Monoclonal Antibody Therapeutics Market is Estimated to Witness High Growth Owing to Rising Occurrence of Chronic Diseases
 |
| Monoclonal Antibody Therapeutics Market |
Monoclonal antibodies are laboratory-produced molecules engineered to serve as substitute antibodies that can restore, enhance or mimic the immune system's attack on cancer cells or other diseases. The global monoclonal antibody therapeutics market is highly driven by the rising prevalence of various chronic diseases such as cancer and autoimmune disorders.
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 Opportunity:
Rising occurrence of chronic diseases presents a significant market opportunity
for monoclonal antibody therapeutics. According to WHO, chronic diseases are
estimated to account for almost 60% of all deaths annually. Cancer alone
accounted for an estimated 9.6 million deaths in 2018. The prevalence of
various cancers and autoimmune diseases is continually increasing worldwide
mainly due to changing lifestyle patterns. The high prevalence of chronic
diseases has increased the demand for effective targeted treatment options such
as monoclonal antibody therapeutics. The market players are continuously
investing in R&D to develop novel monoclonal antibodies for treatment of
chronic indications with high unmet needs. This growing disease burden and lack
of effective therapeutic alternatives create a huge opportunity for monoclonal
antibody therapeutics in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as research and
development require high capital investment and established distribution
channels. Monoclonal antibody therapeutics also require extensive clinical
trials and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is high due to the
presence of generic drugs and biosimilars. Buyers can negotiate for lower
prices and select alternative treatment options.
Bargaining power of suppliers:The bargaining power of suppliers is moderate.
Key raw material suppliers face potential forward integration from major
pharmaceutical companies.
Threat of new substitutes: The threat of new substitutes is high with
increasing R&D and approvals of novel biologics, small molecules, and cell
and gene therapies to treat various diseases.
Competitive rivalry: The competitive rivalry is high among large global players
due to patent expiration of blockbuster drugs and pipeline strength.
SWOT Analysis
Strength: Rising R&D investments, increasing demand for targeted therapies,
and ability to treat previously untreatable conditions.
Weakness: High development costs, manufacturing complexities,
biosimilarity/interchangeability concerns, short product life cycle.
Opportunity: Expanding applications to treat diseases such as cancer,
autoimmune disorders, and infectious diseases. Underpenetrated emerging markets
with growing healthcare expenditures present opportunities for market players.
Threats: Stringent regulations, reimbursement challenges, rising competition
from generics and biosimilars limiting price controls may impact revenue
potential for manufacturers.
Key Takeaways
The global Monoclonal Antibody Therapeutics market is expected to witness high
growth over the forecast period of 2023 to 2030. Global
Monoclonal Antibody Therapeutics Market Demand 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.
Comments
Post a Comment