The Global Cancer Monoclonal Antibodies Market is expected to grow at a CAGR of 11.86% during the forecast period (2022-2029).
Cancer monoclonal antibodies are highly specific to cancer cells, as they bind to the proteins on their surface and stimulate an immune response. Therefore, monoclonal antibodies are highly customizable due to their specific nature and can play a crucial role in eliminating the cancerous cell while sparing the normal cells during the cancer treatment. Hence, monoclonal antibodies technology is proved to be more effective than other cancer therapies.
The global ECG market growth is driven by the growing prevalence of cancer, increasing investment in R&D of genomic studies, and rising advancements in and preference toward the specificity of monoclonal antibodies to target cancer.
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The growing prevalence of cancer and extensive R&D in the field of cancer monoclonal antibodies will drive the market growth
The increase in the prevalence of cancer worldwide is the primary factor driving the cancer monoclonal antibodies market globally. According to the World Health Organization, cancer is the second leading cause of death worldwide, accounting for an estimated 9.6 million deaths, or one in six deaths, in the year 2018.
Lung cancer, prostate cancer, colorectal cancer, and liver cancer are the most common types of cancer in men, while breast cancer, colorectal cancer, lung cancer, cervical cancer and thyroid cancer are the most common among women. 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. The largest part of cancer immunotherapies involved monoclonal antibodies as monoclonal antibodies have more potential to offer less toxic and efficient therapy to the patients. They are used to treat a wide array of diseases related to autoimmune, inflammatory and especially cancer.
By Monoclonal Antibodies
- Bevacizumab (Avastin)
- Rituximab (Rituxan)
- Trastuzumab (Herceptin)
The cancer monoclonal antibodies market is highly competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Amgen Inc., Bristol Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Genmab AS, GlaxoSmithKline PLC, Johnson & Johnson, Novartis AG, and Merck & Co., Inc, Spectrum Pharmaceuticals Inc. among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the cancer monoclonal antibodies market globally.
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