April 28, 2020
As per the report titled ‘Global Biosimilar Monoclonal Antibody Market Size study, by Type (Synthetic Chemicals, Biopharmaceuticals and Others), By Application (Chronic & Autoimmune Diseases, Oncology and Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global biosimilar monoclonal antibody market was worth USD 27.84 billion in 2018 and is estimated to expand with 35.7% CAGR during 2019-2026.
Biosimilar monoclonal antibodies are biological molecules derived from organisms and living cells. These antibodies display a certain level of variability owing to the variations in the biological expression systems of the recombinant.
Rising prevalence of various diseases such as cancer and rheumatoid arthritis along with increasing geriatric women population who are highly susceptible to breast cancer are primary growth drivers of global biosimilar monoclonal antibody market. Citing an instance, according to World Cancer Research Fund International (WCRFI), the most common form of cancer among women is breast cancer, averaging 2 million new cases every year across the globe. American Cancer Research Society (ACRS) estimates that incident rate of breast cancer will cross 9.9 million cases with over 5.5 million annual deaths by 2030, primarily due to aging population.
Applicability of biosimilar monoclonal antibodies in various disease diagnostics fields such as oncology, autoimmune and chronic diseases, in tandem with ongoing development of advanced monoclonal antibodies is augmenting the market outlook.
On the contrary, unfavorable government regulations in developed regions coupled with high cost associated with manufacturing of advanced drugs are expected to hinder the market growth over the forecast period.
As per the regional analysis, biosimilar monoclonal antibody market in North America is anticipated to grow significantly during the projection period, owing to the presence of advanced healthcare facilities and high adoption rate of biosimilar monoclonal antibodies in the region. Proactive government measures to develop advanced and novel drugs is augmenting the industry growth in North America.
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Parallelly, Asia-Pacific is also anticipated to showcase rapid growth over the forecast duration, driven by increasing public-private initiatives geared towards accelerating advanced research practices, and sustaining investments for biosimilar monoclonal antibody research.
Prominent market players include Allergan plc, Therapeutics SA, BIOCAD BioXpress, Boehringer Ingelheim GmbH, Biocon Limited, Celltrion Inc., Dr. Reddys Laboratories Ltd., Intas Pharmaceuticals Limited, Genor BioPharma Co. Ltd., and Coherus BioSciences Inc.