Global Biosimilar Monoclonal Antibodies Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Biosimilar Monoclonal Antibodies Market from 2024 to 2033?
In the recent past, the biosimilar monoclonal antibodies market has witnessed unprecedented growth. By 2024, it is predicted to reach $9.25 billion from a previous $8.04 billion in 2023, which is a compound annual growth rate (CAGR) of 15.1%. This significant growth during the historic period is accounted for by factors such as patent expiry, increased familiarity with biosimilars, government interventions, rising investments from pharmaceutical firms, and escalating acceptance and use of biosimilars by clinicians and patients.
The market size of biosimilar monoclonal antibodies is projected to expand swiftly in the coming years, reaching a worth of $12.79 billion in 2028 with a compound annual growth rate (CAGR) of 8.5%. This projected growth during the forecast period can be linked to factors such as the increase in biologic expenditures, the expansion of the biosimilar portfolio, the personalization of biosimilar therapies, and growing public engagement with biosimilars. Notable trends expected during this forecast period include the expansion of therapeutic options, the personalization of biosimilars, collaborations and partnerships within the industry, the adoption of biosimilar autoinjectors and devices, and the introduction of biobetters.
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What Factors Are Encouraging Growth in the biosimilar monoclonal antibodies Market?
The anticipation of heightened chronic disease rates is likely to fuel the progression of the biosimilar monoclonal antibodies sector. Biosimilar monoclonal antibodies are typically utilized in the treatment of enduring diseases such as cancer, autoimmune disorders, and rheumatoid arthritis. Numerous cancer treatments utilize the biosimilars of monoclonal antibodies such as trastuzumab, bevacizumab, and rituximab. Furthermore, cancer incidence continues to heighten annually. As documented by the US-based National Library of Medicine, National Center for Biotechnology Information (NCBI) in January 2023, projections show a 99.5% increase in citizens aged 50 and over with at least one chronic illness by 2050, escalating from 71.522 million in 2020 to 142.66 million. Consequently, the growing prevalence of chronic diseases is anticipated to propel the development of the biosimilar monoclonal antibodies industry.
Which Segments Play a Vital Role in the Biosimilar Monoclonal Antibodies Market?
1) By Type: Synthetic Chemicals, Biopharmaceuticals, Other Types
2) By Compound: Infliximab, Rituximab, Abciximab, Trastuzumab, Adalimumab, Bevacizumab
3) By Application: Chronic & Autoimmune Diseases, Oncology, Other Applications
What Trends Are Driving Change in the Biosimilar Monoclonal Antibodies Market?
Take for instance, in July 2021, a partnership was forged between Abzena, a biologics and bioconjugates research organization in the US, and BioXpress Therapeutics to facilitate third-party clients with biosimilar development. The focus of this collaboration is to provide companies manufacturing biosimilar medicines with a comprehensive path that includes counsel on design, cell line and process development and both clinical and commercial GMP manufacturing. This partnership has the potential to expedite the drug development timeline in the biosimilars industry. BioXpress Therapeutics and Abzena bring complementary strengths to the table, offering a flexible and creative approach spanning from niche biosimilar development to large-scale production.
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What Regions Are Contributing Significantly to the Growth of the Biosimilar Monoclonal Antibodies Market?
North America was the largest region in the biosimilar monoclonal antibodies market in 2023. The regions covered in the biosimilar monoclonal antibodies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Biosimilar Monoclonal Antibodies 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 biosimilar monoclonal antibodies market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Biosimilar Monoclonal Antibodies Market Include
1. Biosimilar Monoclonal Antibodies Market Executive Summary
2. Biosimilar Monoclonal Antibodies Market Segments
3. Biosimilar Monoclonal Antibodies Market Size And Template Market Growth Rate
4. Key Biosimilar Monoclonal Antibodies Market Trends
5. Major Biosimilar Monoclonal Antibodies Market Drivers
……
25. Key Mergers And Acquisitions In The Biosimilar Monoclonal Antibodies Market
26. Top Biosimilar Monoclonal Antibodies Companies
27. Biosimilar Monoclonal Antibodies Market Opportunities And Strategies
28. Biosimilar Monoclonal Antibodies Market, Conclusions And Recommendations
29. Appendix
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