Cancer is a disease that affects millions of people worldwide, and finding effective treatments has been a constant challenge for scientists and clinicians. One promising new approach to cancer treatment involves the use of monoclonal antibodies, which are specialized proteins that can target and destroy cancer cells. Monoclonal antibodies are designed to target specific molecules on the surface of cancer cells, known as antigens, and block their function or trigger their destruction. Monoclonal antibodies can be made in large quantities and are highly specific, which means they only bind to the target molecule, not to the healthy cells in the body. Moreover, monoclonal antibodies generally have fewer side effects than traditional chemotherapy and radiation therapy. They have also been shown to improve survival rates and quality of life in some cancer patients, particularly those with advanced or difficult-to-treat cancers.
Forecast Analysis of the Cancer Monoclonal Antibodies Market
According to the report published by Research Dive, the global cancer monoclonal antibodies market is envisioned to garner a revenue of $106,825.10 million and grow at a CAGR of 7.0% throughout the estimated timeframe from 2022 to 2031.
The increasing frequency of cancer cases among individuals across the globe has paced up the research and development activities of effective treatment options, which is expected to bolster the growth of the cancer monoclonal antibodies market over the analysis timeframe. Moreover, scientific advancements in R&D activities, the rising demand for effective medicines and therapies for various chronic cancer types, such as breast cancer and liver cancer, and the increasing government support for cancer projects are expected to create wide growth opportunities for the cancer monoclonal antibodies market over the estimated period. However, the high cost of cancer monoclonal antibody therapy may hamper the growth of the market throughout the forecast period.
The major players of the cancer monoclonal antibodies market include Johnson & Johnson, Novartis AG, Amgen, Inc., AstraZeneca plc, GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd., Eli Lilly and Company, Merck & Co., AbbVie, Bristol Myers Squibb Co., and many more.
Key Market Developments
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global cancer monoclonal antibodies market to grow exponentially. For instance:
- In January 2021, Sanofi, a French multinational pharmaceutical and healthcare company announced its collaboration with Seagen Inc., a leading American biotechnology company. With this collaboration, the companies aimed to design, develop, and commercialize antibody-drug conjugates (ADCs) for three ADC programs for the treatment of cancer.
- In October 2022, Moderna, Inc., a renowned biotech company pioneering mRNA therapeutics and vaccines announced to launch of its jointly developed personalized cancer vaccine namely, mRNA-4157/V940. This currently developed vaccine would be evaluated in combination with KEYTRUDA, Merck’s anti-PD-1 therapy.
- In March 2023, Pfizer Inc., a leading American multinational pharmaceutical and biotechnology corporation, announced its acquisition of Seagen Inc., an American biotechnology company. This acquisition would bring new solutions to patients and provide new-generation cancer breakthroughs by combining Seagen’s ADC technology with the strength of Pfizer's capabilities.
Most Profitable Region
The North America region of the cancer monoclonal antibodies market generated the highest share of the market in 2021. This is mainly due to the increasing pervasiveness of cancer among people, and rising R&D activities on new target-based therapies. Additionally, the existence of technologically advanced R&D centers and the availability of experienced researchers across the region is expected to drive the regional growth of the market over the estimated period.
Covid-19 Impact on the Cancer Monoclonal Antibodies Market
The outbreak of the Covid-19 pandemic has had an adverse impact on the cancer monoclonal antibodies market, likewise various other industries. This is mainly due to the prolonged lockdown imposed by the government of many nations, the travel restrictions, and the widespread fear of the deadly virus. Moreover, certain cancer medications can lower and impart negative impacts on patients. This has decreased the rate of cancer treatment among people. In addition, the pharmaceutical sector was more focused on developing Covid-19 vaccination which has decreased the R&D activities for cancer monoclonal antibodies. All these factors have decreased the growth of the market throughout the crisis.