Global Rituximab Biosimilars Market Opportunities and Strategies to 2030 – ResearchAndMarkets.com | Financial Buzz

Global Rituximab Biosimilars Market Opportunities and Strategies to 2030 – ResearchAndMarkets.com

The “Rituximab Biosimilars Global Market Opportunities and Strategies to 2030: COVID 19 Growth and Change” report has been added to ResearchAndMarkets.com’s offering.

This report describes and explains the rituximab biosimilar market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.

The rituximab biosimilar market reached a value of nearly $1,602.1 million in 2020, having increased at a compound annual growth rate (CAGR) of 67.9% since 2015. The market is expected to grow from $1,602.1 million in 2020 to $3,474.2 million in 2025 at a rate of 16.7%. The market is then expected to grow at a CAGR of 10.5% from 2025 and reach $5,723.6 million in 2030.

Growth in the historic period resulted from government initiatives, increased healthcare expenditure, increase in biopharmaceutical R&D expenditure, low cost of biosimilars, and emerging markets growth. Factor that negatively affected growth in the historic period was effect of Covid-19, low number of drug approvals, and lack of awareness on biosimilars among primary care physicians and specialists.

Going forward, aging population, increase in healthcare access, and rising prevalence of chronic diseases, will drive the growth. Factors that could hinder the growth of the rituximab biosimilar market in the future include stringent regulations related to biosimilar approvals, and prolonged production and approval time.

The rituximab biosimilar market is segmented by application into non-hodgkin’s lymphoma, chronic lymphocytic leukemia, rheumatoid arthritis, and others. The non-hodgkin’s lymphoma was the largest segment of the rituximab biosimilar market segmented by application, accounting for 28.5% of the total in 2020. Going forward, the rheumatoid arthritis segment is expected to be the fastest growing segment in the rituximab biosimilar market segmented by application, at a CAGR of 18.3% during 2020-2025.

The rituximab biosimilar market is also segmented by distribution channel into hospital pharmacy, mail order and retail pharmacy. The hospital pharmacy was the largest segment of the rituximab biosimilar market segmented by distribution channel, accounting for 87.7% of the total in 2020. Going forward, the mail order segment is expected to be the fastest growing segment in the rituximab biosimilar market segmented by distribution channel, at a CAGR of 34.0% during 2020-2025.

North America was the largest region in the rituximab biosimilar market, accounting for 48.0% of the total in 2020. It was followed by Western Europe and Eastern Europe, and then the other regions. Going forward, the fastest-growing regions in the rituximab biosimilar market will be South America, and Asia Pacific, where growth will be at CAGRs of 36.7% and 29.2% respectively. These will be followed by North America, and Western Europe where the markets are expected to grow at CAGRs of 18.3% and 13.6% respectively.

The rituximab biosimilars market is expected to be negatively impacted due to the spread of COVID-19. Restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulted in operational challenges. The entire supply chain has been disrupted, impacting the market negatively.

Further, biopharmaceuticals and biosimilar manufacturers have shifted their resources towards finding a treatment for the coronavirus, which has delayed the production of new and existing rituximab biosimilar products. Some biosimilar developers have also entered their non-biosimilar products into the development stage in efforts to find a treatment for COVID-19. The development of some rituximab biosimilars in the pipeline are also halted as companies continue trying to develop biosimilars that can combat the virus.

The rituximab biosimilar market is highly concentrated, with a small number of large players dominating the market. The top five competitors in the market made up to 92% of the total market in 2019. Major players in the market include Teva Pharmaceuticals, Novartis AG, Pfizer, BIOCAD, and Shanghai Henlius Biotech, Inc.

The top opportunities in the rituximab biosimilar market segmented by application will arise in the non-hodgkin’s lymphoma segment, which will gain $565.9 million of global annual sales by 2025. The top opportunities in segment by distribution channel will arise in the hospital pharmacy segment, which will gain $1,302.3 million of global annual sales by 2025. The rituximab biosimilar market size will gain the most in the USA at $896.2 million.

Market-trend-based strategies for the rituximab biosimilar market include leveraging revised FDA regulations for biosimilar drug development, establishing strategic partnerships and collaboration agreements with the large players to expand their research and developments activities in new drug developments, and investing extensively in R&D activities for the development of effective and innovative biosimilars.

Player-adopted strategies in the rituximab biosimilar market include cost-reduction in manufacturing, marketing approvals from respective regulatory bodies, and establishment of new manufacturing facilities and strategic collaboration, license & distribution agreements with existing players in the industry.

To take advantage of these opportunities, the report recommends the rituximab biosimilars manufacturing companies to consider investing in the development of the new rituximab biosimilars, work on strategic alliances for research & development to speed-up the drug discovery and manufacturing process, expanding activities to the European Unions and other emerging markets to gain market share, offer competitively priced and cost effective drugs to attract the users, leverage online pharmacies and business websites to reach targeted physicians and customers, among other strategies.

For more information about this report visit https://www.researchandmarkets.com/r/14z7b7

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!