Global Monoclonal Antibodies (MABs) Market to Garner Around USD 450 Billion in 2031 and to Grow with a CAGR of ~14% During 2022-2031; Rising Incidence of Cancer to Steer Bright Market Growth
New York, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has released a thorough market study on the ‘Global Monoclonal Antibodies MABs Market’ for the forecast period, i.e., 2022-2031 that contains the following elements:
Global Monoclonal Antibodies MABs Market Size:
The World Health Organization (WHO) reports that globally over 10 million cancer-related deaths happened in 2020, which is roughly one in every six fatalities. The family of biosimilar molecules includes biosimilar monoclonal antibodies (MABs). They are huge, complicated proteins that are primarily found in the disciplines of oncology, autoimmune diseases, and haematology. They are employed by the immune system to recognize and neutralize foreign entities, such as bacteria, and viruses. The American Food and Drug Administration (FDA) has authorized more than 98 MABs drugs so far and the number is expected to rise further.
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In addition to this, up to 24 million Americans, total population in America, may have an autoimmune illness, and the frequency is increasing, according to the National Institute of Health report. The rising prevalence of cancer, autoimmune diseases, and haematology diseases are expected to boost the global monoclonal antibodies (MABs) market during the forecast period.
Global Monoclonal Antibodies (MABs) Market: Key Takeaways
Rising Frequency of COVID-19 Pandemic to Propel Market Growth
On account of the development of monoclonal antibody therapy to treat COVID-19, the Covid-19 pandemic had a favorable effect on the monoclonal antibodies (MABs) market. The rapid creation of many SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2) neutralizing monoclonal antibodies was driven by the realization of the urgent need for the medicines to be accessible worldwide. This is boosting the utilization of MABs even further. Owing to their effectiveness and safety, (MABs) are a promising alternative for reducing COVID-19, and these antibodies have received emergency use authorizations (EUA) from the U.S. FDA. To illustrate, the U.S. FDA approved Eli Lilly’s bebtelovimab in February 2022 for the treatment of COVID-19 patients who are in danger of suffering a serious illness or who would need to be hospitalized.
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Furthermore, the U.S. Department of Health and Human Services (HHS) stated that at least 600,000 free bebtelovimab courses will be given out, with the opportunity to acquire an additional 500,000 doses later on. This would open up new options for the development of MABs and further shoot the growth of the global monoclonal antibodies MABs market.
Global Monoclonal Antibodies (MABs) Market: Regional Overview
The global monoclonal antibodies (MABs) market is sectioned into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Number of Chronic Ailments to Fuel Growth in North America
On account of the increasing number of product lines and the rising incidence of chronic diseases, the North American market is anticipated to hold the greatest share of the market throughout the forecast period. For instance, the National Cancer Institute estimated to be 1,806,590 new cases of cancer in the United States in 2020 and it was predicted to be around 606,520 cancer-related deaths. Moreover, increasing government financing for cancer research and development initiatives is also expected to support regional market expansion. To illustrate, in 2020, the FY2020 funds allocated USD 6.4 billion (which comprises USD 195 million in CURES Act funding) for the National Cancer Institue (NCI), an increase of 9.2% or USD 524 million from the previous fiscal year.
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Increase in Prevalence in Geriatric Patients to Drive Market Growth in the Asia Pacific Region
On the other hand, the Asia Pacific region is anticipated to witness the fastest rate of market growth in the region owing to the rise in numbers of the elderly population as well as the growing preference for biosimilar MABs. According to the World Bank statistics, China’s overall geriatric population grew from 11 percent in 2019 to 12 percent in 2021. i.e., by 2019 there was 176 million elderly who were 65 or older and 254 million people who were 60 or older. An expected 402 million individuals or 28% of the total population will be older over 60 by 2040 in China. The rising geriatric population is expected to fuel the demand for MABs and shoot the market growth in the region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Monoclonal Antibodies (MABs) Market, Segmentation by Application
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The cancer segment is predicted to hold the largest share of these over the forecast period. The surge in monoclonal antibody use in Cancer treatment and the rise in cancer cases are both factors contributing to the expansion. Based on the American Cancer Society (ACS) statistics, globally, there were 17. o million new instances of cancer and 9.5 million cancer-related fatalities in 2018. On account of population expansion and aging, it is anticipated that by 2040, there would be 16.3 million cancer deaths and 27.5 million new cancer cases worldwide. On account of the rising frequency of risk factors like smoking, poor food, physical inactivity, and fewer pregnancies in economically developing nations, the burden is predicted to grow in the future.
Global Monoclonal Antibodies (MABs) Market, Segmentation by End-User
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The hospitals segment is anticipated to grow more lucratively during the forecast period. In the light of growing hospital virus exposure, the Food and Drug Administration (FDA) has recently expanded the possible use of monoclonal antibody therapy for people at risk. With monoclonal antibody treatment, doctors can help patients at greater risk for having severe symptoms avoid them. In January 2022, AstraZeneca received the US government nod to buy another 500,000 doses of Evusheld targeted for Covid-19.
There are 6,093 hospitals with 84% or 5139 of them being community hospitals in the U.S. in 2022. In addition, on August 4, 2022, the number of new COVID-19 cases in the U.S. was around 190,000. Over 1 million COVID-19 deaths have been reported in the U.S. from January 20, 2020, to August 4, 2022, which amounts to about 90.9 million confirmed cases. The need for the hospital segment grows along with the number of hospitals as well as the number of covid cases, driving the expansion of market.
Global Monoclonal Antibodies (MABs) Market, Segmentation by Type
Few of the well-known market leaders in the global monoclonal antibodies (MABs) market that is profiled by Kenneth Research are Amgen Inc., AstraZeneca, Bayer AG, Merck KGaA, Eli Lilly and Company, GlaxoSmithKline plc., BioMed Central Ltd., Novartis AG, American Medical Association, Elabscience Biotechnology Inc., and others.
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Recent Developments in the Global Monoclonal Antibodies (MABs) Market
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