Market Trends of Biopharmaceuticals Industry
Anti-cancer Monoclonal Antibodies are Expected to Witness Significant Growth Over the Forecast Period in the Biopharmaceutical Industry
Anti-cancer Monoclonal antibodies (also called moAbs or mAbs) are proteins made in laboratories that act like antibodies and treat cancer. They work in different ways to kill the cancer cells or inhibit their growth further. The rising usage of monoclonal antibodies and antibody derivatives in therapeutics to treat cancer is the key driver for the rapid growth of the studied segment.
Growing approvals, clinical trials, and increasing research expenditure are major factors contributing to this segment's growth. For instance, in October 2022, PT217, a bispecific anti-Delta-like ligand 3 (DLL3)/anti-Cluster of Differentiation 47 (CD47) antibody, developed by Phanes Therapeutics, Inc. received Phase 1 clearance from the United States Food and Drug Administration (FDA). Phanes Therapeutics, Inc. is a clinical-stage biotech company focused on oncology for patients with small cell lung cancer (SCLC) and other neuroendocrine cancers.
Additionally, the growing number of FDA approvals and new product launches for various indications will drive the segment. For instance, in January 2022, the FDA approved Kimmtrak for treating HLA-A-positive adult patients with unresectable or metastatic uveal melanoma, a rare type of cancer that originates in the eye. Similarly, in May 2022, Roche Pharma launched Phesgo, a combination of monoclonal antibodies, Perjeta (pertuzumab) and Herceptin (trastuzumab) with hyaluronidase, for the treatment of patients with breast cancer.
Thus, the monoclonal antibodies segment is likely to witness significant growth over the forecast period due to the above-mentioned factors.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
As per biopharmaceutical analysis, the growing burden of chronic diseases, the rising geriatric population, and increasing investments in research and development activities in the region are the major factors driving the biopharmaceuticals market in North America. In addition, the presence of well-established biopharmaceutical companies and new product launches are also expected to boost market growth in the region.
The rising prevalence of chronic diseases in the United States is likely to facilitate market growth in the region. For instance, the Centers for Disease Control and Prevention's (CDC) data updated in July 2022 briefed that coronary heart disease is the most common type of heart disease, and approximately 20.1 million adults aged 20 and older suffer from the ailment in the United States. Additionally, per the CDC data, every 40 seconds, someone suffers from a heart attack, and nearly 805,000 people in the United States have a heart attack annually. Thus, the high burden of cardiovascular diseases demands the availability of advanced drugs for treatment, which is likely to boost the biopharma market growth.
Furthermore, an increase in the incidences of chronic diseases among the Canadian population, as well as the comorbidities associated with the diseases, is expected to positively impact the growth of the biopharmaceuticals market over the forecast period. For instance, according to Statistics Canada, as of July 2022, almost one in five Canadians (18.8% of the population; 7,329,910 people) were at least 65 years of age. As the geriatric population is more prone to chronic diseases, the rising elderly population is likely to raise the demand for effective drugs for their treatment hence, expected to drive the market growth over the forecast period.
Furthermore, strategic activities such as acquisitions and rising investments by key market players to expand their footprint in the biopharmaceuticals industry are also expected to propel market growth. For instance, in May 2022, Eli Lilly and Company announced an investment of USD 2.1 billion to expand its manufacturing footprint in Indiana, United States. Similarly, in May 2022, LOTTE acquired Bristol Myers Squibb's manufacturing facility in East Syracuse, New York. The East Syracuse site will serve as the LOTTE Center for North America Operations for LOTTE's new biologics contract development and manufacturing organization (CDMO) business in the United States.
Thus, due to the factors mentioned above, such as rising chronic disease prevalence and the company's investment and acquisition strategy, the studied market is expected to grow significantly in North America over the forecast period.
