Global Trastuzumab Biosimilars Market Growth Drivers 2024, Forecast To 2033
25 Sep, 2024
The trastuzumab biosimilars market has grown exponentially, increasing from $4.27 billion in 2023 to $5.43 billion in 2024, with a compound annual growth rate (CAGR) of 27.1%. This growth is driven by market expansion, patent expirations, rapid biosimilar development, clinical efficacy, and competitive pricing. The market is projected to reach $14.69 billion by 2028, reflecting a CAGR of 28.3%. Future growth is driven by intensified market competition, biosimilar pipeline development, regulatory approvals, global market penetration, and physician adoption. Major trends include improved access, market segmentation strategies, educational campaigns, patient preference, and physician acceptance.
Major Driver In The Trastuzumab Biosimilars Market
The growth of the trastuzumab biosimilars market is attributed to the increasing prevalence of breast and gastric cancer. Trastuzumab biosimilars are crucial in treating human epidermal growth factor receptor 2 (HER2) overexpressing breast cancer and metastatic gastric cancer. According to the American Cancer Society, an estimated 297,790 new cases of invasive breast cancer will be diagnosed in women in 2023, with approximately 43,700 women succumbing to breast cancer in the same year. In India, breast cancer accounts for 14% of cancers in women, making it the most common cancer among women, as reported by Cancer India. This surge in cancer prevalence amplifies the demand for cost-effective trastuzumab biosimilars, driving the market and influencing market sizes in 2023, 2024, and 2028.
Request A Free Sample Of The Global Trastuzumab Biosimilars Market ReportTrastuzumab Biosimilars Market Competitive Landscape
Pfizer Inc., Outlook Therapeutics lnc., Merck & Co., Amgen Inc., BioXpress Therapeutics SA, Teva Pharmaceutical Industries Ltd., Mylan NV, Fujifilm Kyowa Kirin Biologics Co.Ltd., Innovent Biologics lnc., STADA Arzneimittel AG, Apotex Inc., Samsungbioepis Co. Ltd., Celltrion Inc., Zydus Lifesciences Limited, BIOCAD, Shanghai Henlius Biotech lnc., Biocon Limited, Sunshine Guojian Pharmaceutical Co. Ltd., Shanghai CP Guojian Pharmaceutical Co.Ltd., Alvotech Holdings S.A, Polpharma Biologics S.A, EirGenix Inc., Hetero Biopharma Limited, Mabion SA, ALTEOGEN Inc., PlantForm Corporation, STC Biologics Ltd., Prestige BioPharma Limited, Protheragen Inc., AryoGen Pharmed Co. Ltd., Intas Pharmaceuticals Limited, Glenmark Pharmaceuticals Ltd., Dr. Reddy's Laboratories Limited, Torrent Pharmaceuticals Limited, Reliance Life Sciences Pvt. Ltd.
Key Trastuzumab Biosimilars Market Trend
Major players are continuously focusing on launching new products in untapped regions, which is shaping the market for trastuzumab biosimilars. The companies operating in the trastuzumab biosimilars market are undergoing various strategic initiatives, such as new product development, partnerships, and geographical and product portfolio expansion, to maintain their competitive position in the market and better serve the needs of the customers. For instance, in May 2021, Zydus Cadila, an India-based pharmaceutical company, launched the world’s first biosimilar form of trastuzumab, emtansine, an antibody drug compound (trastuzumab) that not only slows the growth of cancer cells but also delivers a cytotoxic substance to the cancer cell, aiding in its destruction. It is used to treat breast cancer that is human epidermal growth factor receptor 2 (HER2) positive, which accounts for 20% to 25% of all breast cancers and is quite aggressive.
Get The Full Global Trastuzumab Biosimilars Market Report
Trastuzumab Biosimilars Market Segmentation
The trastuzumab biosimilars market covered in this report is segmented –
1) By Product: Ogivri, Herzuma, Ontruzant, Trazimera, Other Products
2) By Indication: Adjuvant Breast Cancer, Metastatic Breast Cancer, Metastatic Gastric Cancer, Other Indications
3) By Distribution Channel: Hospital Pharmacy, Online Pharmacy
By Geography:The regions covered in the trastuzumab 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 trastuzumab biosimilars market in 2023.
The Trastuzumab Biosimilars Global Market Report 2024 furnishes information about the global trastuzumab 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.