The monoclonal antibody therapeutics market will observe promising during the forecast period of 2016-2024 due to the rising prevalence of chronic diseases around the world. The widening scope of monoclonal antibody therapeutics and expansive investments in research and development activities will bring tremendous growth opportunities for the global market.
Monoclonal antibodies are the proteins made in laboratories that duplicate the immune system’s ability to ward off harmful antigens such as viruses. These antibodies specifically target antigens. The expanding use of monoclonal antibody therapeutics in treating ophthalmological diseases, cancer, autoimmune diseases, cancer, and others will bring immense growth prospects. Furthermore, utilization in private clinics, hospitals, and research institutes will bring good growth opportunities for the monoclonal antibody therapeutics market.
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Research and development activities have a vital role in improving the growth structure of the monoclonal antibody therapeutics market. The players indulge in these activities for deriving new formulations and techniques that help in enhancing the overall growth trajectory. Further, mergers and acquisitions also form an important part of the growth landscape. Strategic collaborations assist in the expansion activities and also strengthen the position of the players across the monoclonal antibody therapeutics market. Such developments help in the overall growth of the monoclonal antibody therapeutics market.
Factors such as the growing awareness about treating various conditions with monoclonal antibody therapeutics and extensive investments by various firms and conglomerates due to the rising popularity will positively impact the growth of the global market. Further, an improved healthcare structure will also prove to be a good growth contributor for the monoclonal antibody therapeutics market.
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Transparency Market Research’s (TMR’s) report on the monoclonal antibody therapeutics market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on monoclonal antibody therapeutics by TMR suggests a stable growth period.
According to the TMR experts, the market for monoclonal antibody therapeutics is prognosticated to expand at 12.6 percent CAGR during the forecast period of 2016-2024. In the context of valuation, the monoclonal antibody therapeutics market is projected to reach US$ 245.8 bn by 2024 and was valued at US$ 86.7 bn in 2015.
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Expanding Cases of Cancer to Increase Growth Prospects of Monoclonal Antibody Therapeutics Market
Growing cancer cases around the world is a cause of concern. The World Health Organization expects the globe to witness a staggering 70 percent rise in cancer cases over the years. These factors are giving rise to the need for curing cancer. The fatalities due to cancer are also substantial. Many therapies and treatment types are used for treating cancer. Monoclonal antibody therapy is one of them. Adverse effects are minimal when treated for cancer with monoclonal antibody therapy. Furthermore, the therapy is a good replacement for cancer drugs and chemotherapy. All these factors help in propelling the growth of the monoclonal antibody therapeutics market.
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North America to Emerge as Promising Region for Monoclonal Antibody Therapeutics Market
North America’s monoclonal antibody therapeutics market is projected to hold a dominating share during the forecast period of 2016-2024. Good reimbursement policies, vast geriatric population and rising awareness about these diseases will bring exponential growth for the monoclonal antibody therapeutics market in North America.
Furthermore, Asia Pacific is also extrapolated to observe steady growth across the forecast period. The presence of a large population with vast unmet medical needs will serve as a good growth contributor for the monoclonal antibody therapeutics market.
Some well-entrenched players in the monoclonal antibody therapeutics market are Bayer AG, GlaxoSmithKline Plc., Sanofi, Novartis AG, Hoffmann-La Roche Ltd., AbbVie Inc., and Pfizer Inc.
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