Newark, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the monoclonal antibodies market is expected to grow from USD 209.44 billion in 2023 to USD 650.49 billion by 2033, at a CAGR of 12.0% during the forecast period 2024-2033. North America emerged as the largest market for the global monoclonal antibodies market, with a 35.2% market revenue share in 2023. The monoclonal antibodies market in the region has been growing due to the presence of developed healthcare infrastructure and reimbursement policies. Furthermore, the high patient awareness and growth in cancer research prospects drive the market’s growth in the region.
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Leading companies in the industry include Novartis AG, Pfizer Inc, GlaxoSmithKline plc, Amgen Inc., Merck & Co., Inc., Daiichi Sankyo Company, Limited, Abbott Laboratories, AstraZeneca plc, Eli Lilly And Company, and Johnson & Johnson Services, Inc. offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 12.0% |
| 2023 Value Projection | USD 209.44 Billion |
| Market Size in 2033 | USD 650.49 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 233 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Production Method, Source, End Users |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Monoclonal Antibodies Market Growth Drivers | Increasing regulatory approvals |
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The production method segment is divided into in vivo and in vitro. The in vivo segment dominated the market, with a market share of around 55.2% in 2023. The availability of serum-free culture medium and systems based on semi-permeable membranes has made biomanufacturing activities easier, which is expected to drive the segment’s growth. The source segment is divided into chimeric, human, humanized, and murine. Over the forecast period, the human segment is expected to grow at the fastest CAGR of 16.7%. These antibodies can be made using phage display and hybridoma technologies in transgenic mice. Because of recent scientific advances in genetic engineering, it is expected that the production of fully human monoclonal antibodies (mAbs) will increase during the forecast period. The end-user segment is divided into hospitals, research institutes, and other end-users. The hospital segment dominated the market, with a market share of around 38% in 2022. Hospitals in developed countries have more modern infrastructure, which propels the segment’s growth.
Market Dynamics of Monoclonal Antibodies
Driver: Rising Prevalence of Cancer
The increasing global incidence of cancer is a major driver of the monoclonal antibodies market. With around 19.3 million new cases and 10 million cancer-related deaths reported in 2020 (GOLOBOCAN 2020), the demand for effective cancer treatments, including monoclonal antibodies, is on the rise, especially in developed countries.
Restraint: High Treatment Costs
While monoclonal antibodies are pivotal in cancer therapy, their high cost is a significant barrier to market growth. Additionally, inadequate healthcare infrastructure in developing regions and a shortage of skilled professionals further hinder market expansion.
Opportunity: Increasing Regulatory Approvals
The growing approval of novel monoclonal antibodies by regulatory bodies presents a significant opportunity for market growth. For instance, the US FDA's breakthrough therapy designation for Satralizumab in 2018 highlights the potential for new drug introductions to boost the market.
Challenge: Stringent Government Regulations
The market faces challenges from stringent government regulations and the expiration of patents. While monoclonal antibodies have revolutionized treatment for previously untreatable diseases, navigating complex regulatory landscapes remains a hurdle to sustained market growth.
The market for monoclonal antibodies (mAbs) is anticipated to be significantly impacted by the rising prevalence of chronic diseases like cancer, cardiovascular disorders, and others. Similar to how more mAb therapies are being used for targeted treatments, more patients and doctors are becoming aware of these treatments, which is projected to contribute considerably to the market's growth. Additionally, the COVID-19 pandemic has improved market expansion prospects by encouraging the creation of several mAbs that target the SARS-CoV-2 virus. Due to their efficiency and safety, mAbs are a promising alternative for COVID-19 mitigation. Several of these antibodies have received emergency use authorizations (EUA) from the U.S. FDA.
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