Monoclonal Antibody Therapeutics Market Shows Valuation of US$245.8 bn by 2024
The extensive research report by Transparency Market Research states that the global monoclonal antibody therapeutics market will be worth US$245.8 bn by 2024 from US$86.7 bn in 2015. During the forecast years of 2016 and 2024, the global market is expected to rise at a CAGR of 12.6%.
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Access to Affordable Healthcare across North America Amplifies Demand for Monoclonal Antibody Therapeutics
Monoclonal antibody therapeutics are used for treating cancer, autoimmune diseases, infection, ophthalmological diseases, and hematological diseases among others. Of these, the autoimmune diseases segment is projected to rise at a phenomenal pace during the forecast period. Increasing incidence of autoimmune diseases that affect the overall population has triggered a significant demand for these therapeutics. All throughout the forecast period of 2016 and 2024, the global market is expected to rise at a CAGR of 13.5%.
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In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Regionally, North America is expected to dominate the global market due to growing healthcare facilities across the region. Furthermore, affordable healthcare available to patients has also augmented the demand for monoclonal antibody therapeutics across North America during the forecast period. By the end of 2024, the North America monoclonal antibody therapeutics market is expected to acquire a share of 37.9% in the global market.
Approvals and Commercialization of New Products Ups Sales
The global monoclonal antibody therapeutics market is expected to grow at a remarkable pace due to the high incidence of chronic diseases like cancer. The growing health concerns and the increasing diagnoses of cancer in various stages as boosted the demand for these therapeutics in recent years. The latest research by the World Health Organization predicts that the world will witness a 70% spike in the overall cancer cases, of which 60% of the cases will be attributable to Latin America, Asia, and Africa.
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The incremental approvals in monoclonal antibody products across Europe and the U.S. have also contributed to soaring revenue of the global market. The report by TMR suggests that about five to six monoclonal antibodies are approved each year in these regions. Out of the 60 monoclonal antibodies approved in Europe in 2015, 48 have hit the market. Thus, the widening product portfolio that comes in a broad price range has also played a key role in encouraging the uptake of monoclonal antibody therapeutics.
High Cost of Production Dissuades Market Growth
Though the market is estimated to have a bright potential, it is likely to be shadowed by a few restraints. The increasing production of biosimilars that are also used for treating various chronic conditions and autoimmune diseases are expected to eat into the market share of monoclonal antibody therapeutics market. Furthermore, the patent cliff of several products is also likely to have a negative impact on the overall earnings of the global market. The market is also anticipated to face a tough challenge due to the high cost of monoclonal antibodies as their production is exceptionally time-consuming and demands strict adherence to rules and regulations.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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