What Has Been the Progress and Growth of the Avastin Bevacizumab Market in Recent Years?
The avastin bevacizumab market has seen considerable growth due to a variety of factors.
• In recent years, the market size for avastin (bevacizumab) has experienced significant growth. It's projected to increase from $7,251.35 million in 2024 to $7,819.19 million in 2025, boasting a compound annual growth rate (CAGR) of 7.8%.
The historic period's growth can be credited to factors such as regulatory authorizations, a rise in the incidence of cancer, the uptake by clinicians, an expansion in approved indications, and reimbursement policy changes.
How Does the Forecast Look for the Avastin Bevacizumab Market?
The avastin bevacizumab market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the avastin (bevacizumab) market is predicted to witness a significant expansion, reaching a value of $10,488.97 million by 2029, with a compound annual growth rate (CAGR) of 7.6%.
The predicted surge during the forecast period is linked to the rise in understanding and early detection, competition from biosimilars, the expansion of personalized medicine, enhanced healthcare availability, and a growing focus on precision medicine. The forecast period will also see major trends like the rise in combination therapies, a shift towards outpatient care, the advent of patient-oriented treatment models, the acceptance of targeted therapies, and product innovation.
What Are The Essential Drivers Behind The Growth Of The Avastin Bevacizumab Market?
The growth of the Avastin (bevacizumab) market is anticipated to be driven by a surge in cancer cases. Cancer, defined as a category of diseases characterized by uncontrollable growth and propagation of abnormal cells, is becoming more prevalent due to aging populations, changes in lifestyle, and better detection strategies. Avastin addresses cancer by impeding VEGF, thus stunting the advancement of blood vessels responsible for supplying tumors with oxygen and nutrients, effectively rendering them malnourished. In 2022, as indicated by the American Cancer Society, a health organization based in the US, an estimated 1.9 million new cancer cases and around 609,360 cancer-related deaths are projected to take place in the USA, averaging out to approximately 1,670 deaths each day. Hence, this rise in cancer incidence is boosting the Avastin (bevacizumab) market. Growth of the Avastin (bevacizumab) market is expected to be revolutionized by the escalating healthcare expenditure. This expenditure refers to the aggregate cost incurred on health care commodities and services like personal health care, preventive measures, and public health endeavours intended to enhance health outcomes within a fixed timeframe. Factors such as an aging populace, persistent diseases, sophisticated medical technology, high medicine prices, sub-optimal payment models, and heightened service demand have sparked a rise in healthcare expenditure. Increased monetary distribution in healthcare facilitates patients' access to Avastin (bevacizumab) through insurance, amplifying its market growth and furthering patient accessibility. As per a May 2024 report by the Office For National Statistics, a government body based in the UK, there was a nominal increase of 5.6% in total healthcare expenditure from 2022-2023, a significant rise from a growth rate of 0.9% marked in 2022. Long-term health and social care expenditure also experienced a real growth of 2.8% in 2022. Hence, escalating healthcare expenditure is fueling the Avastin (bevacizumab) market.
How Are The Segments Defined Within The Global Avastin Bevacizumab Market?
The avastin (bevacizumab) market covered in this report is segmented –
1) By Dosage: 100 Mg, 400 Mg
2) By Application: Non Squamous Non-Small Cell Lung Cancer, Recurrent Glioblastoma, Cervical Cancer, Colorectal Cell Cancer, Ovarian Cancer, Proliferative Diabetic Retinopathy, Malignant Glioma, Neurofibromatosis, Pancreatic Cancer, Other Applications
3) By Distribution channel: Direct Tender, Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Other Distribution Channels
4) By End User: Hospitals, Cancer Supportive Centers, Home Healthcare, Academic And Research Institutes, Other End Users
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How Are New Trends Expected To Influence The Growth Of The Avastin Bevacizumab Market?
A significant trend in the Avastin (bevacizumab) market is the focus on the creation of biosimilars to offer affordable alternatives and broader availability for cancer therapies. These biosimilars for Avastin are biologic drugs closely resembling Avastin (bevacizumab), a monoclonal antibody primarily employed in treating different kinds of cancer, in terms of structure, function and effectiveness. They are revolutionizing cancer treatment by enhancing access to efficient therapies, particularly in healthcare settings with limited resources. For example, in October 2022, Amneal Pharmaceuticals Inc., a pharmaceutical company based in the US, introduced ALYMSYS (bevacizumab-maly), a biosimilar referencing Avastin, in the United States. This vascular endothelial growth factor (VEGF) inhibitor is used for treating a variety of cancers, including metastatic colorectal cancer, non-squamous non-small cell lung cancer, recurrent glioblastoma, renal cell carcinoma, and some types of gynecologic cancers.
Who Are the Key Players In The Avastin Bevacizumab Market?
Major companies operating in the avastin (bevacizumab) market include:
• Roche Holding AG
What Is The Most Dominant Region In The Avastin Bevacizumab Market?
North America was the largest region in the avastin (bevacizumab) market in 2024. The regions covered in the avastin (bevacizumab) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
