ALBANY, New York, Aug. 1, 2019 /PRNewswire/ -- The rate at which chronic diseases are increasing, the means of treating them is also changing. New therapeutics are being development through research and development to give better and advanced treatment to patients. Government organizations are also participating equally in the increasing approval of new drugs, as they will help in better treatment of chronic diseases. According to various report, nearly 50 monoclonal antibody products have been approved in Europe and the U.S. that will help in treating variety of diseases. Many more drugs are under pipeline and likely to be approved in the near future. As some of the drugs are likely to be sold across the globe, the chances of increasing revenue in the global monoclonal antibody therapeutics market are very high. For example, the U.S. FDA approved immunotherapy product- TECENTRIQ (atezolizumab) in 2017, for the treating people suffering with locally advanced or metastatic urothelial carcinoma (mUC). According to market research expected revenue to be generated in the global monoclonal antibody therapeutics market is likely to reach US$ 245.8 bn by the end of 2024, by rising at the rate of 12.6% CAGR between 2016 and 2024.
Players in the global monoclonal antibody therapeutics market are engaged in developing new monoclonal antibodies that will significantly boost the growth in this market. Players are also making efforts to get approval for their drugs and associating other companies to gain higher advantage in the market. Some of the prominent players in the market are Novartis AG, AbbVie Inc., Pfizer Inc., Bayer AG, F. Merck & Co., Inc., Sanofi, Hoffmann-La Roche Ltd., and GlaxoSmithKline Plc.
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Additionally, regulatory support for treating rare diseases and increasing product launches are other supporting factors augmenting growth in this market. Various companies received U.S. FDA approvals for drugs used for the treatment of diseases such as cancers and other rare diseases. For example, the U.S. FDA approved Kyowa Hakko Kirin Co., Ltd. for Poteligeo (mogamulizumab-kpkc) that will be used for treating adult patients with relapsed or Sezary syndrome (SS) or refractory mycosis fungoides (MF) after at least one prior systemic therapy.
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Rising Use Of Antibody-Drug Conjugates (ADC) Creating New Avenues for Market Growth
Manufacturing monoclonal antibody therapeutics is now shifting beyond simply better mAbs (monoclonal antibody) to full motion and high performance mAbs i.e. antibody-drug conjugates (ADC). With time number of ADCs approved by FDA has increased, which is actually good for the growth of mAbs application. A cytotoxic agent is covalently linked to the mAb to provide a highly targeted payload that will be achieved by using the specificity of mAbs. With this, it is easy to use it for oncology treatments in which the mAb cautiously binds to a cancer-associated antigen that has limited impact to healthy cells. This will help in delivering the cytotoxic agent to the target cells. Though the application for cancer therapies is easy to imagine, ADCs are showing higher significance within a range of disease states including hematology, autoimmune disorders, heart disease, and others.
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Higher Focus on R&D Augments Market Growth in Developed Regions
Presence of large and best research institutions in North America has made the region lead the global monoclonal antibody therapeutics market. Additionally, presence of huge base of geriatrics, affordable healthcare, well-established reimbursement policies, and growing awareness of diseases is projected to fuel growth in North America monoclonal antibody therapeutics market in the near future. The monoclonal antibody therapeutics market in Europe is also anticipated to grow at a thriving rate due to the growing investments in R&D and healthcare sector that will help in developing novel products.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Monoclonal Antibody Therapeutics Market (Application - Cancer, Autoimmune Diseases, Infection, Hematological Diseases, Ophthalmological Diseases, and Others; Source - Human, Humanized, Chimeric, and Others; End User - Hospitals, Private Clinic and Research Institute) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2016 - 2024".
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