Cancer monoclonal antibodies are artificially created proteins that have the capability to identify and bind themselves to cancer cells. These antibodies are commercially developed by pharmaceutical companies to identify and overcome cancer cells in the human body without harming normal cells. They work by attaching themselves to specific molecules found on cancer cell surfaces and helping the body's own immune system to recognize and attack those cancer cells selectively. The global cancer monoclonal antibodies market has witnessed tremendous growth in recent years due to the increasing prevalence of cancer, ongoing research, and development leading to novel antibody drugs and the growing geriatric population which is more prone to cancer.
Market Dynamics:
The global cancer monoclonal antibodies market growth is driven by the rising incidence of cancer worldwide owing to factors like increasing tobacco consumption, exposure to carcinogenic substances, changing lifestyle patterns, and growing elderly population. in May 2022, as per the WHO estimates, cancer burden is expected to reach 27 million new cases and 16.3 million cancer deaths by 2040. Another major market growth driver is the ongoing research and development leading to the discovery of novel monoclonal antibody drugs and combination therapies for various cancer types which has improved patient outcomes. However, high costs associated with monoclonal antibody drugs acts as a major restraint for widespread adoption. Also, stringent regulatory policies and lengthy product approval process adds to the challenges. The market sees lucrative opportunities arising from emerging economies with growing healthcare expenditures.
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