The global next-generation antibody therapeutics market has experienced a substantial rise in its market valuation over the past few years. Technical developments in the field of antibody therapeutics have fueled this market to a great extent. Along with this, various initiatives taken by several governments across the world for encouraging the use of these technologies have significantly fuelled demand from this market.
A recent report, published by Persistence Market Research (PMR), estimates the market to expand at a CAGR of 13.0% during the period from 2015 to 2022 and reach a value of US$6.7 bn by the end of 2022. Historically, the market was projected to reach US$2.2 bn till 2015.
Increasing Incidence of Chronic Diseases Propels Next-generation Antibody Therapeutics Market
The increasing prevalence of various chronic diseases, triggered by rising population of geriatric people, is boosting the demand for next-generation antibody therapeutics. The efficiency, coupled with minimal side-effects, of these therapies is the key reason for this soaring demand among patients.
The rising investment to fuel R&D activities in this field is also propelling the market for next-generation antibody therapeutics significantly in the global arena. In addition to this, the heightened demand for modern and highly developed medical and healthcare amenities is likely to fuel this market significantly in coming years.
Asia Pacific Witnesses Remarkable Growth as Regional Market for Next-generation Antibody Therapeutics
North America has acquired the dominance over the global market for next-generation antibody therapeutics. The economic prosperity in this region has allowed consumers to spend generously on healthcare, owing to which, they are increasingly demanding for next-generation antibody therapeutics for the treatment of chronic diseases. The U.S. has emerged as the biggest market for next-generation antibody therapeutics in North America.
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Asia Pacific has also been exhibiting a substantial growth in its market share over the last few years. The rapid economic growth of emerging nations such India, China, and South Korea has increased the disposable income of people in this region and enabled them to afford expensive medical treatments, triggering the demand of next-generation antibody therapeutics. Additionally, the rising incidence of chronic diseases and the development in antibody technologies are anticipated to add significantly to the growth of this market in the near future.
Mergers, Acquisitions, and Partnerships: Key Strategies for Business Expansion
The global market for next-generation antibody therapeutics is highly competitive owing to the presence of a large number of market participants. Players are increasingly getting involved into mergers, acquisitions, and partnerships for the further expansion of their businesses. The introduction of innovative as well as highly advanced products is another significant strategy that has been adopted by them in recent times.
F. Hoffmann-La Roche Ltd., Dyax Corp., Seattle Genetics, ImmunoGen Inc, and Takeda Pharmaceuticals Co. Ltd. are leading this market at present. Other major companies fictional in this market are AstraZeneca, Xencor Inc., Bayer AG, Biogen, Amgen Inc., Pfizer Inc., Bristol-Myers Squibb Co., and Kyowa Hakko Kirin Co. Ltd.