行业深度报告：PD-1/VEGF双抗有望成为千亿美金市场的基石用药

Investment Rating - The investment rating for the biotechnology industry is "Positive" (maintained) [1] Core Insights - The PD-1/VEGF dual-target therapy is expected to become a cornerstone treatment in the market, with a projected global market size nearing $70 billion by 2028 [5][38] - The global PD-(L)1 monoclonal antibody market is entering a mature phase, with an estimated market size of $52.5 billion in 2024, reflecting a year-on-year growth of 12.3% from 2023 [21][24] - The PD-1/VEGF dual-target therapy is gaining traction as a breakthrough in overcoming the limitations of single-agent therapies, driven by the success of the dual antibody, Ivosidenib [32][34] Summary by Sections 1. PD-1/VEGF Dual Antibody as a Key Market Player - PD-(L)1 inhibitors have become foundational in cancer immunotherapy, with PD-1 widely expressed on immune cells [16] - The PD-1/VEGF dual-target therapy is positioned to address the limitations of single-agent therapies, with significant potential for market growth [32][38] - The dual-target approach is expected to enhance immune cell infiltration and improve treatment efficacy in various cancers [34] 2. Domestic Innovation in PD-1/VEGF Dual Antibody Development - As of May 2025, 14 PD-(L)1/VEGF dual antibodies are in clinical stages, primarily from domestic innovators, with several already entering significant out-licensing deals [51] - Ivosidenib, developed by Kangfang Biotech, is the first approved PD-1/VEGF dual antibody in China, marking a significant milestone [51] - Other companies, such as BioNTech and 3SBio, are also advancing their dual-target therapies, indicating a competitive landscape [51] 3. Market Growth and Future Projections - The ADC (Antibody-Drug Conjugate) market is rapidly expanding, with a projected size of $55 billion by 2028, driven by innovative combinations with PD-1/VEGF therapies [42][39] - The PD-(L)1 market is expected to grow at a compound annual growth rate (CAGR) of 8% from 2025 to 2028, reflecting a shift towards more complex treatment regimens [38] - The increasing number of approved PD-(L)1 monoclonal antibodies, with 26 globally as of May 2025, underscores the competitive dynamics in the market [19][20]