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Trastuzumab Biosimilars Market Trends, Top Companies, Share, Growth And Forecast 2033
Trastuzumab Biosimilars Market Trends
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According to The Business Research Company's, The trastuzumab biosimilars market size has grown exponentially in recent years. It will grow from $4.27 billion in 2023 to $5.43 billion in 2024 at a compound annual growth rate (CAGR) of 27.1%. The growth in the historic period can be attributed to market expansion and global reach, patent expiry and market entry, rapid biosimilar development, clinical efficacy validation, competitive pricing.
The trastuzumab biosimilars market size is expected to see exponential growth in the next few years. It will grow to $14.69 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%. The growth in the forecast period can be attributed to market competition intensification, biosimilar pipeline development, regulatory approvals and standardizations, global market penetration, physician adoption and prescribing patterns. Major trends in the forecast period include improved access, market segmentation strategies, educational campaigns, patient preference for biosimilars, physician acceptance.
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Market Drivers and Trends:
The rising prevalence of breast and gastric cancer contributed to the growth of the trastuzumab biosimilars market. Trastuzumab biosimilar is used in the treatment of human epidermal growth factor receptor 2 (HER2) overexpressing breast cancer and metastatic gastric cancer. For instance, in September 2023, according to the American Cancer Society, a US-based voluntary health organization dedicated to eliminating cancer, about 297,790 new cases of invasive breast cancer will be diagnosed in women in 2023, and about 43,700 women will die from breast cancer in the same year. According to Cancer India, breast cancer is the most common cancer in women in India and accounts for 14% of the cancers in women. Therefore, the rising prevalence of breast and gastric cancer increases the demand for trastuzumab biosimilar that help save money when compared to expensive medicines, thereby driving the trastuzumab biosimilars market.
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.
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Major Key Players of the Market:
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.
Trastuzumab Biosimilars Market 2024 Key Insights:
• The trastuzumab biosimilars market size is expected to see exponential growth in the next few years. It will grow to $14.69 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%.
• Rising Breast And Gastric Cancer Prevalence Drives Trastuzumab Biosimilars Market.
• Companies Focus On Product Launches And Expansion To Fuel Trastuzumab Biosimilars Market Growth
• North America was the largest region in the trastuzumab biosimilars market in 2023
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