New York, USA, April 26, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global cancer monoclonal antibodies market. According to the report, the global market is projected to surpass $106,825.10 million and grow at a CAGR of 7.0% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the cancer monoclonal antibodies market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Cancer Monoclonal Antibodies Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global cancer monoclonal antibodies market. During the pandemic, using monoclonal antibodies for cancer treatment became difficult. The therapy was more challenging owing to the patients' impaired or low immunity and susceptibility to infection. In addition, the pharmaceutical industry was more focused on producing a COVID-19 vaccine. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Cancer Monoclonal Antibodies Market Growth
The key factor boosting the growth of the global cancer monoclonal antibodies market is a significant rise in the need for cancer monoclonal antibodies owing to the increasing numbers of cancer cases worldwide. Furthermore, the growing demand for effective vaccines and drugs for several chronic cancer types, such as liver cancer and breast cancer, is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the lack of qualified researchers and professionals for developing cancer monoclonal antibodies for treatment are anticipated to deter the market’s growth.
The report segments the global cancer monoclonal antibodies market into antibody type, application, end-use industry, and region.
Murine Sub-Segment to Grab a Foremost Share of the Market
The murine sub-segment of the antibody type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because murine is commonly used as a building block in antibody development methods.
Blood Cancer Sub-Segment to Witness Rapid Growth
The blood cancer sub-segment of the application segment is predicted to grow enormously in the forecast period. This growth is mainly owed to the global increase in occurrences of blood cancer, which has boosted the demand for cancer monoclonal antibody treatment.
Research and Academic Institutes/Laboratories Sub-Segment to Grab a Leading Share of the Market
The research and academic institutes/laboratories sub-segment of the end-use industry segment is predicted to observe leading growth in the forecast period. This growth is mainly due to increasing government funding for chronic disease development, particularly for cancer, better treatment, new technology, increased R&D, and rising utilization.
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North America Region to Perceive Maximum Growth
The report analyzes the global cancer monoclonal antibodies market across several regions, such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth in the estimated period. This growth is mostly due to the growing occurrence of cancer among individuals, an increase in desire for therapeutic choices, and growing R&D activity on new target-based medicines in this region.
Key Players of the Global Cancer Monoclonal Antibodies Market
The report states some of the foremost players operating in the global market including
- Bristol Myers
- F. Hoffmann-La Roche Ltd.
- Squibb Co.
- Merck & Co.
- Johnson & Johnson
- GlaxoSmithKline plc
- Amgen Inc.
- AstraZeneca plc
- Novartis AG
- AbbVie
- Eli Lilly and Company
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in May 2022, Roche Pharma, an international healthcare corporation with two product lines: pharmaceuticals and diagnostics, launched a breast cancer medication. The launch of the new medication PHESGO, is the first fixed-dose combination of 2 monoclonal antibodies Perjeta (pertuzumab) & Herceptin (trastuzumab).
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Cancer Monoclonal Antibodies Market:
- Will Monoclonal Antibodies be More Helpful than Traditional Cancer Therapies in Increasing the Long-Term Survival Rate of People?
- Growing Prevalence of Cancer among Individuals Globally Expected to Propel the Growth of the Global Cancer Monoclonal Antibodies Market by 2031
