Global Rituximab Biosimilars Market Forecast To 2023
The global rituximab biosimilars market is expected to decline from $1.84 billion in 2019 to $1.78 billion in 2020 at a compound annual growth rate (CAGR) of -3.22%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $2.62 billion in 2023 at a CAGR of 13.85%. The rising prevalence of non-Hodgkin’s lymphoma (NHL) is predicted to contribute to the growth of the rituximab biosimilars market. However, the high cost associated with rituximab biosimilars acts as a major restraint for the growth of the market.
Biosimilars are pharmaceuticals that are manufactured using cell lines and are similar to biologics. Rituximab biosimilars are used as a single agent or in combination with chemotherapy for the treatment of various diseases including chronic lymphocytic leukemia (CLL), non-Hodgkin lymphoma (NHL), microscopic polyangiitis (MPA), and granulomatosis with polyangiitis (GPA).
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The global rituximab biosimilars market is further segmented based on type and geography.
By Application: Non-Hodgkin’s lymphoma, Chronic Lymphocytic Leukemia, Rheumatoid arthritis, Others By Distribution Channel: Hospital Pharmacy, Online Pharmacy, Retail Pharmacy, Other Direct Distribution Channels.
By Geography: The global rituximab biosimilars market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the European rituximab biosimilars market accounts for the largest share in the global rituximab biosimilars market.
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Trends In The Rituximab Biosimilars Market
The companies operating in the biosimilars market are continuously focusing on new product development in collaborations with other companies in the industry. Innovation through partnerships is shaping the rituximab biosimilars market.
Rituximab Biosimilars Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides rituximab biosimilars market overviews, analyzes and forecasts rituximab biosimilars market size and growth for the global rituximab biosimilars market, rituximab biosimilars market share, rituximab biosimilars market players, rituximab biosimilars market size, rituximab biosimilars market segments and geographies, rituximab biosimilars market trends, rituximab biosimilars market drivers and rituximab biosimilars market restraints, rituximab biosimilars market’s leading competitors’ revenues, profiles and market shares. The rituximab biosimilars market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.