The Global Monoclonal Antibody Therapeutics Market is anticipated to witness robust growth
They are an integral part of modern targeted cancer and autoimmune disease treatment as they can boost the immune system's ability to fight cancer and other diseases with extreme precision.
The global monoclonal antibody therapeutics market is estimated to be valued at US$ 83.63 billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the monoclonal antibody therapeutics market include IOI Loders Croklaan, Ghana Nuts Company Ltd., and The Savannah Fruits Company. These players are investing heavily in R&D to develop novel monoclonal antibodies for various disease indications.For instance, IOI Loders Croklaan launched two fully human monoclonal antibodies to treat prostate cancer and multiple sclerosis in 2023.
The market is expected to witness significant growth opportunities due to increasing number of clinical trials evaluating efficacy and safety of monoclonal antibody therapies for various cancer types. Moreover, favorable government policies and investment in healthcare infrastructure is further opening up new avenues for market players globally.
The Monoclonal Antibody Therapeutics Market Size is also expanding globally with major players focusing on emerging Asian and Latin American countries. For example, Ghana Nuts Company Ltd. established multiple manufacturing facilities in India and China over 2022-2024 to cater to the burgeoning demand and gain a foothold in high growth lucrative APAC markets.
Market Drivers
Rising incidence of cancer and other chronic diseases has been a major factor driving the demand for monoclonal antibody therapeutics. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Monoclonal antibodies show immense potential in targeting specific cancer pathways.
Market Restrains
High development cost of monoclonal antibodies due to extensive R&D and clinical trials pose significant challenges. Moreover, manufacturing complexities and lengthy regulatory approval process also restrain market growth to some extent.
Segment Analysis
The monoclonal antibody therapeutics market is dominated by the oncology segment as monoclonal antibodies are increasingly being used for the treatment of various cancer types like blood cancer. The oncology segment holds the largest share of the market owing to the high prevalence of cancer worldwide and increasing approval of monoclonal antibodies targeting different types of cancer cells and tumors.
Global Analysis
North America is the largest and fastest growing regional market for monoclonal antibody therapeutics. High healthcare spending, presence of leading market players, and rising cancer incidence are some of the major factors driving market growth in North America. The US dominates the North America market due to strong government support for research activities and presence of advanced healthcare infrastructure to efficiently conduct clinical trials. In addition,Asia Pacific is expected to exhibit high growth during the forecast period owing to increasing healthcare expenditure, growing demand for biosimilars, and expansion of key market players in countries like China and India through collaborations.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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