PUBLISHER: Allied Market Research | PRODUCT CODE: 1266520
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266520
The global cancer monoclonal antibody testing market size was $55,640.00 million in 2021 and is predicted to grow with a CAGR of 7.0%, by generating a revenue of $106,825.10 million by 2031.
Monoclonal antibodies are synthetic antibodies that are directed against specific sites in the human body. On the surface of the cancer-causing cells, they serve as antigens. There are numerous monoclonal antibodies, and each one is made to solely attach to one kind of antigen. These antibodies are frequently used to treat a number of illnesses, including some forms of cancer. They deliver radioactive materials or injectable medications directly to the cancer cells. According to a study, radioactive cancer therapy is the most often used type of cancer therapy worldwide.
The increase in the geriatric population, rise in the incidence of cancer, and increase in demand for novel vaccines and therapies are some of the primary factors anticipated to drive the cancer monoclonal antibody testing market growth. The demand for effective therapies has increased owing to the rise in prevalence of different types of cancer like lung cancer, around the world, prompting researchers and scientists to accelerate their research efforts and produce effective monoclonal drugs for cancer. These factors are projected to drive the market growth during the forecast period.
The market is significantly constrained by the high costs associated with the creation of monoclonal antibodies using cutting-edge technology. The complicated manufacturing procedure, pricey biological and chemical components, clinical trials, as well as necessary efficacy, safety, and quality tests, are the main causes of the high cost of cancer monoclonal antibody testing. Large-scale synthesis of monoclonal antibodies involving many disulfide bonds and post-translational modifications necessitates the use of expensive, specialized equipment. All these are the major factors projected to hamper the market growth during the forecast period.
Governments of various countries around the world are investing in the development of advanced cancer diagnosis and treatment methods, which is expected to boost the growth of the cancer monoclonal antibody testing market. Furthermore, many countries have established programs and initiatives aimed at providing access to cancer care for their citizens, further driving the demand for cancer monoclonal antibody tests. The increase in government support is also driving the development of new cancer monoclonal antibody tests, which are more accurate, reliable, and cost-effective. This is leading to a rise in the number of cancer patients being diagnosed at an early stage, which is increasing the demand for cancer monoclonal antibody tests. This contributes to the market rise in the cancer monoclonal antibody testing market.
The COVID-19 pandemic has had a negative impact on the cancer monoclonal antibody testing industry. During the initial phase of the pandemic, the coronavirus 2019 (COVID-19), caused significant challenges in the supply of materials, production, and logistical operations, and significantly impacted research and drug development activities. When the COVID-19 pandemic began, most businesses and research initiatives around the world suspended operations, reducing market demand for reagents and other laboratory equipment.
The key players profiled in this report include: F. Hoffmann-La Roche Ltd., Bristol Myers, Squibb Co., Merck & Co., GlaxoSmithKline plc, Johnson & Johnson, Amgen, Inc., Novartis AG, AstraZeneca plc, Eli Lilly and Company, and AbbVie.