Cancer Monoclonal Antibodies Market Expected to Reach $106.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cancer Monoclonal Antibodies Market," The cancer monoclonal antibodies market size was valued at $55.6 billion in 2021, and is estimated to reach $106.8 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.

A specific class of protein known as ‘cancer monoclonal antibodies’ is developed in a lab and has the capacity to bind to certain body targets, such as antigens on the surface of cancer cells. There are numerous varieties of monoclonal antibodies, each of which is created to attach to a specific antigen. Bevacizumab (Avastin), rituximab (Rituxan), trastuzumab (Herceptin), cetuximab (Erbitux), and panitumumab are the most common monoclonal antibody treatments for cancer (Vectibix).

In the coming years, the market share for cancer monoclonal antibodies market is expected to increase due to the rise in the incidence of cancer among individuals worldwide. Over a million individuals worldwide are affected with cancer, one of the most common chronic diseases, which also causes a large number of fatalities worldwide. The need for effective treatment alternatives has therefore increased in order to minimize the severity of the disease, which is predicted to drive the cancer monoclonal antibodies industry for cancer monoclonal antibodies testing in the future.

However, one of the major factors projected to hamper the cancer monoclonal antibodies market growth include the lack of skilled professionals. The rapid advancement of targeted therapy necessitates increasing skill work and experienced individuals for the development and treatment of monoclonal antibodies. Individuals' incapacity to carry out therapy is anticipated to restrict the market expansion during the forecast period.

The cancer monoclonal antibodies market share is expected to grow in the future due to an increase in the prevalence of cancer, advancements in technology leading to improved and efficient testing methods, and an increase in investment in R&D of cancer monoclonal antibodies. The market is also being driven by the increase in demand for personalized medicine, where monoclonal antibody tests are used to identify specific cancer markers and guide treatment decisions. The rise of immunotherapy, which uses monoclonal antibodies to treat cancer, is also expected to create several growth opportunities for the key players operating in the market.

The cancer monoclonal antibodies market is segmented on the basis of antibodies type, application, end user, and region. By antibody type, the market has been divided into murine, chimeric, and humanized. By application, the market has been classified into blood cancer, breast cancer, lung cancer, and others. By end user, the market has been divided into hospitals & clinics and research & academic institutes/laboratories. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include F. Hoffmann-La Roche Ltd., Bristol Myers, Squibb Co., Merck & Co., GlaxoSmithKline plc, Johnson & Johnson, Amgen, Inc., Novartis AG, AstraZeneca plc, Eli Lilly and Company, and AbbVie.

The report offers a comprehensive analysis of the global cancer monoclonal antibodies market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of COVID-19 on the Global Cancer Monoclonal Antibodies Testing Industry

• The novel coronavirus pandemic had a significant impact on a number of industries. During the pandemic, there was a significant decrease in the international market for cancer monoclonal antibody testing. The companies shifted their preference from developing monoclonal antibodies for cancer to developing a potent drug for coronavirus infection.
• The cancer monoclonal antibody testing producing companies had to cease their operations owing to import-export restrictions, lockdown imposed across several countries, and shortage of skill; the fear of contracting the novel coronavirus led to sluggish demand in the market
• Social distancing norms, closed borders, and production constraints, due to the COVID-19 pandemic, across various countries such as China, India, and the U.S. have affected the global market

Key Findings of the Study

• Based on antibody type, the murine sub-segment emerged as the global leader in 2021 and the humanized sub-segment is anticipated to have the fastest growth during the forecast period
• Based on application, the blood cancer sub-segment emerged as the global leader in 2021 and the lung cancer sub-segment is anticipated to have the fastest growth during the forecast time
• Based on end user, the hospitals & clinics segment had a dominant market share in 2021 and is predicted to show the fastest growth in the upcoming years
• Based on region, the North America market registered the highest market share in 2021 and Asia-Pacific is projected to be the fastest growing during the forecast period