Global Cancer Monoclonal Antibodies Market - Segmented by Type of Monoclonal Antibody, and Monoclonal Antibody Therapies, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global cancer monoclonal antibodies market is expected to register a CAGR of 8.7% during the forecast period, 2018 to 2023. Monoclonal antibodies are highly specific to cancer cells as they bind to the proteins on their surface and stimulate an immune response. This market consist of several types of monoclonal antibodies and much more in the pipeline. With the increasing awareness of cancer diseases and availability of better treatment through good healthcare facilities, North America is expected to dominate the market.
Rise in Cancer Prevalence
Cancer is one of the leading causes of death globally. There were 10.9 million new cases, in 2002, which increased to 14.1 million, in 2012 (approximately 30% growth in a decade). The WHO expects this number to increase by 70%, over the next two decades. According to the WHO, almost 70% of deaths occur in low and middle-income countries. The increment in data is expected to provide the basis for any national policy on cancer, leading to an increase in the percentage of people choosing cancer treatment. In the healthcare sector, cancer is one of the biggest concerns. Thus, the increased use of monoclonal antibodies for the treatment of cancer is driving this market.
Other factors, such as, increasing investment in research and development of genomic studies, technological advancement in genetic sequencing with increasing preference toward specificity of monoclonal antibodies to target cancer are driving the cancer monoclonal antibodies market.
Stringent Regulatory Guidelines
Following the regulatory guidelines for monoclonal antibodies related to cancer is a highly rigorous process in most of the regions, globally. The guidelines provide a comprehensive description of the manufacturing processes including quality, good manufacturing practices, process validation, potential for degradation, and the need for stability studies. A stringent regulatory scenario exists globally, such as, the US FDA, European Medicines Agency (EMA), and Korean FDA. Similar to biologics, biosimilar also face similar restrictions for getting the approval of monoclonal antibodies in the market. Since it is a time-consuming process, it is considered as one of the major hindering factors for this market. Others factor that restrain the growth of the global cancer monoclonal antibodies market are: long duration of research and development before clinical trials and the rise in the failures of mAbs in clinical trials.
Asia-Pacific is Expected to Record a High Growth Rate
The Asia-Pacific region is also expected to record a high growth rate during the forecast period, due to factors, such as, increasing healthcare expenditures, increase in number of cancer patients, and increasing healthcare facilities in the region through investments from private and public sector companies. North America is expected to dominate the cancer monoclonal antibodies market, due to the presence of well-established healthcare facilities, the rise in demand for advanced healthcare systems among aging populations, and growing awareness regarding cancer in the region.
Key Developments in the Market