The herceptin biosimilar market size is expected to reach over US$ 6.5 billion by 2028. The increasing prevalence of cancer worldwide along with rising product launches by key players are the key factors for herceptin biosimilar market growth. The herceptin biosimilar market report further mentioned that the market size raised at US$ 1.1 billion in 2019, and it is likely to exhibit a Compound annual growth rate (CAGR) of 25.1% during the forecast period 2020 to 2028.
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The increasing prevalence of cancer
The increasing prevalence of numerous cancer such as breast cancer, gastric cancer, and others across the globe is one of the key drivers for market growth. According to a recent report published in 2019, by the International Agency for Research on Cancer (IARC) and GLOBOCAN, the global cancer burden has risen to 18.1 million cases and 9.6 million cancer deaths. Moreover, the rising pollution and changing consumer lifestyle coupled with the adoption of smoking are some other key factors anticipated to enhance the global herceptin biosimilar market over the upcoming years.
Rising demand from developing countries
The increasing demand for herceptin biosimilar in emerging economies such as India, China, Brazil, and others along with rising spending on research & development are some other key factors for the growth of the global herceptin biosimilar market during the forecast period. The rising product launches by key players is another major reason for global market growth. For instance, in March 2020, Celltrion Healthcare and Teva Pharmaceutical Industries Ltd. introduced trastuzumab biosimilar Herzuma (trastuzumab-pkrb) in the US. Herzuma can be used to treat breast and gastric cancer and has recently been approved in Canada. However, the presence of alternatives along with the side effects of herceptin biosimilar are estimated to hinder the market growth over the forecast period.
Alchemy Research and Analytics LLP, has observed the impact of the ongoing COVID‑19 pandemic on the herceptin biosimilar market for the years 2020 and 2021. As per our extensive secondary and primary research, the demand for herceptin biosimilar has decreased. For instance, in July 2020, a leading manufacturer of oncology medicines Roche Holding AG stated that its top three selling biosimilar products, Rituxan, Herceptin, and Avastin experienced a reduction in sales of around 33%, 46%, and 29% respectively during the COVID- 19 period.
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Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the herceptin biosimilar market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The herceptin biosimilar market is highly fragmented.
Alchemy Market Research lists out the names of key market players in the herceptin biosimilar market. They are as follows:
- Amgen Inc.
- Aryogen Biopharma
- Biocon Limited
- Celltrion Inc.
- Pfizer Inc.
- Merck & Co. Inc.
- Accord Healthcare Ltd.
- Gedeon Richter PLC
- Genor Biopharma Company Ltd.
- Mabion S.A.
- Mylan N.V.
- Roche Holding AG
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