The Bevacizumab Biosimilars Global Market Report 2023 by The Business Research Company, provides bevacizumab biosimilars market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Bevacizumab Biosimilars Global Market Report 2023, the global bevacizumab biosimilars market size is expected to grow from $1.31 billion in 2022 to $1.43 billion in 2023 at a compound annual growth rate (CAGR) of 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global bevacizumab biosimilars market size is expected to reach $1.93 billion in 2027 at a CAGR of 7.9%.
The rising prevalence of cancer cases is expected to propel the growth of the bevacizumab biosimilars market going forward. Cancer incidence refers to the number of new cancer cases in a specific population for a given period. Bevacizumab is a biologic that inhibits tumor angiogenesis, which can lead to tumor shrinkage and growth inhibition, and it is comparable to reference biologics in terms of efficacy and safety in treating patients with advanced non-small cell lung cancer or metastatic colorectal cancer.
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The bevacizumab biosimilars market is segmented:
1) By Product: Avastin, Mvasi, Zirabev, Aybintio, Other Products
2) By Distribution Channel: Hospital Pharmacy, Online Pharmacy, Retail Pharmacy, Other Distribution Channels
3) By Application: Colorectal Cancer, Non-small Cell Lung Cancer, Glioblastoma, Renal Cell Carcinoma, Cervical Cancer, Ovarian Cancer
Product innovation has emerged as a key trend gaining popularity in the bevacizumab biosimilars market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in May 2022, Viatris, a US-based pharmaceutical company, and Biocon Biologics, a US-based pharmaceutical company, launched a biosimilar called Abevmy® (bevacizumab), which is a biosimilar similar to Roche’s Avastin® (bevacizumab). Abevmy has received approval from Health Canada for use across four oncology indications. The product offers efficacy, safety, and quality similar to the reference biologic, as it is a synthesized humanized monoclonal antibody (MA) that binds to and neutralizes the biologic action of human vascular endothelial growth factor (VEGF).
The bevacizumab biosimilars market report table of contents includes:
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