PUBLISHER: Mordor Intelligence | PRODUCT CODE: 928010
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 928010
The global adalimumab drugs market studied was anticipated to grow with a CAGR of nearly 5.1% during the forecast period. Increasing prevalence of arthritis, growing acceptance of biopharmaceuticals, and presence of well-defined regulatory guidelines in developed economies are among key trends expected to trigger market growth. As per the Global RA Network, arthritis affecting more than 350 million people and became a leading cause of disability which trigger market growth.
Increasing launches of novel biosimilar and rising penetration of generic drugs are estimated to provide a significant boost to the market. For instance, introduction of AMGEVITA by Amgen in 2018 is likely to fuel revenue growth in Europe. Similarly, ABP 501, a novel Adalimumab biosimilar by Amgen, is awaiting approval by 2020. Recently approved biologics such as Hyrimoz (adalimumab-adaz) by Novartis and ABRILADA (adalimumab-afzb) by Pfizer are poised to have strong market penetration due to presence of favorable reimbursement scenario.
Growing patient awareness regarding arthritis disorders and influx of new biopharmaceuticals in the global arena are projected to increase the adoption of adalimumab drugs. In 2019, approximately 54 million adults suffered from arthritis in U.S. alone. Increasing awareness regarding disease remittance therapies and rising healthcare expenditure in developed regions are estimated to promote revenue growth.
However, side effects associated with this drug such as vomiting, nausea, internal bleeding, anaphylaxis, respiratory tract infections may restrain the growth of the market.
North America is at the forefront of growth in the region and is also an important revenue contributor in the global arena. Heightened awareness of disease remittance therapies among patients, rising prevalence of RA, and high public and private healthcare spending are stimulating the growth of the region. As per the World Health Organization, an estimated 54.4 million of adults in the United States suffer from rheumatoid arthritis. Moreover, easy access to quality healthcare, favorable reimbursement policies, strong clinical pipeline, and approval of novel drugs are projected to promote revenue growth in North America.
Asia Pacific is likely to post the fastest market throughout the forecast horizon. Growing adoption of urban lifestyle is leading to expanding base of patients in the region. This, coupled with increasing healthcare spending, is expected to propel the market in the APAC region. Favorable regulatory policies for biosimilars are estimated to boost demand for adalimumab over the forecast period.
Price-sensitive regions such as Latin America and MEA have higher acceptance of generic drugs as compared to innovator biologics due to lower price. Increasing demand for biosimilars for disease reversal is poised to augment the regional markets during the forecast period.
Manufacturers offering biosimilars dominate the global adalimumab drugs market. Companies are focusing on building novel chemical entities and innovative molecules to consolidate their foothold. Some of the prominent market participants are AbbVie Inc; Boehringer Ingelheim GmbH, Novartis AG; Pfizer Inc., F. Hoffmann-La Roche Ltd., Cadila Healthcare Ltd, Hetero Healthcare Limited and Amgen, Inc.
Introduction of novel biosimilars and strong clinical pipeline is anticipated to increase competition in the market. For instance, in October 2018, Amgen launched AMGEVITA (biosimilar adalimumab) in markets across Europe with an aim of expanding the range of treatment options for the millions of patients living with target diseases.