Global Monoclonal Antibody Therapeutics Market: Incremental Approvals across Developed Nations to Pave Way for Growth, says TMR
Considering that key players are faced with cut-throat competition in the global monoclonal antibody therapeutics market, several of them are looking to forge strategic collaboration to seal their market positions. Collaboration and merger activities are therefore taken swing in the global monoclonal antibody therapeutics market as players look to expand their geographic reach and product portfolio. Also these companies are in favor of partnership as it would allow them reduce the cost incurred in the production of monoclonal antibodies, need for skilled professionals, and investment in research and development, finds Transparency Market Research (TMR) in a new study.
Some of the most prominent companies operating in the global monoclonal antibody therapeutics market are Sanofi, Bayer AG, Pfizer Inc., F. Hoffmann-La Roche Ltd., Novartis AG, GlaxoSmithKline Plc., Merck & Co., Inc., and AbbVie Inc. According to TMR, the global monoclonal antibody therapeutics market will reach US$245.8 bn by the end of 2024, from US$86.7 bn in 2015. If these figures hold true, the global monoclonal antibody therapeutics market will exhibit a strong CAGR of 12.6% between 2016 and 2024.
Use of Monoclonal Antibody Therapeutics in Treatment of Autoimmune Diseases to Remain High
Monoclonal antibody therapeutics are used in the treatment of diseases such as autoimmune diseases, cancer, hematological diseases, and ophthalmological diseases. Of these, the demand for monoclonal antibody therapeutics in the treatment of autoimmune diseases is expected to showcase a phenomenal rise. As per TMR, between 2016 and 2024, the autoimmune diseases segment will exhibit a CAGR of 13.5%.
Regionally, North America is forecast to continue dominating the global monoclonal antibody therapeutics market. By the end of 2024, North America is expected to hold a little short of 38% of the global monoclonal antibody therapeutics market.
Rising Cancer Cases Worldwide to Fuel Demand for Monoclonal Antibody Therapeutics
The rising incidence of chronic ailments will give impetus to the market worldwide. The rising health concerns besides increasing diagnoses of cancer at various stages has fuelled the demand for effective therapeutics in the last few years. As a per the latest studies by the World Health Organization (WHO), the cancer cases worldwide will witness a massive spike of 70% in the near future, of which 60% cases will be attributable to Asia, Africa, and Latin America.
To counter this looming threat to human lives, nations have collaborated in the fight against chronic ailments. Hence incremental approvals in monoclonal antibody products is expected across the U.S. and Europe. According to TMR, nearly five or six monoclonal antibodies get approval each year in the aforementioned regions. Moreover, among the 60 monoclonal antibodies, which received approval in Europe, 48 have already hit the market. This widening product portfolio, which is available at a diverse price range, has helped in accelerating the pace of gains for the market players. This in turn will enable the global monoclonal antibody therapeutics market gain considerable momentum in the coming years.
Advent of Biosimilars Pose Significant Threat
Despite forecasts of strong growth, the market is expected to get overshadowed by a few restraints. For instance, the rising production of biosimilars that have proven helpful in the treatment of chronic ailments and autoimmune diseases is lurking to swallow the market share of monoclonal antibody therapeutics in the pharmaceutical industry. Furthermore, the patient cliff to diverse products will have adverse impact on the overall revenue generated by the market. Also the high cost of monoclonal antibodies will create bottlenecks for the market. Stringent regulations across certain nations will pose threat to the market as well.
This review is based on a TMR report, titled “Monoclonal Antibody Therapeutics Market (Application - Cancer, Autoimmune Diseases, Infection, Hematological Diseases, Ophthalmological Diseases, and Others; Source - Human, Humanized, Chimeric, and Others; End User - Hospitals, Private Clinic and Research Institute) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 - 2024.”
The report segments the monoclonal antibody therapeutics market as:
Monoclonal Antibody Therapeutics Market, by Application
- Autoimmune diseases
- Hematological diseases
- Ophthalmological diseases
Monoclonal Antibody Therapeutics Market, by Source
Monoclonal Antibody Therapeutics Market, by End Users
- Private Clinics
- Research Institute
Monoclonal Antibody Therapeutics Market, by Geography
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- Rest of MEA
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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