The growth of the global biosimilar monoclonal antibody market is driven by increase in prevalence of chronic diseases globally, increase in the number of product approvals and increase in the number of patent expirations.
PORTLAND, Ore., Sept. 18, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Biosimilar Monoclonal Antibody Market by Type (Adalimumab, Bevacizumab, Infliximab, Rituximab, Trastuzumab and Others), Indication (Oncology, Autoimmune Diseases and Others) and End User (Hospitals, Cancer Treatment Centers and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global biosimilar monoclonal antibody market was valued for $8.7 billion in 2022 and is estimated to reach $64.6 billion by 2032, exhibiting a CAGR of 22.2% from 2023 to 2032.
Request Sample of the Report on Biosimilar Monoclonal Antibody Market Forecast 2032-
https://www.alliedmarketresearch.com/request-sample/3671
Biosimilar antibodies are used for many research applications. Monoclonal antibodies are highly effective in treating a wide range of diseases, including cancer, autoimmune disorders, and inflammatory conditions.
Prime determinants of growth
Increase in prevalence of chronic diseases globally, rise in number of product approvals for biosimilar monoclonal antibodies, and increase in the number of patent expirations are the factors that drive the growth of the global biosimilar monoclonal antibody market. However, intellectual property and legal challenges between originator and biosimilar manufacturers is hampering the biosimilar monoclonal antibody market growth. On the contrary, the growing opportunities in emerging markets and increase in the number of pipeline biosimilar drugs are expected to offer remunerative opportunities for expansion of the biosimilar monoclonal antibody market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$8.7 billion |
|
Market Size in 2032 |
$64.6 billion |
|
CAGR |
22.2 % |
|
No. of Pages in Report |
293 |
|
Segments covered |
Type, Indication, End User, and Region |
|
Drivers |
Increase in prevalence of chronic diseases Rise in number of product approvals for biosimilar monoclonal Increase in the number of patent expirations |
|
Opportunities |
Growing opportunities in emerging markets Increase in the number of pipeline biosimilar drugs |
|
Restraint |
Intellectual property and legal challenges between originator and |
What is the Impact of Recession 2023 on Biosimilar Monoclonal Antibody Market?
- The ongoing global recession had a notable impact on the biosimilar monoclonal antibody market. Reduced funding and financial constraints in sectors such as pharmaceuticals and biotechnology, have influenced the dynamics of the biosimilar monoclonal antibody market.
- Companies, including both, established players and emerging biotech firms, are expected to experience limitations in their research and development budgets, potentially affecting the pace of biosimilar development programs.
- However, despite these challenges, the demand for more cost-effective treatment options, such as biosimilar monoclonal antibodies, is anticipated to rise, owing to increase in prevalence of chronic diseases and increase in the number of regulatory approvals.
Want to Explore More, Connect to our Analyst- https://www.alliedmarketresearch.com/connect-to-analyst/3671
The infliximab segment to maintain its leadership status throughout the forecast period
Based on type, infliximab segment accounted for the largest share in terms of revenue in 2022, accounting for more than one-fourth of the global biosimilar monoclonal antibody market revenue. This is attributed to factors such as expiration of patent for infliximab enabling the introduction of biosimilar versions, offering comparable efficacy and cost-effectiveness. On the other hand, adalimumab segment is expected to witness highest CAGR of 24.0% during the forecast period. This is attributed to adalimumab’s wide range of therapeutic applications in treating autoimmune diseases such as rheumatoid arthritis, psoriasis, and Crohn’s disease, resulting in high demand for cost-effective options, which biosimilar versions offer. In addition, regulatory approvals, increase in physician confidence in prescribing biosimilar adalimumab owing to robust clinical data and rigorous comparability studies, and favorable reimbursement policies in certain regions have collectively propelled the adoption of biosimilar adalimumab, thus contributing to its substantial market growth.
The oncology segment is anticipated maintain its leadership status throughout the forecast period
Based on indication, the oncology segment accounted for the largest share in 2022, accounting for more than half global biosimilar monoclonal antibody market revenue and is expected to register highest CAGR of 22.5% during forecast period, owing to rise in demand for cost-effective potent cancer therapies. Biosimilar monoclonal antibodies offer similar efficacy and safety profiles to original products while being more affordable, driven by patent expirations, supportive regulatory pathways, and growing confidence in their clinical outcomes.
The hospitals segment to maintain its lead position during the forecast period
Based on end user, the hospital segment accounted for the largest share in 2022, accounting for more than half global biosimilar monoclonal antibody market revenue and is expected to register the highest CAGR of 22.5% during forecast period. This is attributed to increase in adoption of biosimilar mAbs within hospital settings, driven by factors such as cost-effectiveness, expanding patient population and rise in demand for targeted therapies. In addition, hospitals offer better insurance coverage, specialized medical expertise, well equipped infrastructure for complex chronic disease treatments, and wide availability of biosimilar mAbs, thereby fueling the segment growth.
For Purchase Inquiry- https://www.alliedmarketresearch.com/purchase-enquiry/3671
North America to maintain its dominance by 2032
Based on region, North America accounted for the largest share in, accounting for nearly half global biosimilar monoclonal antibody market revenue owing to factors such as increase in number of regulatory approvals, robust healthcare infrastructure enabling efficient distribution and adoption of biosimilars, strong physician acceptance and patient access, favorable reimbursement policies, advanced research and development manufacturing capabilities, and proactive efforts to raise awareness and education about biosimilar mAbs. However, the Asia-Pacific is anticipated to witness highest CAGR of 23.7% during the forecast period. This is attributed to increase in demand for cost-effective treatments owing to increase in the number of people suffering from chronic diseases , presence of a large and aging population susceptible to chronic diseases, growing investments in biopharmaceutical research and manufacturing capabilities, and collaborations between local and international pharmaceutical companies, which all collectively foster a favorable environment for the adoption and expansion of biosimilar mAbs in the Asia-Pacific market.
Leading Market Players:
- Pfizer Inc.
- Amgen Inc.
- Novartis AG
- Coherus Biosciences, Inc.
- Teva Pharmaceutical Industries Limited
- Shanghai Henlius Biotech, Inc.
- BIOCAD
- Biocon
- Celltrion Healthcare Co., Ltd.
- Biogen
The report provides a detailed analysis of these key players of the global biosimilar monoclonal antibody market. These players have adopted different strategies such as collaboration, product launch, agreement, clinical trial approval, acquisition, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Comprehensive Healthcare Industry Research Studies:
Medical Gas Analyzers Market Expected to Reach $325 Million by 2025
Antibiotics Market Expected to Reach $50,374 Million by 2025
Healthcare Chatbot Market Expected to Reach $116.9 Million by 2026
Pharmaceutical Filtration Market Expected to Reach $7.74 Billion by 2026
Drug Delivery Devices Market Expected to Reach $26.7 Billion by 2026
Artificial Cornea and Corneal Implant Market Expected to Reach $656.19 Million by 2028
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) Offered by Allied Market Research:
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter
Logo – https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
