthopedics, inflammation, hematology, ophthalmology, inflammation, and for treating cardiovascular diseases. Several monoclonal antibodies are used for enhancing the immune system of cancer patients. Thus, the rising number of cancer cases in the coming years will also be a key growth driver for the overall market. A noted factor likely to propel the global market is the urgent need for cost-effective methods to treat asthma and rheumatology, which is being met through development of monoclonal antibodies.
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The research report by Transparency Market Research states that the global monoclonal antibody therapeutics market is expected to be worth US$245.8 bn by the end of 2024 from US$86.7 bn in 2015. The market is projected to exhibit a CAGR of 12.6% between the forecast years of 2016 and 2024.
North America Emerges as Leading Segment as Region Focuses toward Affordable Healthcare
Geographically, the global market is segmented into the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. The report indicates that North America held a dominant stance in the global market and is expected to continue its dominance in the coming years as well. The rise if this regional market will be due to the increasing focus on overall healthcare solutions being offered to the patients, affordable healthcare, and rising investments in research and development of improved therapeutics. By the end of forecast period, the global market is projected to account for a share of 37.9% in the global monoclonal antibody therapeutics market.
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The application of monoclonal antibody therapeutics is seen for treating autoimmune diseases, cancer, infections, hematological diseases, ophthalmological diseases, and others. Of these, the demand for monoclonal antibody therapeutics to treat autoimmune diseases is expected to remain high during the forecast period. The segment is expected to rise at a CAGR of 13.5% in the overall market due to a high incidence of autoimmune diseases.
Influx of Biosimilars Threatens Sales of Monoclonal Antibody Therapeutics
The global monoclonal antibody therapeutics market is being tugged in the opposite directions due to the influx of biosimilars in the market after the patent expiries of blockbuster drugs. The affordable pricing of these biosimilars is expected to eat into the market share of monoclonal antibody therapeutics. Furthermore, the high cost of monoclonal antibodies is also expected to dampen the market spirits in the forthcoming years. The strict approval procedures and the time-consuming process of manufacturing monoclonal antibody therapeutics raised the cost of these therapeutics over the years.
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The global monoclonal antibody therapeutics market is dominated by well-established players, with little scope of fragmentation. However, Transparency Market Research states that the companies are struggling to retain their consumer bases and profits as patents are closing in on expiration dates. Owing to this reason, the competition in the global market is poised to intensify as it will open doors to new players and products in the near future. Currently, the leading players in the market are Pfizer Inc., Bayer AG, F. Hoffmann-La Roche Ltd., Sanofi, and Merck & Co., Inc.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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