Combination Antibody Market in APAC Region Set to Witness Robust Growth through 2024
Higher success ratio in treating and preventing cancer cells using combination antibody therapy is fuelling the demand for combination antibody drugs in the market. A study conducted by Persistence Market Research (PMR) shows that the global market for combination antibody therapy is set to ride on a value CAGR of over 14% during the period of assessment to reach US$ 144,734.5 Million by 2024 end.
In 2016, the global market was valued at over US$ 49,994 Million characterizing the overwhelming popularity of antibody/antibody drugs amongst both practitioners and patients observed in recent years.
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Combination antibody therapy is receiving higher recognition from the oncological branch of medical science research.
This is primarily due to the growing use of combination therapy over single drug treatments such as radiation or chemotherapy. In addition, companies that manufacture combination antibody drugs are actively focusing on developing superior drugs that will deliver standout results.
Factors such as encouraging government policies, growing concerns over higher cancer prevalence worldwide, and increasing research and development activities coupled with heavier investments are expected to boost the overall market growth in the near future. Likewise, healthy R&D pipelines are leading towards higher product offerings and also propelling the growth of global combination antibody therapy market to a significant extent.
The prolonged attrition rate in product development cycle and arbitrary and stringent drug approval procedures are the major downsides of the market that are likely to inhibit the market growth during the forecast period. Moreover, lack of awareness on understanding the difference between immunotherapies and chemotherapies amongst healthcare professionals, which is restricting the optimal use of immunotherapies alongside conventional treatment modalities is an additional factor impeding the market growth.
Further, late diagnosis or ignorance of any carcinogenic disorders may inevitably lead to higher cost of treatment.
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Based on combinations, antibody/antibody is projected to be the predominant segment of the market over the forecast period. In terms of revenue, the segment is expected to witness a healthy CAGR of over 17% between 2016 and 2024.
The growth is attributed to the increasing preference of antibody/antibody drugs as they have a lower risk of side effects for various cancer therapies. Whereas, the chemotherapy/antibody segment will hold the second position, accounting for 38.3% share of the market in 2016.
Demand for combination antibody therapy will be high for breast cancer and lung cancer treatment on the basis of applications. The lung cancer segment is anticipated to expand at a value CAGR of 17.1% during the assessment period.
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By end user, hospitals are expected to be the largest segment of the market throughout the forecast period. In 2015, the segment was valued at US$ 26,906.5 Million, which is expected to surpass US$ 95,885 Million by 2024 end, reflecting a CAGR of 15.2%.
From a regional perspective, North America will continue to be the leading market for combination antibody therapy over the forecast period. In addition, the region is set to witness a CAGR of over 13% in terms of value.
Whereas, APAC is expected to reflect the fastest growth of the market during the forecast period in terms of value. Further, the market in the region is estimated to witness a 3.4X growth in terms of sales over 2024 owing to increasing prevalence of carcinogenic disorders in APAC.
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Key participants functioning in the global market for combination antibody therapy include Roche Holdings AG, Amgen Incorporated, Novartis AG, Celgene Corporation, Biogen Inc., Seattle Genetics Inc., Genmab A/S, Bristol-Myers Squibb Company, Eli-Lilliy and Company and Sanofi.
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