The global rituximab market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. Several factors such as increasing incidence of chronic diseases including cancer, cardiovascular diseases, arthritis, and diabetes, and increasing research and drug developments, are expected to boost the growth of the rituximab market. According to Global Cancer Observatory, the number of new cases of non-Hodgkin lymphoma was 544,352 in 2020 and that of leukaemia was 474,519 globally in 2020. Furthermore, robust clinical trial, or product pipeline, and entry of new pharmaceutical market players are also expected to boost the market growth significantly over the forecast period. Moreover, rituximab is used to treat idiopathic thrombocytopenic purpura, pemphigus Vulgaris, myasthenia gravis, and Epstein-Barr virus-positive mucocutaneous ulcers, and certain autoimmune diseases and types of cancers, which is estimated to increase its demand over the years. Furthermore, growing awareness about the use of biosimilars, and high investments in healthcare by the Government is estimated to propel the market growth. The companies operating in the biosimilars market continuously focus on new product development in collaborations with other companies in the industry. Innovation through partnerships is another major driver for the rituximab market growth. However, side effects of the drug, such as, nausea, headaches, upper respiratory tract infection, and other side effects impede the development of the market in the forecasted period.
The market is segmented on basis of the distribution channel into hospital pharmacies, retail pharmacies, online pharmacies, and others. Out of which, the hospital pharmacies segment is anticipated to grab the most significant share by the end of 2021. As the drug needs to be administrated by a healthcare professional with appropriate medical support for safe administration of the drug, hospital pharmacies are expected to grab significant share by the end of 2021. Furthermore, online distribution channel such as online pharmacy is expected to grow significantly owing to increasing e-commerce and growing reliability of online distribution channels. CLICK TO DOWNLOAD SAMPLE REPORT
Based on application, the blood cancer segment in the rituximab market is projected to grow with a significant CAGR over the forecast period. The segment growth can be attributed to the increasing prevalence of cancer affecting blood, bone marrow, and lymph nodes due to changing lifestyles, increasing pollution and other infections and radiations.
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.
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.
The global rituximab market is further classified on the basis of region as follows:
Our in-depth analysis of the global rituximab market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increase in prevalence of cancer and advancement of medical technologies are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Lack of necessary infrastructure in lower economic regions is estimated to hamper market growth.
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.
The major players dominating the rituximab market Teva Pharmaceutical Industries Ltd., Intas Biopharmaceuticals Ltd., and C.H. Boehringer Sohn AG & Ko. KG among others.
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.
The market is segmented by distribution channel, application, and region.
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.
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