Westford, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the cancer monoclonal antibodies market size will attain a value of USD 337.92 billion by 2031, with a CAGR of 18.4% over the forecast period (2024-2031). High incidence of cancer and advancements in biotechnology are expected to bolster cancer monoclonal antibodies market growth over the coming years. The rising use of combination therapies and biosimilars is also slated to create new opportunities for cancer monoclonal antibodies companies.
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Cancer Monoclonal Antibodies Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 87.5 Billion |
| Estimated Value by 2031 | USD 337.92 Billion |
| Growth Rate | Poised to grow at a CAGR of 18.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Growing incidence of cancer around the world |
| Key Market Opportunities | Use of biosimilars and combination therapies |
| Key Market Drivers | Advancements in biotechnology and use of personalized medicine |
Rising Approvals for New Treatments for Blood Cancer Help It Dominate the Global Market
High prevalence of hematological problems around the world and an increasing number of approvals for therapeutics for the same are helping blood cancer segment dominate the cancer monoclonal antibodies market outlook. Efforts to improve blood cancer patient outcomes are also slated to help this segment maintain its dominance in the future.
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Efforts to Innovate Using Cancer Monoclonal Antibodies are Helping Research Institutes Provide New Opportunities
Growing investments in R&D of novel monoclonal antibody therapeutics and therapies for the treatment of cancer and rising collaboration in research is creating new business scope for cancer monoclonal antibody companies. Rising emphasis on developing novel treatments and diagnostic procedures for cancer indications are also helping research institutes boost the sales of cancer monoclonal antibodies going forward.
Robust Investments in R&D Make North America a Leading Cancer Monoclonal Antibodies Market
Extensive investments in oncology R&D by public and private organizations in North America help it hold a dominant stance in the global cancer monoclonal antibodies market forecast. Rising healthcare spending, presence of key biotechnology companies, and growing incidence of cancer are other factors boosting the cancer monoclonal antibodies demand. Canada and the United States remain the most opportune markets in this region.
Cancer Monoclonal Antibodies Market Insights:
Drivers
- Growing prevalence of cancer around the world.
- Rising number of cancer treatment therapies utilizing cancer monoclonal antibodies.
- Advancements in biotechnology and rising investments in R&D.
Restraints
- High costs of treatment involving cancer monoclonal antibodies.
- Stringent regulatory mandates and long approval timeframes.
- Inaccessibility to the large patient population due to high development costs.
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Prominent Players in Cancer Monoclonal Antibodies Market
- AbbVie Inc. (US)
- Amgen Inc. (US)
- Merck & Co., Inc. (US)
- Bristol-Myers Squibb Company (US)
- Gilead Sciences, Inc. (US)
- Takeda Pharmaceutical Company (Japan)
- AstraZeneca plc (UK)
- Eli Lilly and Company (US)
- Regeneron Pharmaceuticals, Inc. (US)
- BeiGene, Ltd (China)
- Biogen Inc. (US)
- Recordati Industria Chimica e Farmaceutica S.p.A (Italy)
- Pfizer (US)
- Spectrum Pharmaceuticals, Inc. (US)
Key Questions Answered in Cancer Monoclonal Antibodies Market Report
- How do advancements in biotechnology influence cancer monoclonal antibody demand?
- Which region brings in the most revenue on a global level?
- What factors limit the adoption of cancer monoclonal antibodies?
- Who are the top companies as per this cancer monoclonal antibodies market analysis?
This report provides the following insights:
Analysis of key drivers (rising incidence of cancer around the world, extensive use of monoclonal antibodies in cancer treatment therapies), restraints (high costs of treatment therapies and therapeutics, long approval timeframe), and opportunities (adoption of biosimilars and combination therapies) influencing the growth of cancer monoclonal antibodies market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the cancer monoclonal antibodies market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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