In a recent published report, Kenneth Research has updated the market report for Monoclonal Antibodies (mAbs) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Monoclonal Antibodies (mAbs) Market products.
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Kenneth Research has recently added a report titled Monoclonal Antibodies (mAbs) Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
The other factors that augment that market growth include the increasing the demand for personalized medicine and rising awareness among medical professional and patients about the latest medical therapies. Moreover, emerging targets such as central nervous system disorders, price correction and new delivery strategies for monoclonal antibodies provide opportunities for market growth in the near future.
Monoclonal antibodies constitute a major share of the pharmaceutical market with several monoclonal antibodies still in the pipeline. With over 30 monoclonal antibodies approved for use by regulatory authorities, many monoclonal antibodies are in the pipeline at the pre-clinical stage and various stages of clinical trials. Furthermore, availability of advanced technology for monoclonal antibodies production has egged on many other market players to develop their own pipelines. Also, in the last few years the patents of many monoclonal antibodies have expired thereby encouraging other pharmaceutical companies to undertake production of monoclonal antibodies.
There has been an increase in the research and development activities in the field of monoclonal antibodies. Several biomedical and technological advances in genetic engineering and next generation genome sequencing have fuelled the growth of the monoclonal antibody market. Also, multiple new targets have been identified during preclinical research, which has led to the development and production of newer monoclonal antibodies by using various cytotechnological methodologies.
In addition to this, favorable government initiatives to enable cost-effective production of monoclonal antibodies would give impetus to the monoclonal antibodies market growth. Also, pre-defined guidelines by regulatory bodies would ensure the safe, effective and high quality manufacturing of monoclonal antibodies Recently, the European Commission approved the first biosimilar mAb Celltrion’s Truxima (biosimilar rituximab), thereby boding well for its potential approval in the U.S.
Personalized medicine is being redefined by monoclonal antibodies that are the cutting-edge form of immunotherapy. The surge in the demand for personalized medicine plays a crucial role in boosting the monoclonal antibodies market by giving an impetus to the development of personalized drug targets as every patient responds differently to different treatment regimens. Moreover, other factors such as specificity, homogeneity and relatively fewer adverse events that entail usage of personalized medicine contribute to significant market growth.
The widespread and rapidly increasing prevalence of cancer and other chronic diseases have resulted in the soaring demand of biological medicines, thereby augmenting the growth of monoclonal antibodies. Furthermore several other monoclonal antibodies used in treatment of deadly infections such as HIV/AIDS, Ebola and Zika viral disease are in various phases of clinical trials. Also, high spending power of patients in developed countries, increasing disposable incomes in developing countries and better healthcare facilities further facilitate market growth. Going forward, increasing awareness about the latest medical therapies among medical professional and patients, and increasing utilization of monoclonal antibodies in treatment regimens is anticipated to propel the market growth.
Based on indication, the global monoclonal antibodies market is segmented in to cancer, inflammation, cardiovascular diseases, transplant rejection, respiratory and infectious diseases. The cancer segment is expected to lead the market during the forecast period owing to rapidly expanding patient pool, awareness about monoclonal antibodies among physicians and patients, improving medical facilities, high spending power in developed countries and increasing disposable incomes in developing countries.
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The leading companies operating in this industry include Pfizer, Inc., GlaxoSmithKline PLC, Novartis AG, Merck & Co., Inc., Eli Lily & Co., AstraZeneca, Amgen, Inc., Abbott Laboratories, Thermo Fisher Scientific, Inc., Bistro-Myers Squibb. Mylan N.V., Daiichi Sankyo Company, Ltd., Bayer AG, Hoffmann-La Roche Ltd., and Novo Nordisk A/S. The market players have adopted various strategies such as novel product development, new product release, and venture capital investments among others to establish a foothold in the market and increase their customer base.
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