Herceptin Biosimilars Market size is estimated to reach $6,500 million by 2026, growing at a CAGR of 24.5% over 2021-2026. Herceptin are also called trastuzumab which is a monoclonal antibody that are used to treat patients suffering from cancer. Herceptin is an example of immune targeted therapy that provides effective result by binding with the human epidermal growth factor receptor 2 (HER2). Herceptin Biosimilar contains cyclo phosphamide, doxorubicin which is used as a part of a treatment regimen. Increasing Prevalence of cancer among people and growing advancement in healthcare industry is the major factor driving the growth of this market. Furthermore, increasing research and development activities in medical industry and rising advancement in technology is set to further enhance the overall market demand for Herceptin Biosimilars Market for the period 2021-2026.
Herceptin Biosimilars Segment Analysis – By Indication
The global Herceptin Biosimilars Market based on Indication can be further segmented into ductal carcinoma, Gastric Cancer, Colorectal Cancer, Leukemia, and Others. The ductal carcinoma segment is the major segment generating revenue in 2020. This is mainly owing to increasing prevalence of ductal carcinoma in women. According to World Health Organization, in 2019 about 627,000 women are suffering from ductal carcinoma that increases the need of monoclonal antibody and are rising the growth of this segment. The Gastric Cancer segment is estimated to register the fastest CAGR of 5.15% for the period 2021-2026. According to U.S. National Library of Medicine, in 2018 about 783,000 deaths occur owing to increasing gastric cancer that increasing the need of antibodies that contains cyclophosphamide and are increasing the growth of this segment.
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Herceptin Biosimilars Segment Analysis – By End-Use Industry
The global Herceptin Biosimilars Market based on End-Use Industry can be further segmented into Hospitals, Oncology Centers, and Others. The Hospital segment registers for the highest Herceptin Biosimilars market share in 2020. This is owing to easy accessibility of hospital and higher selling capacity. Moreover, owing to availability of skilled professional patients can prefer hospitals and government is taking initiatives to develop the immune targeted therapy for the treatment of cancer in hospitals that increases the growth of this market. The Oncology Centers segment is estimated to register the fastest CAGR of 7.1% over 2021-2026. This is mainly owing to rising research and development for the treatment of cancer and increasing availability of monoclonal antibodies and are increasing the growth of this market.
Herceptin Biosimilars Segment Analysis – By Geography
North America dominated the Herceptin Biosimilars Market with major share of 40% in 2020. This is owing to increasing number of ductal carcinoma, high healthcare expenditure and increasing favourable reimbursement policies. According to Center for Disease Control and Prevention (CDC), about 281,550 new cases of ductal carcinoma are diagnosed in women in 2021 that increases the growth of this segment. However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 12.25% during the forecast period 2021-2026 owing to rising population and increasing development in healthcare.
Herceptin Biosimilars Market Drivers
Increasing Prevalence of Cancer
Increasing prevalence of various cancers such as ductal carcinoma, gastric cancer, and others can be attributed to the growth of the Herceptin Biosimilars Market. According to World Health Organization, about 2.26 million people have cancer that increases the demand for monoclonal antibodies for treatment and are increasing the growth of the Herceptin Biosimilars Market over 2021-2026.
Growing Advancement in Healthcare Industry
Growing Development in the healthcare industry and rising adoption of advanced technology that increases the growth of the Herceptin Biosimilars Market. Moreover, rising medical application for the treatment of cancer and growing innovative treatment in medical facilities are increasing the growth of Herceptin Biosimilars Market over 2021-2026.
Covid-19 Impact:
COVID-19 pandemic had greatly affected the Herceptin Biosimilars Market. Owing to pandemic, production and supply chain affected owing to lockdown that create disruptions in distribution channel. Moreover, COVID-19 is affecting the oncology treatment procedures and therefore government regulating bodies have implemented some guidelines to slow the spread of COVID-19 infection and are negatively impacted the growth of this market.
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Herceptin Biosimilars Market Challenges
Presence of Alternatives
The factors that is set to impede the growth of the Herceptin Biosimilars Market are presence of alternatives treatment and increasing side effects such as diarrhoea, fever etc. is set to create hurdles for the Herceptin Biosimilars Market.
Herceptin Biosimilars Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Herceptin Biosimilars Market. Herceptin Biosimilars top 10 companies include, Amgen Inc., AryoGen Biopharma, Biocon Limited, Celltrion Inc., Pfizer Inc., Merck & Co., Inc., Accord Healthcare Ltd, Gedeon Richter Plc, Genor Biopharma Company Ltd, Mabion SA, Mylan N.V, Roche Holding AG and Samsungbioepis Co,.Ltd.
Key Takeaways
Geographically, in 2020, North America dominated the Herceptin Biosimilars Market owing to increasing number of ductal carcinoma, high healthcare expenditure and increasing favourable reimbursement policies.
Prevalence of cancer among people and growing advancement in healthcare industry are likely to aid in the market growth of the Herceptin Biosimilars.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Herceptin Biosimilars Market report.
Presence of alternatives and increasing side effects is set to create hurdles for the Herceptin Biosimilars Market.
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