Trastuzumab Biosimilars Global Market Report 2023
Major players in the trastuzumab biosimilar market are Amgen Inc., Pfizer Inc, Samsung Bioepis, Merck & Co., Biocon Limited, Mylan Inc., BioXpress Therapeutics, Celltrion, Teva Pharmaceutical Industries Ltd.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Trastuzumab Biosimilars Global Market Report 2023" - https://www.reportlinker.com/p06241843/?utm_source=GNW
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The global trastuzumab biosimilars market is expected to grow from $2.08 billion in 2021 to $2.64 billion in 2022 at a compound annual growth rate (CAGR) of 27.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The trastuzumab biosimilar market is expected to reach $6.90 billion in 2026 at a CAGR of 27.1%.
The trastuzumab biosimilar market consists of sales of herceptin, avastin, and Kanjinti.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Trastuzumab biosimilar refers to a HER2-targeted therapy drug that are designed to treat early and metastatic HER2-positive breast cancers. Trastuzumab biosimilar is a monoclonal antibody that binds to the human epidermal growth factor receptor 2 (HER2)/neu receptor and renders it inactive
North America was the largest region in the trastuzumab biosimilar market in 2022.Middle East is expected to be the fastest growing region in the forecast period.
The regions covered in the trastuzumab biosimilar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in trastuzumab biosimilar are ogivri, herzuma, ontruzant, trazimera, and others. The different indications include adjuvant breast cancer, metastatic breast cancer, metastatic gastric cancer, and others and are distributed through hospital pharmacy, and online pharmacy.
The rising prevalence of breast and gastric cancer contributed to the growth of the trastuzumab biosimilar market.Trastuzumab biosimilar is used in the treatment of human epidermal growth factor receptor 2 (HER2) overexpressing breast cancer and metastatic gastric cancer.
According to the World Health Organization (WHO), breast cancer affected 2.3 million women globally in 2020, with 685 000 fatalities. According to Cancer India, breast cancer is the most common cancer in women in India and accounts for 14% of the cancers in women. Therefore, the rising prevalence of breast and gastric cancer increases the demand for trastuzumab biosimilar that helps save money when compared to expensive medicines, thereby driving the market.
The side effects of trastuzumab biosimilar are expected to limit the growth of the trastuzumab biosimilar market.The side effects of Herceptin (chemical name: Trastuzumab) include diarrhea, nausea, fever, heart problems, infection, cough, and rashes.
Moreover, breast cancer studies reflect that exposure to trastuzumab (Herceptin) therapy increased the rate of asymptomatic cardiac dysfunction in the two-year trastuzumab treatment from 4.6% to 8.1%. The rate of at least one patient experiencing Grade-3 or higher, for treatment with trastuzumab is at 20.4% for two years, compared to 16.1% for one year of treatment. The side effects of trastuzumab hurt the trastuzumab biosimilar market.
Major players are continuously focusing on launching new products in the untapped regions, which is shaping the market for trastuzumab biosimilars.The companies operating in the trastuzumab biosimilars market are undergoing various strategic initiatives such as new product development, partnerships, and geographical and product portfolio expansion to maintain their competitive position in the market and better serve the needs of the customers.
For instance, in February 2020, Pfizer launched trastuzumab biosimilar to Herceptin, Trazimera in the USA.Trazimera is available for the treatment of human epidermal growth factor receptor 2 (HER2) metastatic gastric and breast cancer.
Furthermore, in April 2020, Merck announced the launch of a Biosimilar of Herceptin (trastuzumab)- ONTRUZANT(trastuzumab-dttb). ONTRUZANT is available in the USA for approximately $1,325 and $3,709 for the 150 mg single-dose and 420 mg multiple-dose vial, respectively.
In March 2022, Biocon Biologics, an India-based fully integrated biopharmaceutical company, acquired Viatris Inc for $3.3 billion. This acquisition would build a distinctive, fully integrated, global biosimilars enterprise. This strategic alliance combines the strengths and complementary skills of both parties, positioning Biocon Biologics for the next ten years of value generation for all of our stakeholders. Viatris Inc is a US-based pharmaceutical company and a developer of biosimilar trastuzumab.
The countries covered in the trastuzumab biosimilar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The trastuzumab biosimilar market research report is one of a series of new reports that provides trastuzumab biosimilar market statistics, including trastuzumab biosimilar industry global market size, regional shares, competitors with a trastuzumab biosimilar market share, detailed trastuzumab biosimilar market segments, market trends and opportunities, and any further data you may need to thrive in the trastuzumab biosimilar industry. This trastuzumab biosimilar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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