by The Monoclonal Antibody Therapeutics Market Size is estimated to be valued at US$ 72.59 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Monoclonal antibodies are antibodies that are made by identical immune cells that are all clones of a unique parent cell. They are laboratory-produced molecules engineered to serve as immune system stand-ins. Their development ushered in a new era in biopharmaceuticals and are used to treat various medical conditions like cancer, arthritis, psoriasis, etc. Advantages include targeted delivery and specificity to tumor cells or viruses leading to fewer side-effects and more efficacy.
Market key trends:
The monoclonal antibody therapeutics market growth is driven by the rising demand for targeted immunotherapy due to advantages like fewer side effects and more efficacy. Monoclonal antibodies are increasingly being studied for the treatment of various types of cancers like breast, lung, blood cancers. Furthermore, development of biosimilar and biobetter monoclonal antibodies is expected to further drive the market growth due to their comparable efficacy to reference products and cost-effectiveness. The increasing research and development activities by major players for monoclonal antibodies for various indications is also fueling the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The Monoclonal antibody therapeutics market faces moderate threat of new entrants due to high capital requirements for R&D and manufacturing. The market also requires prolonged approval cycles from regulatory bodies such as FDA.
Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of monoclonal therapeutics but buying groups such as hospitals can negotiate on prices.
Bargaining power of suppliers: A few contract manufacturing organizations dominate the production of monoclonal antibodies giving them significant bargaining power over drug makers.
Threat of new substitutes: Biologics in the form of fusion proteins, vaccines, gene therapies and small molecule drugs pose potential threats but no substitutes can perfectly substitute monoclonal antibody functions.
Competitive rivalry: High as large biopharmaceutical firms continuously invest to develop next-generation therapeutics to gain market share.
SWOT Analysis
Strength: Wide applications in treatment of cancer, autoimmune diseases and other ailments. Precision targeting properties reduce side effects.
Weakness: High development costs. Manufacturing complexities can limit commercial scale production.
Opportunity: Emerging applications in new disease areas. Biosimilars provide scope for affordability.
Threats: Patent cliffs reduce revenues of blockbuster drugs. Supply chain disruptions during pandemic affected production.
Key Takeaways
The global Monoclonal Antibody Therapeutics market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of chronic diseases. Monoclonal antibodies have revolutionized treatment of cancer, rheumatoid arthritis, multiple sclerosis and other ailments.
Regional analysis:
North America dominates the monoclonal antibody therapeutics market currently due to presence of majority of key players and rising healthcare spending. However, Asia Pacific is fastest growing region anticipated to rise at over 15% CAGR owing to expanding patient pool, increasing localized manufacturing and growing public awareness.
Key players:
Key players operating in the monoclonal antibody therapeutics market are Pfizer Inc., Novartis AG, Bayer AG, Sanofi, F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Merck KGaA, GSK plc., AbbVie Inc., Bristol-Myers Squibb Company, Regeneron Pharmaceuticals Inc., AstraZeneca, AbCellera Biologics Inc., Molecular Depot LLC, DAIICHI SANKYO COMPANY, LIMITED., Abbott, Biogen, Thermo Fisher Scientific, Inc., Cell Signaling Technology, Inc, Intas Pharmaceuticals Ltd., Avantor Inc., UCB S.A., Merus N.V., GENEXTGENOMICS.COM, Biogenuix.
*Note:
Source: Coherent Market Insights, Public sources, Desk research
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