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.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization