by The research antibodies market is estimated to be valued at US$ 3785.5 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The research antibodies market comprises antibodies that are used primarily in research and development applications across various industries such as biotechnology, pharmaceuticals and healthcare industries. The major applications of research antibodies include western blotting, flow cytometry, ELISA and immunohistochemistry. These antibodies play a vital role in diagnosing various diseases by recognizing antigenic determinants on cells, tissues and bacterial or viral particles.
Market Dynamics:
The research antibodies market is primarily driven by increasing research and development expenditure in biotechnology and pharmaceutical industries. According to the report by Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of pharmaceutical and biotechnology companies in the U.S. increased from US$ 79.6 billion in 2015 to US$ 83.8 billion in 2020 which is further projected to grow at a CAGR of 4.6% during 2019-2024. Additionally, rising prevalence of chronic and infectious diseases worldwide is also contributing to the growth of the market. For instance, as per World Health Organization (WHO) data, cancer is a leading cause of death worldwide and approximately 10 million people die each year from cancer which is projected to increase to 13 million by 2030. Thus, continuous research on cancer and other diseases is contributing to the demand for research antibodies.
SWOT Analysis
Strength: Research Antibodies market is growing at a rapid pace with CAGR of 5.9% over the forecast period. Key players are focusing on developing highly specific and sensitive antibodies which can help in early disease diagnosis. Growing R&D investment in life science sector is also fueling the demand.
Weakness: Developing antibodies requires extensive research and testing which makes the process costly and time taking. Dependence on animals for developing antibodies is an ethical issue.
Opportunity: Increasing incidence of chronic diseases and cancers is propelling the demand for diagnostic tests and research activities. Growing geriatric population prone to develop various diseases acts as an opportunities. Developing antibodies for rare diseases presents significant scope.
Threats: Stringent regulations can increase compliance cost. Manufacturing complexities pose challenges. Trade barriers and geopolitical issues impact supply chain. Alternative technologies adoption can also threaten antibody market.
Key Takeaways
Global Research Antibodies Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing focus on disease specific antibody development for diagnostics and therapeutics. Monoclonal antibodies segment dominates currently due to specificity and sensitivity advantages.
Regional analysis: North America dominates currently due to concentration of key players and higher healthcare spending. Asia Pacific is fastest growing region due to rising R&D investments, large patient pool and increasing healthcare expenditure. China and India are emerging as attractive destinations.
Key players operating in the Research Antibodies market are Thermo Fisher Scientific Inc, Bio-rad Laboratories, Lonza Group, Merck Millipore, Cell Signalling Technology Inc., F.Hoffmann La Roche Ltd., Novartis AG, Takeda Pharmaceutical Company, Agilent Technologies, Danaher Corporation, BioLegend Inc., Illumina, Phoenix Pharmaceuticals, Abcam plc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
