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Biosimilar Monoclonal Antibodies Global Market Size, Share Analysis And Trends By 2033
Biosimilar Monoclonal Antibodies Global Market Size
According to The Business Research Company's, The biosimilar monoclonal antibodies market size has grown rapidly in recent years. It will grow from $8.04 billion in 2023 to $9.25 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to patent expirations, growing awareness of biosimilars, government initiatives, increasing investment from pharmaceutical companies, growing acceptance of biosimilars by clinicians and patients.
The biosimilar monoclonal antibodies market size is expected to see rapidly grown in the next few years. It will grow to $12.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to rising biologic expenditure, biosimilar portfolio expansion, personalization of biosimilar therapy, increasing public interest in biosimilars. Major trends in the forecast period include therapeutic expansion, personalized biosimilars, collaborations and partnerships, biosimilar autoinjectors and devices, biobetters.
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Market Drivers and Trends:
The prevalence of chronic diseases is expected to drive the biosimilar monoclonal antibodies market. Biosimilar monoclonal antibodies are used to treat chronic diseases such as cancer, autoimmune diseases, and rheumatoid arthritis. In cancer treatment, biosimilars of monoclonal antibodies such as trastuzumab, bevacizumab, and rituximab are used. Moreover, the incidence of cancer is increasing year by year. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, it is projected that by the year 2050, the number of individuals aged 50 years and older who have at least one chronic illness will surge by 99.5%, rising from 71.522 million in 2020 to 142.66 million. Therefore, the prevalence of chronic diseases is expected to drive the growth of the biosimilar monoclonal antibodies market.
For instance, in July 2021, Abzena, a US-based partner research organization for biologics and bioconjugates, partnered with BioXpress Therapeutics to support biosimilar development for third-party customers. The collaboration aims to provide biosimilar medication manufacturers with an integrated approach to biosimilars that includes design advice, cell line and process development, and clinical and commercial GMP manufacturing. This collaboration enables the biosimilars sector to shorten drug development times. The strengths of BioXpress Therapeutics and Abzena are complementary, and this collaboration provides a flexible and innovative strategy from small-scale biosimilar development to large-scale manufacturing.
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Major Key Players of the Market:
Pfizer Inc.; Novartis AG; AbbVie Inc.; Coherus BioSciences; Biocon Limited; Amgen Inc.; Boehringer Ingelheim International GmbH; Celltrion Inc.; BioXpress Therapeutics SA; Intas Pharmaceuticals Limited; Genor BioPharma Co. Ltd.; BIOCAD; Dr. Reddy's Laboratories Ltd.; 3SBio Inc.; Reliance Life Sciences; Hisun Pharmaceuticals; Celgen Biopharmaceuticals; Torrent Pharmaceuticals Ltd.; Cadila Healthcare Ltd.; Shanghai Henlius Biotech Inc.; Teva Pharmaceutical Industries Ltd.; Alvotech; Xentria Inc.; Lazuline Biotech Private Limited; Epygen Biotech Pvt Ltd.; Mabpharm Limitied; Qilu Pharmaceutical Co. Ltd.; Chiatai Tianqing Pharmaceutical Group Co. Ltd.; YL Biologics Ltd.; Aprogen Biologics; UNDBIO Co Ltd.; Samsung Bioepis Co. Ltd.; ISU Abxis Corp.; Bio-Rad Laboratories Inc.
Biosimilar Monoclonal Antibodies Market 2024 Key Insights:
• The biosimilar monoclonal antibodies market size will grow to $12.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Rising Prevalence Of Chronic Diseases Fuels Growth In The Biosimilar Monoclonal Antibodies Market
• Abzena And Bioxpress Therapeutics Forge Strategic Partnership To Accelerate Biosimilar Development
• North America was the largest region in the biosimilar monoclonal antibodies market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
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Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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