Pune, India, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The market for monoclonal antibody therapy was valued at USD 157.33 billion in 2020 and anticipated to reach USD 451.89 billion by 2028, exhibiting a CAGR of 14.1% during 2021 to 2028. The anticipated research and development subsidy aimed at enhancing and advancing new monoclonal antibodies is expected to bolster the market.
This information is published by Fortune Business Insights™ in its report titled, “Monoclonal Antibody Therapy Market, 2021-2028.”
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Industry Development
April 2020: GlaxoSmithKline plc joined forces with Vir Biotechnology, Inc. for the formation and enhancement of treatment for the COVID-19 virus, making use of monoclonal antibody platform technology owned by Vir Biotechnology.
Key Takeaways:
- The abrupt increase in the Compound Annual Growth Rate (CAGR) is attributed to the escalating market demand and expansion expected throughout the forecast period.
- The growing incidence of chronic illnesses like cancer stands as a significant factor driving the expansion of the worldwide market.
- During the projected period, the human monoclonal antibody segment is poised to spearhead the market.
- The market size in North America stood at USD 75.19 billion in 2020.
Discover the Leading Players Featured in the Report:
AbbVie Inc. (Illinois, United States), Merck & Co., Inc. (New Jersey, United States), F.Hoffmann-La Roche Ltd. (Basel, Switzerland), Bristol-Myers Squibb Company (New York, United States), Johnson & Johnson Services, Inc. (New Jersey, United States), Daiichi Sankyo Company, Limited (Tokyo, Japan), Novartis AG (Basel, Switzerland), Alexion Pharmaceuticals, Inc. (Massachusetts, United States), Amgen Inc. (California, United States)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 14.1% |
| 2028 Value Projection | USD 451.89 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 178.50 billion |
| Historical Data | 2017 to 2019 |
| No. of Pages | 135 |
| Segments covered | Type; Application; Distribution Channel; and Geography |
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Drivers and Restraints
Substantial Investment in Formation of New Monoclonal Antibodies to Navigate Growth
Monoclonal antibody therapy is rapidly emerging as an effective tool for treating chronic illnesses, particularly cancer, witnessing an increasing preference among patients. This surge in demand has led to soaring sales of various drugs like Herceptin and Humira, prompting major pharmaceutical companies to escalate their research investments in monoclonal antibodies. For instance, AstraZeneca, a leading pharmaceutical company, is currently conducting phase II clinical trials on Tezepelumab for atopic dermatitis treatment. Additionally, the potential candidates in the pipeline are expected to further drive market growth in the near future.
Moreover, the favorable endorsements from regulatory bodies for the introduction of biosimilars of existing mAb therapeutics are also contributing to market expansion. This trend is anticipated to steer the growth of the monoclonal antibody therapy market from 2021 to 2028.
Segmentation
Based on type, the market is segregated into human monoclonal antibody, humanized, monoclonal antibody, chimeric monoclonal antibody, and murine monoclonal antibody. The human monoclonal antibody segment was responsible for the leading position. This can be accredited to the augmented sales and demand for Humira.
On the basis of application, the market is classified into type cancer, autoimmune diseases, and others. Based on the distribution channel, the market is categorized into hospital pharmacy, retail pharmacy, and online pharmacy. In terms of geography, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Regional Insights
North America to Lead Stoked by Increasing Research Investments by Companies
North America held the maximum monoclonal antibody therapy market share and was worth USD 75.19 billion in 2020. Aspects credited for the dominance of North America include innovative product presentations, rising research finance and associations, and surging commonness of prolonged sicknesses. As per the National Cancer Institute, in 2020, there were reported 1.8 million fresh cases of cancer in the U.S. This is projected to upsurge the demand for monoclonal antibody therapy solutions in North America.
In Europe, the market is composed to grow owing to positive health compensation policies and effortless sanctions, and the promotion of biosimilars. In October 2018, Biogen publicized the unveiling of Imraldi, which is an adalimumab biosimilar that is likely to assist the market in spurring in European countries.
Asia Pacific is estimated to witness significant growth during the forecast period. Increasing occurrences of arthritis and provocative ailments, growing geriatric populace, and surging inclination towards biosimilars are principal causes for the enlargement of the market in Asia Pacific region.
Competitive Landscape
Key Players Partner Up to Deliver Optimum Results to Consumers
Several key players are constantly trying to develop and form new drugs in the market in order to help the consumers and healthcare experts. In their incessant desire to conquer the global market, they tend to apply several efficient strategies such as partnerships, mergers, and collaborations, among others. For instance, in October 2017, Incyte and MacroGenics, Inc. together declared their collaboration and warrant deal for MGA012, which is a novel and analytic monoclonal antibody presented by MacroGenics, Inc.
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FAQ’s
How big is the monoclonal antibody therapy market?
The global Monoclonal Antibody Therapy Market size was estimated at USD 178.50 billion in 2021 and is expected to reach USD 451.89 billion in 2028.
What is the market size of monoclonal antibody therapy market?
The Monoclonal Antibody Therapy Market will exhibit a CAGR of 14.1% during the forecast period, 2021-2028.
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