Antibodies are used in therapeutic applications for the treatment of diseases such as cancer, autoimmune diseases, hematological diseases, infectious diseases, and others. The increasing prevalence of cancer is expected to create lucrative opportunities for the growth of manufacturers in the market. Antibodies products come under biological therapeutic products. Biologic manufacturers require approval (similar to pharma drug approval) from the U.S. Food & Drug Administration prior to bringing the product to the market. However, unlike drugs, biologics require Biologics License Applications (BLA) to be filed with the Center for Biologics Evaluation and Research (CBER). Moreover, various government authorities are focused on controlling/lowering drug prices by adding reforms. For instance, the U.S. government is seeking to lower patients' out-of-pocket spending in Medicare by curbing deals that drug manufacturers make with its distribution channel partners such as pharmacy benefit managers, in February 2019 (these deals are responsible for increasing list price of drugs).
Market Dynamics
Increasing adoption of inorganic growth strategies, such as collaboration and partnership by key players in the market to expand their product portfolio, is expected to drive market growth over the forecast period. For instance, in January 2020, MorphoSys AG, biopharmaceutical company collaborated with Incyte Corporation a multinational pharmaceutical company for the development and commercialization of MorphoSys’ tafasitamab, a humanized Fc-engineered monoclonal antibody against CD19.
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