The antibody therapy market is estimated to grow significantly by 2028 owing to the increase in use of monoclonal antibodies (mABs) in COVID-19 patients.
Following the onset of COVID-19, there was a prevalent need to identify effective treatments for the infection. To that effect, in October 2021, the FDA granted Emergency Use Authorization to several monoclonal antibody treatments as a therapy for COVID-19. Moreover, in December 2021, the FDA broadened the potential use of monoclonal antibody treatment for precautionary therapy in persons at risk due to confirmed infection exposure. The approval was derived from the results of a significant clinical investigation, which discovered that the antibodies avoided symptoms in household contacts of patients who had recently tested positive.
Furthermore, due to the rising demand for antibody therapy in the market, governments and leading market participants have been increasingly investing in R&D activities, which has been favorable for business growth. For instance, in January 2022, AbbVie Inc., a major biopharmaceutical company, announced that the FDA had awarded Breakthrough Therapy Designation to Teliso-V for use in patients with advanced/metastatic EGFR (epidermal growth factor receptor) wild type, nonsquamous non-small cell lung cancer with high levels of c-Met overexpression whose disease advanced on or after platinum-based therapy.
In another instance, in February 2022, the World Health Organization (WHO) prequalified a monoclonal antibody ???tocilizumab??? to increase access to treatments for coronavirus. WHO has prequalified six antibody therapies previously, including the three presentations (three vials, each with a different quantity) of tocilizumab. As a result, growing prominence of antibody therapy as a treatment method for COVID-19 has fostered industry outlook during the pandemic.
The antibody therapy market has been segmented on the basis of type, end use, and region. Based on type, the antibody therapy market has further been segregated into monoclonal antibody (mAbs) and antibody-drug conjugates. The antibody-drug conjugates sub-segment held a market share of nearly 3% in 2021 and is estimated to grow significantly through the forecast period owing to the growing prevalence rate of cancer worldwide and increasing need for advance therapy for cancer patients. Additionally, rising R&D activities and favorable regulatory scenario are likely to proliferate segmental demand.
In terms of end use, the antibody therapy market has further been divided into hospitals, specialty centers, and others. The hospitals sub-segment is projected to grow at approximately 13.5% CAGR through the review period due to sophisticated healthcare infrastructure, mounting accessibility in remote areas, and high availability of products in the hospital setting are expected to boost the growth of the segment.
From the regional point of view, the Latin America antibody therapy market is foreseen to observe notable growth at a CAGR of more than 13.1% over the analysis timeline. Surging financial capability, rising incidences of infectious diseases, and growing patient preference towards antibody therapies owing to cost affordability and enhanced patient outcome are estimated to drive regional market growth in the future.