Global Monoclonal Antibody Therapeutics Market: Snapshot
The biological therapy used for treating various kinds of severe and chronic conditions are known as monoclonal antibodies. These are applied in the treatment of serious conditions such as cancer, rheumatoid arthritis, Crohn’s diseases, psoriasis, osteoporosis, systemic lupus erythematous and others. These are target only the affected areas to destroy the diseased cells, thus restoring the immune system. The research report by Transparency Market Research states that the global monoclonal antibody therapeutics market was worth US$86.7 bn in 2015 and is expected to reach US$245.8 bn by 2024. Between the forecast years of 2016 and 2024, the overall market is expected to rise at a CAGR of 12.6%.
The rising incidence of cancer across the globe is expected to drive the global market in the coming years. According to the World Health Organization, the world is expected to witness a rise of 70% in the number of cancer cases over the next few years. The statistics indicate that of these, 60% will be from Asia, Africa, and Latin America. The market is also likely to be favored by the growing approvals to research and develop new antibodies, especially across Europe and the U.S. Additionally, commercialization of these drugs will also contribute to the growing revenue of the global market.
North America to Remain Leading Segment due to Affordable Healthcare
In terms of geography, the global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Analysts predict that the North America monoclonal antibody therapeutics market is likely to lead due to several reasons. Europe is expected to follow suit. As of 2015, the collective share of these two regions stood at 62.7% in the global market. The vast pool of geriatrics, well-established reimbursement policies, affordable healthcare, and growing awareness of diseases is expected to drive the market in North America in the coming few years. On the other hand, Europe monoclonal antibody therapeutics market is expected to thrive due to the increasing research and development in developing novel products.
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Asia Pacific is also expected to show promise of a steady growth as the region has a huge population base with vast scope of unmet medical needs. The growing focus of governments in developing countries to improve the healthcare facilities is also expected to boost the demand for monoclonal antibody therapeutics in the coming years.