Rise in prevalence of various cancer types and increase in demand for cost-efficient biosimilar monoclonal antibodies, propel the growth of the global monoclonal antibodies market
PORTLAND, Ore., July 29, 2021 /PRNewswire/ -- According to the report the, global monoclonal antibodies market was pegged at $146.64 billion in 2020 and is estimated to reach $390.58 billion by 2030, manifesting a CAGR of 10.2% from 2021 to 2030.
Rise in prevalence of various cancer types, increase in demand for cost-efficient biosimilar monoclonal antibodies, and surge in likelihood of epidemic or pandemic outbreaks fuel the growth of the global monoclonal antibodies market. However, low demand in underdeveloped countries hampers the growth to some extent. Nevertheless, several growth opportunities in emerging markets are expected to unlock worthwhile opportunities for the market.
Increase in necessity for treatments available on a global scale has propelled rapid development of a large number of SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2) neutralizing monoclonal antibodies (mAbs).
As a result, COVID-19 infection boosted growth and opportunities for the key players of the monoclonal antibodies market.
The human segment to dominate throughout the forecast period-
Based on source, the human segment held the highest market share in 2020, with more than two-fifths of the total revenue share. The segment, furthermore, is expected to maintain its dominance throughout the forecast period. In addition, the segment is also expected to manifest the fastest CAGR of 11.0% throughout the forecast period. This is attributed to increase in integration of advanced technology such as phage or yeast display, and transgenic mice, for human monoclonal antibodies generation, increase in usage for treatment of various chronic diseases, employment of advanced genetic engineering technology, increase in government support in infection control & management, and increase in number of product approvals.
The cancer segment to lead the trail throughout the forecast period-
Based on indication, the cancer segment accounted for the highest revenue share in 2020, holding nearly three-fifths of the total market share in 2020, and is anticipated to lead throughout 2030. The segment, furthermore, is also expected to exhibit the fastest CAGR of 10.7% throughout the forecast period. Increase in prevalence of cancer, and growth in adoption of monoclonal antibodies in cancer treatment drive the growth of the segment. In addition, increase in number of drug pipelines, rise in demand for biosimilar monoclonal antibodies, and surge in awareness level among the patient population regarding cancer treatment procedures further fuels the growth.
North America to hold the highest revenue share throughout the forecast period-
Based on region, North America held the major share in 2020, with more than two-fifths of the global market. This is due to rise in awareness levels among patients & physicians pertaining to the applications of monoclonal antibodies (mAb) therapy, and rise in approval of blockbuster mAbs for a variety of applications. On the other hand, the market across Asia-Pacific, on the other hand, would cite the fastest CAGR of 11.7% during the forecast period. This is owing to rise in research on biomedical and regenerative medicine, rise in awareness related to monoclonal antibodies, and availability of trained medical professionals.
Key market players-
Johnson & Johnson
Merck & Co. Inc
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