Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Trastuzumab biosimilar market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Extensive research associated with cancer treatment in western countries, along with the growing investment in the development of advanced therapies are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increasing geriatric population and changing lifestyle. According to the data collected from World Health Organization, in 2020, cancer was the leading cause of death worldwide, accounting for nearly 10 million deaths.
The market is segmented based on application type into breast cancer, colorectal cancer, leukemia, and others, out of which, the breast cancer segment is anticipated to grab the largest share by the end of 2021 on account of increasing incidence and increasing prevalence of breast cancer globally. Moreover, colorectal cancer segment is also projected to contribute to the growth of the segment during the forecast period due to the rising incidence in colon and rectal cancer worldwide. According to World Health Organization, the most common in 2020 (in terms of new cases of cancer) were breast cancer (2.26 million cases), followed by colon and rectum cancer (1.93 million cases) on the third number.
On the basis of distribution channel, the offline segment in the global trastumuzab biosimilar market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the presence of retail and hospital pharmacies and an expanded customer base. Although, online segment is also expected to contribute to the market due to increasing dependence on e-commerce platforms and rising internet penetration.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Europe is predicted to grow at the highest CAGR over the forecast period owing to factors such as increasing prevalence of breast cancer, strong clinical pipeline, increasing research and drug development activities propels market growth in the region. Furthermore, in 2021, the market in Asia Pacific is evaluated to occupy the largest share in terms of revenue, Asia Pacific is a promising revenue contributor which is expected to grow at rapid pace in upcoming year. Countries such as Japan, India and China are major contributors to the growth of this market. Emerging and huge population base countries such as China and India offer tremendous market opportunities due to investments for trastumuzab biosimilar research. As per the analysis of World Health Organization, cancer accounts for 20% of deaths in the European Region.
The global trastumuzab biosimilar market is further classified on the basis of region as follows:
Our in-depth analysis of the global trastumuzab biosimilar market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of cancer and increasing geriatric population in the world are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
The side-effects which are associated with the use of trastumuzab biosimilar are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing population and investments for trastumuzab biosimilar research.
The major players dominating the trastumuzab biosimilar market are Amgen Inc., Biocon Limited, Celltrion Inc., Pfizer Inc., Merck & Co. Inc., Accord Healthcare Ltd. 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 application type, distribution channel and region.
With respect to application, the offline segment is anticipated to hold the largest market share owing to the preference among individuals for retail pharmacies and expanded customer base.
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