The bevacizumab biosimilars market has shown significant growth, rising from $1.43 billion in 2023 to $1.55 billion in 2024, which corresponds to a compound annual growth rate (CAGR) of 8.7%. This growth is driven by factors such as the expiration of patents, efforts to control healthcare costs, an increasing incidence of cancer, competitive market dynamics, improved patient access and affordability, and acceptance of biosimilars. Looking ahead to 2028, the market is anticipated to continue its strong growth trajectory, reaching $2.09 billion at a CAGR of 7.8%. Key drivers for this projected growth include rising demand for cancer treatments, expertise in biosimilar development, pressures within the healthcare system, evolving biosimilar regulations, and considerations of biosimilar interchangeability. Key trends expected during this period include increased collaborations and partnerships, advancements in biosimilar regulations and approvals, ongoing developments in biosimilar products, strategies for market access, and implementation of biosimilar lifecycle management.
Major Driver In The Bevacizumab Biosimilars Market
The rising prevalence of cancer cases is expected to propel the growth of the bevacizumab biosimilars market going forward. Cancer incidence refers to the number of new cancer cases in a specific population for a given period. Bevacizumab is a biologic that inhibits tumor angiogenesis, which can lead to tumor shrinkage and growth inhibition, and it is comparable to reference biologics in terms of efficacy and safety in treating patients with advanced non-small cell lung cancer or metastatic colorectal cancer. For instance, in October 2022, according to reports published by Macmillan Cancer Support, a UK-based health care charity organization, it was anticipated that there were 3 million cancer patients in 2020, with that figure expected to climb to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. Therefore, the rising prevalence of cancer cases drives the bevacizumab biosimilars market.
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Bevacizumab Biosimilars Market Competitive Landscape
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
Key Bevacizumab Biosimilars Market Trend
Product innovation is a prominent trend in the bevacizumab biosimilars market. Companies are focusing on developing new products to enhance their market presence. For example, in May 2022, Viatris and Biocon Biologics launched Abevmy (bevacizumab), a biosimilar to Roche's Avastin. Abevmy, approved by Health Canada for four oncology indications, offers comparable efficacy, safety, and quality to the reference biologic, targeting human vascular endothelial growth factor (VEGF).
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Bevacizumab Biosimilars Market Segmentation
The bevacizumab biosimilars market covered in this report is segmented –
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
By Geography:The regions covered in the bevacizumab biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the bevacizumab biosimilars market in 2023.
The Bevacizumab Biosimilars Global Market Report 2024 furnishes information about the global bevacizumab biosimilars market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
