Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increased spending by governmental and non-governmental agencies on improving healthcare infrastructure in the region. Increasing share of healthcare expenditure in the GDP for developing countries in APAC such as Japan, India, China, and New Zealand are anticipated to contribute to the market growth. Owing to the presence of a large population, these countries are foreseen to offer tremendous market opportunities. According to the data provided by Global Cancer Observatory, for both the genders combined, one-half of all cases and 58.3% of cancer deaths are estimated to occur in Asia in 2020.
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the adoption of the most advanced technology, accompanied by the presence of leading healthcare service providers in the region. Moreover, high prevalence of cancer in countries, such as, Canada and US are estimated to boost the market growth. Additionally, Europe is anticipated to occupy a significant market share due to the high prevalence of chronic diseases in the region. According to World Health Organisation, Europe comprises only one-eighth of the total world population but has around one-quarter of the global total of cancer cases with some 3.7 million new patients per year.
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The global rituximab market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.74 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.31 in 2008 to USD 1,110.84 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global rituximab market includes the following segments:
By Distribution Channel
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increase in prevalence of cancer and advancement of medical technologies are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: Lack of necessary infrastructure in lower economic regions is estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increased spending by governmental and non-governmental agencies on improving healthcare infrastructure in the region.
Ans: The major players dominating the rituximab market Teva Pharmaceutical Industries Ltd., Intas Biopharmaceuticals Ltd., and C.H. Boehringer Sohn AG & Ko. KG among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by distribution channel, application, and region.
Ans: With respect to application, the blood cancer segment is anticipated to hold the largest market share owing to the increasing prevalence of cancer affecting blood, bone marrow and lymph nodes.