Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "Bevacizumab Biosimilars Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The bevacizumab biosimilars market has grown strongly in recent years. It will grow from $1.43 billion in 2023 to $1.55 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. Historical growth can be attributed to patent expirations, cost containment efforts in healthcare, rising cancer rates, market competitiveness, patient access and affordability, and the increasing acceptance of biosimilars.
The bevacizumab biosimilars market is expected to see strong growth in the next few years. It will grow to $2.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. Forecasted growth is driven by increased demand for cancer therapies, biosimilar development expertise, healthcare system pressures, evolving biosimilar regulations, and considerations of interchangeability. Major trends include collaborations, regulatory advancements, ongoing biosimilar development, market access strategies, and effective lifecycle management.
The anticipated increase in the prevalence of cancer cases is poised to drive the growth of the bevacizumab biosimilars market in the future. For instance, as of October 2022, reports from Macmillan Cancer Support, a UK-based healthcare charity organization, indicated an anticipated increase in cancer patients from 3 million in 2020 to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. Consequently, the rising prevalence of cancer cases is a significant driver for the bevacizumab biosimilars market.
The anticipated growth in healthcare expenditure is poised to drive the expansion of the bevacizumab biosimilars market. For example, in March 2023, the American Medical Association reported that in 2021, healthcare spending in the United States increased by 2.7% to $4.3 trillion, amounting to $12,914 per capita. Notably, between 2009 and 2019, physician spending showed an average yearly increase of 3.8%, while hospital services (4.5%) and clinical services (6.6%) experienced higher growth rates. Consequently, the upsurge in healthcare expenditure acts as a catalyst for the growth of the bevacizumab biosimilars market.
Product innovation has become a prominent trend gaining traction in the bevacizumab biosimilars market. Key market players are strategically focusing on the development of inventive products to enhance their market positions. An illustrative example is the collaborative effort of Viatris, a US-based pharmaceutical company, and Biocon Biologics, a US-based pharmaceutical company, in May 2022, resulting in the launch of a biosimilar named Abevmy (bevacizumab). This biosimilar is designed to mirror Roche's Avastin (bevacizumab) and has received approval from Health Canada for application in four oncology indications. Abevmy boasts efficacy, safety, and quality comparable to the reference biologic, as it is a synthesized humanized monoclonal antibody (MA) that binds to and neutralizes the biologic action of human vascular endothelial growth factor (VEGF). This exemplifies the trend of product innovation as a strategic focus within the bevacizumab biosimilars market.
Leading companies in the bevacizumab biosimilars market are strategically engaging in collaborations to develop Next-Generation Biosimilars, a move aimed at fortifying and sustaining their market positions. Next-generation biosimilars contribute to the advancement of the bevacizumab biosimilars market through technological enhancements, improved manufacturing processes, and heightened therapeutic efficacy. A noteworthy example is the exclusive partnership formed in May 2022 between Prestige Biopharma, a Singapore-based pharmaceutical company, and Intas Pharmaceuticals, a multinational pharmaceutical company based in India. This collaboration focuses on Prestige's bevacizumab biosimilar, HD204, currently in Phase III development and designed to replicate Roche's Avastin for various cancers. The exclusive agreement covers key regions such as the US, Europe, and parts of Asia and Africa. With HD204 positioned to offer advancements in bevacizumab biosimilar technology, the collaboration allows Intas Pharmaceuticals to commercialize the biosimilar, leveraging its robust sales and marketing capabilities. This strategic alignment supports Prestige's broader goal of expanding market reach and providing affordable access to patients through its innovative bevacizumab production technology.
In November 2022, Biocon Biologics Ltd., an India-based firm and subsidiary of Biocon Ltd. engaged in the manufacturing of biopharmaceuticals, successfully acquired Viatris Inc.'s global biosimilars business for an undisclosed amount. This strategic acquisition is geared towards reinforcing Biocon Biologics' presence in the biosimilars market. Viatris Inc., based in the US, is a pharmaceutical and healthcare company specializing in medicines for major therapeutic areas, including cancer, with notable products such as Bevacizumab.
North America was the largest region in the bevacizumab biosimilars market in 2023. The regions covered in the bevacizumab biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bevacizumab biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Product: Avastin; Mvasi; Zirabev; Aybintio; Other Products
2) By Distribution Channel: Hospital Pharmacy; Online Pharmacy; Retail Pharmacy; Other Distribution Channels
3) By Application: Colorectal Cancer; Non-small Cell Lung Cancer; Glioblastoma; Renal Cell Carcinoma; Cervical Cancer; Ovarian Cancer
Key Companies Mentioned: Cipla Limited; Reliance lifesciences Pvt. Ltd.; Genentech Inc; Fujifilm Kyowa Kirin Biologics Co. Ltd.; Pfizer Inc.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $1.55 Billion |
| Forecasted Market Value (USD) by 2028 | $2.09 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Cipla Limited
- Reliance lifesciences Pvt. Ltd.
- Genentech Inc
- Fujifilm Kyowa Kirin Biologics Co. Ltd.
- Pfizer Inc.
- Abbvie Inc.
- Amgen Inc.
- F. Hoffmann-La Roche Ltd.
- Teva Pharmaceutical Industries Ltd.
- Mylan Inc.
- Daiichi Sankyo Company Limited
- Beaconpharma Ltd.
- Innovent Biologics Inc.
- STADA Arzneimittel AG
- Shanghai Henlius Biotech Inc.
- Aurobindo Pharma Ltd.
- Dr. Reddy's Laboratories Ltd.
- Biocon Ltd.
- Intas Pharmaceuticals Ltd.
- Amneal Pharmaceuticals LLC
- Samsung Bioepis Co. Ltd.
- Celltrion Inc.
- Coherus BioSciences Inc.
- Hetero Drugs Ltd.
- EirGen Pharma Ltd.
- Allergan PLC
- Apotex Inc.
- BioXpress Therapeutics SA
- Celgene Corporation Co. Ltd.
- mAbxience SA
For more information about this report visit https://www.researchandmarkets.com/r/orxmp7
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