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The bevacizumab biosimilars market has demonstrated strong growth in recent years. It is set to grow from $1.43 billion in 2023 to $1.55 billion in 2024, reflecting a compound annual growth rate CAGR of 8.7%. Factors like patent expiry, cost containment in healthcare, increasing incidence of cancer, market competitiveness, patient access and affordability and biosimilar acceptance have contributed to this uplift.
The bevacizumab biosimilars market is anticipated to continue to grow. It is predicted to reach $2.09 billion by 2028, at a CAGR of 7.8%. This growth is attributed to rising demand for cancer therapies, biosimilar development expertise, healthcare system pressures, the biosimilar regulatory landscape, and biosimilar interchangeability. The forecast period is also expected to see strides in collaborations and partnerships, regulatory advancements and approvals, biosimilar development and innovation, market access strategies, and biosimilar lifecycle management.
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A critical driver propelling the bevacizumab biosimilars market is the increasing prevalence of cancer. Cancer incidence refers to the number of new cancer cases emerging in a specific population over a given period. Bevacizumab is a biologic that obstructs tumor angiogenesis, potentially leading to tumor shrinkage and inhibition of growth. It has shown to be comparable to reference biologics in terms of efficacy and safety in treating patients with advanced non-small cell lung cancer or metastatic colorectal cancer. For instance, Macmillan Cancer Support, a UK-based healthcare charity, forecasted in October 2022 that there were 3 million cancer patients in 2020 and that this figure is expected to rise to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040.
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Various companies have been instrumental in the growth of the bevacizumab biosimilars market, including Cipla Limited, Reliance lifesciences Pvt. Ltd, Genentech Inc, Fujifilm Kyowa Kirin Biologics Co. Ltd, Pfizer Inc, AbbVie Inc, Amgen Inc, and other key market players.
Significant trends gaining popularity in the bevacizumab biosimilars market include product innovation. Major market players are focusing on creating innovative products to fortify their market presence. For example, in May 2022, Viatris, a US-based pharmaceutical company, and Biocon Biologics launched Abevmy bevacizumab, a biosimilar to Roche's Avastin bevacizumab. Approved by Health Canada for use across four oncology indications, Abevmy offers similar efficacy, safety, and quality to the reference biologic and is a humanized monoclonal antibody that binds to and neutralizes the biologic action of human vascular endothelial growth factor VEGF.
The bevacizumab biosimilars market is segmented to provide a more detailed understanding. It categorizes by product into Avastin, Mvasi, Zirabev, Aybintio, and other products. By distribution channel into Hospital Pharmacy, Online Pharmacy, Retail Pharmacy, Other Distribution Channels and by applications including Colorectal Cancer, Non-small Cell Lung Cancer, Glioblastoma, Renal Cell Carcinoma, Cervical Cancer, and Ovarian Cancer.
Regionally, North America was the largest market for bevacizumab biosimilars in 2023. However, the report also covers regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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