Monoclonal Antibodies Expected To Augment The Growth Of Monoclonal Antibody Therapeutics Market
Monoclonal antibodies (mAbs) are highly specific molecules that can precisely identify and bind to a single target on a disease-causing pathogen, such as a virus, or to diseased cells, such as cancer cells. They have increasingly become key tools for the treatment of various life-threatening diseases, such as cancer, multiple sclerosis, rheumatoid arthritis. As compared to conventional small-molecule drugs, monoclonal antibodies exhibit greater target specificity and lower toxicity. They can be tailored to bind and inhibit specific proteins on the surface of diseased cells or pathogens. Due to their high specificity and efficacy in treating various diseases, monoclonal antibody therapeutics have transformed the treatment landscape of various therapeutic areas.
The global Monoclonal Antibody Therapeutics Market is estimated to be valued at US$ 72.59 Bn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Biosimilar antibodies provide a more affordable alternative to branded reference biologics. The expiry of patents of blockbuster drugs such as adalimumab, bevacizumab, rituximab, and trastuzumab has led to the approval and commercialization of a large number of biosimilar versions. This has significantly reduced treatment costs and expanded patient access. Examples include Biogen's Imraldi and Samsung Bioepis' Ontruzant as biosimilar versions of adalimumab and trastuzumab respectively. Rapid advancements in monoclonal antibody engineering and manufacturing techniques have also enabled the development of next-generation antibodies with improved efficacy, safety, and stability profiles. These include antibody drug conjugates, bispecific antibodies, and long-acting monoclonals.
Porter’s Analysis
Threat of new entrants: Low capital requirements and technology development easy barrier to entry however established players dominates the market through patents and scale economics.
Bargaining power of buyers: Large number of buyers are present in the market having bargaining position over price but specialized nature of drugs limits the power.
Bargaining power of suppliers: Small number of suppliers are present for specialized raw materials and due to differentiated nature of drugs supplier have some control over pricing.
Threat of new substitutes: Risk of substitute is low as monoclonal antibodies have fewer side effects as compared to other therapeutics however new biologic rivals can emerge.
Competitive rivalry: Intense competition exists among major players dominating specific disease categories through continuous R&D and patent protections.
Key Takeaways
The Global Monoclonal Antibody Therapeutics Market Size is expected to witness high growth, exhibiting 23% CAGR over the forecast period, due to increasing prevalence of chronic diseases and rising demand for targeted therapies.
Regionally, North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to increasing healthcare spending, growing elderly population and presence of major players in the region. However, Asia Pacific is anticipated to exhibit the fastest growth rate owing to rising medical tourism, rapid economic development and growing cases of cancer.
Key players operating in the Monoclonal Antibody Therapeutics market are 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. Key players are focused on partnerships, collaborations and pipeline expansion strategies.
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