Antibodies Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Chronic Diseases and Technological Advancements


The Antibodies Market is estimated to be valued at US$ 224,083.5 million in 2023 and is expected to exhibit a CAGR of 12.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Antibodies are proteins produced by the immune system in response to the presence of foreign substances. They play a crucial role in the diagnosis and treatment of various diseases, including cancer, autoimmune disorders, infectious diseases, and inflammatory diseases. Antibodies are widely used in diagnostic testing, therapeutic interventions, and research applications. The increasing prevalence of chronic diseases, such as cancer and autoimmune disorders, is driving the demand for antibodies. Additionally, technological advancements in antibody engineering and production methods are further fueling market growth.

Market Dynamics:
The market dynamics of the Antibodies Market are influenced by various factors. Two key drivers contributing to market growth are the increasing prevalence of chronic diseases, such as cancer and autoimmune disorders, and technological advancements in antibody production methods. The rising incidence of chronic diseases and the growing geriatric population are driving the demand for targeted therapeutics, which rely heavily on the use of antibodies. Moreover, advancements in antibody engineering techniques, such as monoclonal antibody therapy and antibody-drug conjugates, are improving treatment outcomes and expanding the scope of antibody-based therapies. These drivers are expected to propel the growth of the Antibodies Market over the forecast period.

Segment Analysis:

The Antibodies Market Size can be segmented based on product type, application, and end-user. In terms of product type, therapeutic antibodies dominate the market, accounting for the largest market share. This dominance can be attributed to the growing demand for targeted therapies and advancements in biotechnology. Therapeutic antibodies are used for the treatment of various diseases such as cancer, autoimmune disorders, and infectious diseases, driving their market dominance.

In terms of application, the oncology segment holds a significant share in the antibodies market. This can be attributed to the increasing prevalence of cancer globally and the rising adoption of immunotherapy for cancer treatment. Additionally, the increasing investment in research and development activities for developing novel antibody-based therapies for cancer contributes to the domination of the oncology segment.

Based on end-user, the pharmaceutical and biotechnology companies segment dominates the antibodies market. This can be attributed to the extensive use of antibodies in drug development and the presence of key market players in the pharmaceutical and biotechnology sectors. These companies invest heavily in antibody research and development, driving the market dominance of this segment.

PEST Analysis:

Political: The political factors impacting the antibodies market include government regulations and policies related to drug development and healthcare. Stringent regulations for the approval and commercialization of antibody-based therapies can pose challenges for market players.

Economic: Economic factors such as healthcare expenditure, reimbursement policies, and affordability of antibody therapies influence the market growth. The increasing healthcare expenditure in developing countries and the availability of reimbursement for antibody-based treatments contribute to market growth.

Social: The increasing prevalence of chronic diseases, aging population, and awareness about personalized medicine are the social factors impacting the antibodies market. The demand for targeted therapies and the need for effective treatments drive market growth.

Technological: Technological advancements in antibody engineering and production techniques play a crucial role in the market. Innovations in antibody discovery platforms, such as phage display, have led to the development of novel antibody-based therapies, expanding the market opportunities.

Key Takeaways:

The global antibodies market is expected to witness high growth, exhibiting a CAGR of 12.9% over the forecast period (2023-2030), due to increasing demand for targeted therapies and advancements in biotechnology. The market is dominated by North America, with the United States being a major contributor, owing to the presence of key pharmaceutical and biotechnology companies and high healthcare expenditure. The Asia-Pacific region is expected to be the fastest-growing region, driven by the increasing prevalence of chronic diseases, improving healthcare infrastructure, and rising investments in research and development activities.

Key players operating in the antibodies market include Novartis AG, F. Hoffmann-La Roche Ltd., Johnson & Johnson Services, Inc., Takeda Pharmaceutical Company Limited, Amgen Inc., Biogen Inc., Bristol-Myers Squibb Company, AbbVie Inc., Sanofi, Eli Lilly and Co., Iovance Biotherapeutics, Inc., Ultragenyx Pharmaceutical Inc., and Kyowa Kirin Co.,

 

Read More: https://www.ukwebwire.com/scope-and-demand-of-global-antibodies-market/

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