Rising Prevalence of Cancer and Other Chronic Diseases to Drive Global Monoclonal Antibody Diagnostic Reagent Market

According to our new market research study, titled "Monoclonal Antibody Diagnostic Reagent Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Tests and Application," the market is expected to grow from US$ 7,654.06 million in 2021 to US$ 18,507.20 million by 2028, it is estimated to grow at a CAGR of 13.5% from 2022 to 2028. The report highlights trends prevailing in the market and drivers and restraints pertaining to the global monoclonal antibody diagnostic reagent market growth.

Monoclonal antibodies (mAb) are important diagnostic reagents that are being used in biomedical research; microbiological research; in the diagnosis of Hepatitis, AIDs, influenza, herpes simplex, chlamydia infections; and in the treatment of infections and cancer. The monoclonal antibodies being directed at single epitopes are highly specific, homogeneous, and can be produced in unlimited quantities. The hybridoma-derived or bacterially cloned monoclonal antibody technology has enabled the mass production of highly specific probes for antigenic sites, whether on hormones, enzymes, receptors, or microbial products.

According to the NCBI report, researchers have identified therapeutic applications for mAbs since their development. mAbs possess many promising potential therapeutic applications, such as treating asthma, autoimmune diseases, cancer, poisoning, septicemia, substance abuse, viral infections, and other diseases. Additionally, in therapeutic applications, mAbs can be utilized in their naked form or as carriers by being conjugated to a tiny molecule or drug. Moreover, monoclonal antibody-based technology acts as an important tool in discovering novel therapeutic targeted drugs and developing novel therapeutic agents such as antibody-based drugs.

In 2020, North America holds the largest share in the monoclonal antibody diagnostic reagent market, whereas Asia Pacific is expected to register the highest CAGR during the forecast period. Regulatory approvals for innovative mAb products will positively influence the monoclonal antibody diagnostics reagent market revenue. Growing usage of innovative genetic technologies will offer faster discovery and product development. Moreover, wide-ranging R&D activities by numerous organizations support new product launches in the region. Further, the high occurrence of chronic diseases, including cancer and infections, across the region is creating the need for product innovation, which is driving the monoclonal antibody diagnostic reagent market in North America. Further, the US monoclonal antibody diagnostic reagent market is expected to grow from US$ 3,194.65 million in 2021 to US$ 7,917.45 million by 2028 at a CAGR of 13.9% during the forecast period. Monoclonal antibody-based cancer treatment has been recognized as one of the most successful therapeutic strategies for hematologic and solid tumors. According to National Cancer Institute (NCI) An estimated 1,806,590 new cases of cancer were detected in the US, and ~606,520 associated deaths were registered in 2020. Such factors are responsible for boosting the expansion of biologics such as monoclonal antibodies, which is driving the market growth.

According to The College of Physicians of Philadelphia report, the US Congress passed the Biologics Control Act to regulate the sale of viruses, serums, toxins, and analogous products. Due to this act the laboratories of the US Health Public Service has started overlooking the manufacturing of biologics. Moreover, the Food and Drug Administration (FDA) supported the development of monoclonal antibodies during the rising number of COVID-19 cases. For instance, in December 2021, the FDA announced expanding the emergency use authorization (EUA) of "bamlanivimab" and "etesevimab" effective for treating mild to moderate symptoms of COVID-19 in all younger pediatric patients, including newborns.

During the initial phase of the COVID-19 pandemic, there was a rapid growth of COVID-19 cases, which led to the high demand for the diagnosis of COVID-19 among the population. For instance, the European Commission signed a contract with Eli Lilly, a pharmaceutical company, to supply a monoclonal antibody treatment for COVID-19-infected patients. It marks the latest development in this first portfolio of five promising therapeutics announced by the European Commission under the EU COVID-19 Therapeutics Strategy in June 2021. The monoclonal antibody diagnostic reagent played a vital role in the diagnosis of COVID-19 patients, which increased the product demand.

BioGenex; Bio-Rad Laboratories, Inc.; Biocare Medical, LLC; Celltrion Healthcare Co., Ltd.; Creative Diagnostics; GenWay Biotech; Thermo Fisher Scientific Inc.; ABclonal, Inc.; Apto-Gen; and Abcam plc are a few of the leading companies operating in the global monoclonal antibody diagnostic reagent market.

By geography, the monoclonal antibody diagnostic reagent market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South and Central America).

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