The Increasing Prevalence Of Cancer Is Among The Major Growth Drivers For The Bi-Specific MAbs Market - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, March 30, 2023 /PRNewswire/ -- As per The Business Research Company's Bi-specific MAbs Global Market Report 2023, the global bi-specific MAbs market will grow from $5.1 billion in 2022 to $6.7 billion in 2023 at a compound annual growth rate (CAGR) of nearly 31%. The bi-specific MAbs market is then expected to grow from $13.1 billion in 2027 at a CAGR of more than 18%.
The increasing prevalence of cancer is expected to drive bi-specific MAbs market growth during the forecast period. For example, according to the American Cancer Society, a US-based voluntary health organization, a total of 1.9 million new cancer cases and 609,360 deaths from cancer are expected to occur in the USA in 2022, which is about 1,670 deaths a day. Additionally, according to International Agency for Research on Cancer, a France-based Government agency, By 2040, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million. Therefore, the increasing prevalence of cancer is expected to propel the growth of the bi-specific MAbs market.
Learn More On The Bi-specific MAbs Market Report – https://www.thebusinessresearchcompany.com/report/bi-specific-mab-global-market-report
Major companies operating in the bi-specific MAbs market are developing innovative products by using advanced technologies to grow in the market. For instance, in August 2022, Janssen Pharmaceuticals, a Belgium-based pharmaceutical company, reported that the European Commission (EC) approved conditional marketing authorization (CMA) of Tecvayli (teclistamab) for the treatment of relapsed and refractory multiple myeloma (RRMM). Tecvayli is a T-cell redirecting IgG4? bi-specific antibody recognizing BCMA (B-cell maturation antigen) on target cells and CD3e (CD3 Epsilon Subunit Of T-Cell Receptor Complex) on T cells. It is generated based on Ligand's transgenic mouse (OmniAb) and Genmab's DuoBody technology. DuoBody molecules are unique in combining the benefits of bispecificity with the strengths of conventional antibodies which allows DuoBody molecules to be administered and dosed as other antibody therapeutics.
In addition, players in the bi-specific MAbs market are investing in targeted and combination therapy to treat solid tumor cancers. For instance, in May 2021, Soteria Biotherapeutics, a US-based biopharmaceutical company closed $42 million in financing to launch as an immuno-oncology company focused on developing next-generation switchable, bispecific T-cell engagers to treat solid tumor cancers.
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The global bi-specific MAbs market is segmented -
- By Type: Catumaxomab (Removab), Blinatumomab, Duligotumab, SAR 156597
- By Product Type: In Vivo, In Vitro
- By Indication: Cancer, Autoimmune Diseases, Inflammatory Diseases, Infectious Diseases, Microbial Diseases, Other Indications
- By End Use: Hospitals, Research Institutes, Other End-Users
According to the bi-specific MAbs market analysis, North America was the largest region in the market, accounting for 62.6% of the total bi-specific MAbs market share in 2022. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the bi-specific MAbs market will be Western Europe and Asia Pacific.
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