by Monoclonal antibodies are widely used to treat various types of cancer and other diseases such as rheumatoid arthritis. They work by targeting specific proteins expressed by diseased cells or by marking diseased cells to make them visible to the immune system for destruction. Some key advantages of monoclonal antibody therapeutics include high selectivity and specificity for their targets with minimal adverse effects on healthy tissues. The global market offers effective and reliable treatment options for numerous life-threatening diseases.
The global Monoclonal Antibody Therapeutics Market is estimated to be valued at US$ 72.59 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Growing prevalence of cancer and other chronic diseases is a major driver of growth for the monoclonal antibody therapeutics market. Chronic diseases and cancer pose a significant economic and social burden worldwide. According to the National Cancer Institute, cancer accounts for nearly 10 million deaths annually. Monoclonal antibodies have revolutionized cancer treatment by selectively targeting molecular alterations in tumors. Biopharmaceutical companies are investing heavily in developing novel monoclonal antibodies with improved efficacy and safety profiles to tap the vast potential of this market.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to high R&D costs and regulatory requirements. Biosimilars pose lower risks.
Bargaining power of buyers: Large pharmaceutical companies have strong bargaining power over smaller players. Generics erode prices over time.
Bargaining power of suppliers: Suppliers of raw materials and contract manufacturing organizations have moderate power due to limited alternatives.
Threat of new substitutes: Biosimilars and targeted small molecule drugs emerging as substitutes for monoclonal antibodies.
Competitive rivalry: Intense competition among major players to develop novel monoclonal antibodies for new therapeutic areas.
Key Takeaways
The global Monoclonal Antibody Therapeutics Market Share is expected to witness high growth. The global Monoclonal Antibody Therapeutics Market is estimated to be valued at US$ 72.59 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
Regional analysis comprises dominant regional markets. North America currently accounts for the largest share due to growing acceptance of biologics and presence of major players. Asia Pacific expected to witness highest CAGR during the forecast period with increasing healthcare spending and expanding biopharmaceutical industries in China, India, and other Asian countries.
Key players operating in the Monoclonal Antibody Therapeutics market are IOI Loders Croklaan, Ghana Nuts Company Ltd., and The Savannah Fruits Company. IOI Loders Croklaan deals in specialty fats and oils. Ghana Nuts Company Ltd. specializes in shea nuts processing. The Savannah Fruits Company produces and exports various fruits from West Africa.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
