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Ranibizumab Market Research 2024 - Outlook, Overview And Forecast To 2033
Ranibizumab Market Research
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According to The Business Research Company's, The ranibizumab market size has grown steadily in recent years. It will grow from $2.55 billion in 2023 to $2.66 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to the expansion of clinical trials in emerging markets, the increasing prevalence of age-related macular degeneration (AMD), growing awareness about retinal diseases, the high incidence of diabetic retinopathy, government initiatives, and funding, and rising healthcare expenditure.
The ranibizumab market size is expected to see steady growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to ongoing research and development, the introduction of biosimilars, an increasing focus on combination therapies, growth in teleophthalmology, expanding indications for ranibizumab, and favorable reimbursement policies. Major trends in the forecast period include advancements in biotechnology, technological advancements in drug delivery systems, a shift towards personalized medicine, the increasing use of artificial intelligence in ophthalmology, the development of longer-acting formulations, and a rise in patient-centric care models.
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Market Drivers and Trends:
The increasing prevalence of eye diseases is expected to propel the growth of the ranibizumab market going forward. Eye diseases encompass a range of conditions affecting the eyes, potentially impairing vision and eye health. The rising prevalence of eye diseases is due to factors such as aging populations and lifestyle changes, along with an increase in chronic conditions like diabetes. Ranibizumab is used to treat conditions such as age-related macular degeneration and diabetic retinopathy, helping to reduce vision impairment in the context of the increasing prevalence of eye diseases. For instance, in February 2021, according to the International Agency for the Prevention of Blindness (IAPB), a UK-based alliance focused on eliminating avoidable blindness and promoting eye health, a 55% increase in vision loss was projected by 2050. The number of individuals affected by vision loss is expected to rise from 1,106 million in 2020 to 1,758 million in 2050. Therefore, the increasing prevalence of eye diseases will drive the growth of the ranibizumab market.
Major companies operating in the ranibizumab market are focusing on cost-effective therapies, such as biosimilars of ranibizumab, to treat and prevent vision loss in patients with retinal disorders. A biosimilar of ranibizumab is a biologic medication that is highly similar to the original ranibizumab but is marketed under a different brand name, offering a more affordable alternative while maintaining comparable efficacy and safety profiles. For instance, in April 2024, Formycon AG, a Germany-based biotechnology company, and Bioeq AG, a Switzerland-based biopharmaceutical company, announced the commercial release of FYB201, a biosimilar to Lucentis (Ranibizumab), in Canada and Switzerland. This launch follows the marketing authorization granted by Health Canada under the brand name Ranopto and Swissmedic under the brand name Ranivisio. FYB201 offers a new, high-quality, effective, and affordable treatment option for patients suffering from severe retinal diseases. It has already demonstrated its significance as a cost-effective treatment choice for patients in the USA and various parts of Europe.
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Major Key Players of the Market:
F. Hoffmann-La Roche AG, Bayer AG, Novartis AG, Teva Pharmaceutical Industries Ltd, Regeneron Pharmaceuticals Inc., Biogen Inc, Sun Pharmaceutical Industries Ltd., Stada Arzneimittel AG, Genentech Inc., Dr Reddy's Laboratories Ltd, Cipla Limited, Samsung Biologics Co Ltd, Lupin Limited, Biocon Limited, Celltrion Healthcare Co Ltd, Glenmark Pharmaceuticals Limited, Enzene Biosciences Ltd, Coherus BioSciences Inc, Amman Pharmaceutical Industries , Formycon AG, Intas Pharmaceuticals Ltd, Alvotech, Xbrane Biopharma AB
Ranibizumab Market 2024 Key Insights:
• The ranibizumab market size is expected to see steady growth in the next few years. It will grow to $3.16 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%.
• Global Rise In Eye Diseases Drives Growth Of Ranibizumab Market
• Embracing Cost-Effective Therapies With Biosimilars Of Ranibizumab For Retinal Disorders
• North America was the largest region in the ranibizumab market in 2023 The regions covered in the ranibizumab market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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