The monoclonal antibody therapeutics market consists of monoclonal antibodies (mAbs) used in treatment of various diseases including cancer
The monoclonal antibody therapeutics market consists of monoclonal antibodies (mAbs) used in treatment of various diseases including cancer, infectious diseases, cardiovascular diseases, and others. Monoclonal antibodies find applications in treatment of cancer due to their high specificity and ability to induce immune responses.
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 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for monoclonal antibody therapeutics for cancer treatment is one of the major factors driving the market growth. According to World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The rising prevalence of various types of cancers including lung cancer, breast cancer, colorectal cancer and others has boosted the adoption of monoclonal antibody therapeutics for their treatment. The market is witnessing increased research and development activities focused on development of novel monoclonal antibodies with better efficacy and safety for cancer treatment.
Segment Analysis
The global monoclonal antibody therapeutics market is dominated by the oncology segment. Monoclonal antibodies have proven to be highly effective and relatively less toxic for treating various types of cancers like blood cancer, breast cancer, lung cancer etc. Hence, monoclonal antibody drugs have revolutionised the treatment of cancer with several blockbuster drug approvals and launches in recent years. This has driven the growth of the oncology segment which captures over 60% market share currently.
Key Takeaways
The global Monoclonal Antibody Therapeutics Market Share is expected to witness high growth over the forecast period of 2023 to 2030. Monoclonal antibodies have emerged as a major class of biologics owing to their high specificity and relatively fewer side effects. 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 7.1% over the forecast period 2023 to 2030.
Regional analysis
North America currently dominates the global market due to regulatory support, rising healthcare spending and presence of key market players in the region. However, Asia Pacific is expected to witness the highest growth due to growing healthcare infrastructure, rising disposable incomes, and increasing incidence of chronic diseases in the region.
Key players
Key players operating in the monoclonal antibody therapeutics market are IOI Loders Croklaan, Ghana Nuts Company Ltd., and The Savannah Fruits Company. IOI Loders Croklaan has a wide product portfolio and global footprint. Ghana Nuts Company Ltd. is a leading player in Ghana and supplies cocoa and shea butter worldwide. The Savannah Fruits Company specializes in organic and fair trade products from Africa.
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