Rituximab Market Trends
Growth Drivers
- Increasing Demand for Monoclonal Antibodies – rituximab is one of the most common monoclonal antibodies used in the treatment of cancer, cardiovascular diseases and others. Also, the survival rate has increased with the application of rituximab with chemotherapy. In addition to this the rising cases of these diseases are boosting the market growth rapidly.
- Increasing collaborations for the development of new products – In collaboration with other companies operating in the sector, the companies operating in the biosimilars sector continue to focus on the development of new products. The rituximab biosimilar market has been shaped by innovative partnerships. For example, in May 2020, Teva Pharmaceutical Industries Ltd and Celltrion Healthcare Co. Ltd jointly launched a biosimilar of TruximaNumab injection to treat polyangiitis and Rheumatoid Arthritis in the US market.
- Investment in the healthcare sector - Over the last 15 years, the U.S. is the world's largest contributor to Global Health funding, and its investment in Global Health has increased substantially over time. Additionally, US healthcare spending increased 2.7% in 2021. The Cancer Moonshot, the US cancer plan, is mobilizing efforts to achieve two very important goals set by the President of the United States: Preventing over four million deaths from cancer within 2047 as well as improving the way people who are affected by cancer experience it. Investment and funding in healthcare is positively driving the growth of rituximab market.
Challenges
- High-Cost of Rituximab - The major challenge to the growth of the rituximab market over the next few years will be the high costs associated with these biosimilars. Compared to IV biosimilar rituximab, the cost of the subcutaneous option was higher.
- Severe Side Effects
- Production Complexities
Rituximab Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.74 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.31 in 2008 to USD 1,110.84 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
15.80% |
|
Base Year Market Size (2024) |
USD 4.03 billion |
|
Forecast Year Market Size (2037) |
USD 27.13 billion |
|
Regional Scope |
|
