Growing prevalence of chronic disease, increasing R&D investment on cancer treatment and genomic research and other chronic diseases to drive the growth of the Monoclonal antibodies market
The global monoclonal antibodies market was valued at USD 95.5 billion in 2018 and is expected to reach USD 150.8 billion in 2026, growing at a CAGR of 5.8% during the forecast period.
Growing prevalence of chronic diseases across the globe is the major factor that propelling the growth of the market during the forecast period. Chronic diseases are diseases which continue for long time and which generally cannot be prevented through vaccines or medications. The major reason for increasing chronic disease includes lack of nutritious diet, physical activities and aging population. The foremost chronic diseases include CVD, strokes, heart attack, cancer, diabetes, breast cancer, obesity and other health disorders. Early detection is a major factor in managing chronic diseases. There is significant rise in number of patients with chronic diseases.
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According to America Cancer Society for 2017, a number of 1.6 million new cancer cases were diagnosed and 600,920 people dies due to cancer in the US. Additionally, NIH has estimated that there will be 1,735,350 new cases of cancer in the US by the end of 2018. The genetic alterations enable in driving development & progress of different types of cancer which are identified through platform of research studies. Genomic studies and advanced technologies enable defining driver mutation and alteration of DNA & RNA in many cancers. The genomic information from tumours and normal tissue are compared which helps the required genomic changes. The genomic methods are used to detect molecular characteristics for clinical phenotypes which enables the detection of genetic changes. Therefore, the increasing genomic research further provide ample opportunity to the market.
The emerging economies such as Asia-Pacific region is one of the potential markets for monoclonal antibodies. The factors that will be favourable for the growth of the market in this region includes increasing government expenditures on healthcare in the region, and the presence of huge population suffering with various chronic diseases such as cancer, hypertrophic cardiomyopathies, arrhythmias and others. The average annual increase in government healthcare spending in the US is 4.5% and less than 1.5% in the European Union.