Luton, Bedfordshire, United Kingdom, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Humira Market.
When a patient's illness does not improve after receiving any other therapy, Humira is utilized. Adalimumab, often referred to as Humira, is a medication that is injected beneath the skin. Only when a patient doesn't respond to other forms of treatment will doctors often recommend this drug. The U.S. government initially gave its approval for the use of this drug in treating conditions including rheumatoid arthritis, psoriatic arthritis, and others. As a result, it is anticipated that the market would increase significantly over the forecast period.
Rising Interest in Humira to Promote Growth
The key drivers of the worldwide Humira market's growth rate are an increase in the number of patients suffering from illnesses as a result of lifestyle modifications and an increase in capital income in both developed and developing nations. The forefront of driving the global Humira market is the increase in global arthritis. It, in turn, is mainly due to the rapid growth of the elderly population. Key market players are actively investing to take advantage of untapped opportunities in Latin America and the Asia Pacific region, and opportunities for market growth will remain soon.
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Humira Market: Recent Development
- The drop of Humira in 2019 was anticipated because it was the first time the drug went up against biosimilar competition in Europe. As a result, international sales fell by 31%. Humira, on the other hand, defied the global decline and continued to expand in the United States, where sales this year were $16.1 billion, up from $14.9 billion in 2019.
- In August 2020, Cadila Pharmaceuticals plans to introduce Cadalimab, an adalimumab biosimilar of Humira from AbbVie, in India.
- In May 2019, AbbVie declared that its legal dispute with Boehringer Ingelheim over adalimumab's patent had been resolved. It is a major settlement since it ends all Humira related patent disputes in the US and facilitates the entry of a different biosimilar producer.
- AbbVie Inc. and Pfizer Inc. announced a patent license agreement for the use of adalimumab and Humira in November 2018. A nonexclusive license for Humira was granted to Pfizer by AbbVie Inc. in accordance with the terms of the agreement. The corporation was able to expand the adalimumab market globally as a consequence of this agreement.
| Report Metric | Details |
| Base Year Considered | 2021 |
| Forecast Period | 2022-2029 |
| Forecast Unit | Value (USD) |
| Segments Covered | By Type, Application, and Region |
| Regions Covered | North America, Europe, Asia Pacific, and LAMEA |
| Companies Covered | Pfizer, Amgen, Novartis AG, Boehringer Ingelheim GmbH, Mylan N.V., and AbbVie, Others. |
Humira Market Key Players
Humira Market Major Key Players include: - Pfizer, Amgen, Novartis AG, Boehringer Ingelheim GmbH, Mylan N.V., AbbVie, Others.
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Humira Market Segmentation
By Type, it is segmented into
- Humira Syringe
- Humira Pen
By Application, it is segmented into
- Ankylosing Spondylitis
- Rheumatoid Arthritis
- Crohn’s Disease
- Others
Humira Market – Drivers and Restraints
- The rise in arthritis worldwide is one of the main factors driving the global Humira market. It is, in turn, mostly caused by the older population's explosive increase.
- Older women typically get arthritis as a result of calcium loss in the body. Living a sedentary lifestyle has also contributed to the emergence of psoriasis and/or arthritis.
- They all contribute to ingesting the product as well as other elements, such as an increase in the incidence of ulcerative colitis and Crohn's disease.
- However, the expansion of the Humira market is significantly slowed down by the dearth of qualified individuals who can treat the illness with the correct dose form.
- High treatment procedure costs remained a barrier for the industry.
- The high cost of R&D and clinical trials is a key issue that market players must deal with.
- Manufacturers must keep their prices low despite hefty R&D expenditures, thereby reducing growth prospects in the worldwide Humira market.
Humira Market: Regional Analysis
Geographically, the North American Humira market had the highest share of the worldwide market in 2020 because to the most recent technological advancements and a variety of cutting-edge medications to improve therapeutic methods. The development rate of the North American regional market is further accelerated by elements including the availability of top-notch healthcare facilities, technological developments, and the introduction of several ground-breaking medications. As a result, the United States held a 65% market share in 2020, making it the largest market in North America.
Humira Market: Top Impacting Factors
- Humira is a costly medication because of its biological characteristics. Costs vary from USD 2,000 to USD 3,000 per month, which is one thing that restricts the market's expansion.
- On the other hand, the introduction of various treatment techniques benefiting end users and the appearance of cutting-edge technologies are projected to support the development of the market.
- Additionally, expanding government investment assistance will increase the market's chances for growth.
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