Comprehensive Bevacizumab Biosimilars Market Analysis 2024: Size, Share, And Key Trends
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What is the Expected Growth Rate of the Bevacizumab Biosimilars Market from 2024 to 2033?
In recent years, the market for bevacizumab biosimilars has seen a significant surge in growth. The market size is anticipated to expand from $1.43 billion in 2023 to $1.55 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.7%. Factors contributing to this growth during the historic period include patent expiration, efforts to contain healthcare costs, a rise in cancer incidents, enhanced market competitiveness, improved patient access and affordability, as well as heightened acceptance of biosimilars.
Anticipations are high for a robust expansion in the bevacizumab biosimilars market in the coming years, with projections suggesting it will reach $2.09 billion in 2028, growing at a compound annual growth rate (CAGR) of 7.8%. The predicted growth can be traced back to a surge in the demand for cancer treatments, expertise in biosimilar development, strains on healthcare systems, regulatory landscapes of biosimilars, and biosimilar interchangeability. The forecast period also showcases major trends such as collaborations & partnerships, regulatory progress and approvals, innovative biosimilar development, strategies for market access, and the management of biosimilar lifecycle.
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What Key Factors Are Fueling the Growth of the bevacizumab biosimilars Market?
The augmentation in cancer incidences is likely to boost the bevacizumab biosimilars market’s growth trajectory. The concept of cancer incidence pertains to the frequency of new cancer instances in a given population over a specified period. Bevacizumab, a biological product, counters tumor angiogenesis, leading to a slowdown in tumor enlargement and development. Bevacizumab proves as effective and secure as reference biologics while treating advanced non-small cell lung cancer or metastatic colorectal cancer. Published reports in October 2022 from Macmillan Cancer Support, a healthcare charity in the UK, projected that the figure of 3 million cancer patients in 2020 would rise to 3.5 million by 2025, escalate to 4 million by 2030 and finally reach 5.3 million by 2040. As a result, the escalating incidences of cancer catalyze the upsurge in the bevacizumab biosimilars market.
What Are the Major Segments of the Bevacizumab Biosimilars Market?
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
What New Trends Are Transforming the Bevacizumab Biosimilars Market?
The current wave dominating the bevacizumab biosimilars market is heavily characterized by product innovation. The main competitors in the market are focusing on the introduction of novel products in order to solidify their foothold. Specifically, in May 2022, pharmaceutical companies, Viatris and Biocon Biologics, both based in the US, unveiled a biosimilar named Abevmy (bevacizumab), aligned closely with Roche’s widely recognized drug, Avastin (bevacizumab). Abevmy has been granted validation by Health Canada and is indicated for use in four different cancer treatments. The biosimilar mirrors the quality, safety, and effectiveness of the original biologic and functions as a bioengineered human monoclonal antibody (MA), targeting and suppressing the biological actions of the human vascular endothelial growth factor (VEGF).
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Which Regions Are Driving Growth in the Bevacizumab Biosimilars Market?
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 Bevacizumab Biosimilars Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the bevacizumab biosimilars market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Bevacizumab Biosimilars Market Include
1. Bevacizumab Biosimilars Market Executive Summary
2. Bevacizumab Biosimilars Market Segments
3. Bevacizumab Biosimilars Market Size And Template Market Growth Rate
4. Key Bevacizumab Biosimilars Market Trends
5. Major Bevacizumab Biosimilars Market Drivers
……
25. Key Mergers And Acquisitions In The Bevacizumab Biosimilars Market
26. Top Bevacizumab Biosimilars Companies
27. Bevacizumab Biosimilars Market Opportunities And Strategies
28. Bevacizumab Biosimilars Market, Conclusions And Recommendations
29. Appendix
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