PUBLISHER: The Business Research Company | PRODUCT CODE: 1435706
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435706
Bevacizumab biosimilars are a specific class of medications that closely resemble a reference biologic drug named bevacizumab. These biosimilars are designed to mimic the original drug's properties and are frequently utilized to impede the formation of new blood vessels within tumors. By inhibiting this process, they effectively decelerate the progression of tumors.
Bevacizumab biosimilar products, including Avastin, Mvasi, Zirabev, Aybintio, and similar alternatives, represent a range of anti-angiogenic therapies designed to impede new blood vessel formation. These products are accessible through diverse distribution channels such as hospital pharmacies, online platforms, and retail outlets. Their applications span across treating colorectal cancer, non-small cell lung cancer, glioblastoma, renal cell carcinoma, cervical cancer, and ovarian cancer.
The bevacizumab biosimilar market research report is one of a series of new reports from The Business Research Company that provides bevacizumab biosimilar market statistics, including bevacizumab biosimilar industry global market size, regional shares, competitors with a bevacizumab biosimilar market share, detailed bevacizumab biosimilar market segments, market trends, and opportunities, and any further data you may need to thrive in the bevacizumab biosimilar industry. This bevacizumab biosimilar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The bevacizumab biosimilars market size 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 size 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. Cancer incidence, representing the number of new cancer cases within a specific population during a defined period, is a key factor contributing to this growth. Bevacizumab, a biologic, functions by inhibiting tumor angiogenesis, leading to tumor shrinkage and growth inhibition. It has demonstrated efficacy and safety comparable to reference biologics, particularly in treating patients with advanced non-small cell lung cancer or metastatic colorectal cancer. 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. Healthcare expenditure, representing the total monetary outlay on healthcare goods and services within a specific period, is a pivotal factor influencing market growth. The bevacizumab biosimilars play a crucial role in shaping healthcare expenditure dynamics by providing cost-effective alternatives to the original drug. 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.
Major companies operating in the bevacizumab biosimilars market report are 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
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.
The bevacizumab biosimilars market consists of sales of byvasda, cizumab, alymsys, bevax, and cyramza. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Bevacizumab Biosimilars Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bevacizumab biosimilars market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bevacizumab biosimilars ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bevacizumab biosimilars market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.