PORTLAND, Oregon and PUNE, India, June 21, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Antibody Drug Conjugates Market by Drugs, Mechanism of Action and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global antibody drug conjugates market accounted for $1,387 million in 2016, and is estimated to reach at $3,198 million by 2023, registering a CAGR of 12.9% from 2017 to 2023.
Antibody drug conjugates are highly powerful biopharmaceutical medications prepared by integrating two principles i.e. a cell killing highly powerful active pharmaceutical ingredient (HPAPI) and explicit nature of monoclonal antibodies. They are highly effective anticancer drugs targeting only cancer infected cells thus, leaving healthy uninfected cell intact facilitating quick recovery of cancer patients.
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Increase in prevalence of cancer and rise in demand for efficient and cost-effective cancer treatments drive the market. Moreover, extensive research on drug development and large number of pipeline drugs for ADCs present in different stages of approvals are expected to boost the market growth. Approval of pipelined drugs increase the number of available ADC products, cumulatively spurring market turnover of ADCs. However, strict regulation set by regulating authorities for approval of ADCs and complications associated with drug development impedes the growth of antibody drug conjugates market. Growth in adoption of ADCs over conventional cancer treatments and rapidly developing market in Asia-Pacific & LAMEA create opportunities for market players.
North America holds the highest market share in 2016 owing to high prevalence of cancer in the region and modern healthcare facilities for employment of novel therapeutic procedures. Moreover, adoption of experimental medicines and growth in awareness about antibody drug conjugates in the region is expected to boost the North American market. However, Asia-Pacific region is expected to grow at the highest CAGR during the forecast period considering, high reported prevalence of cancer constituting a large patient pool.
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Key Findings of the Antibody Drug Conjugates Market:
- The Kadcyla segment is projected to grow at the highest CAGR in 2016 during the analysis period.
- Breast cancer segment generated the highest revenue in 2016 and is expected to continue its dominance in future.
- North America dominated the market in 2016
- China is expected to grow at the highest CAGR in 2016, in Asia-Pacific.
The key companies profiled in the report include F. Hoffman-La Roche Ltd., ImmunoGen, Inc., Bayer AG, Novartis AG, Immunomedics, Inc., Agensys, Inc., Takeda Pharmaceutical Company Limited, Seattle Genetics, Inc., Concortis Biotherapeutics, and NBE-Therapeutics.
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SOURCE Allied Market Research