Global Biobetters Market Analysis to 2034 by Drug Class, Disease Indication, Route of Administration, Distribution Channel, and Region, Featuring Exhaustive Profiles of the Top 10+ Players
Dublin, April 09, 2024 (GLOBE NEWSWIRE) -- The "Global Biobetters Market by Drug Class, by Disease Indication, by Route of Administration, by Distribution Channel, and By Region" report has been added to * ResearchAndMarkets.com's* offering.
The global biobetters market size was estimated to be USD 46.78 billion in 2023 and is expected to reach USD 112.12 billion by 2034 with a CAGR of 8.27% during the forecast period 2024-2034. The demand for enhanced efficacy and safety, advancements in biotechnology and protein engineering, the growing biopharmaceutical market, patient demand for personalized medicine, and collaborations and partnerships will drive the market growth.
A favorable environment for the development of biobetters is created by the market's general expansion for biopharmaceuticals, which includes monoclonal antibodies and other biologics. The market for biobetters is growing as a result of the growing acceptance and application of biologics in a range of therapeutic fields. For instance, in October 2023, Alector Biosciences and Roche announced a partnership to co-develop biobetters for neurodegenerative illnesses.
By drug class, the monoclonal antibodies biobetters segment accounted for the highest revenue-grossing segment in the global biobetters market in 2023 owing to the innovative modifications and advancements made in monoclonal antibody engineering, resulting in enhanced therapeutic efficacy, improved safety profiles, and increased patient acceptance. For instance, Novartis will introduce Kanjinti (a biosimilar of trastuzumab) in July 2023 to treat HER2-positive breast cancer and HER2-positive metastatic gastric cancer. Additionally, the insulin biobetters segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising prevalence of diabetes worldwide and the imperative need for more effective and patient-friendly insulin therapies.
By disease indication, the cancer segment accounted for the highest revenue-grossing segment in the global biobetters market in 2023 owing to the increased prevalence of various cancer types, driving the demand for more effective and targeted therapeutic interventions. For instance, Pfizer announced favorable Phase 3 results in October 2023 for ABP 738, a biosimilar of pegfilgrastim used to reduce neutropenia. Additionally, the neurodegenerative diseases segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing global prevalence of neurodegenerative diseases, such as Alzheimer's and Parkinson's, and the pressing need for advanced therapeutic options.
By route of administration, the subcutaneous segment accounted for the highest revenue-grossing segment in the global biobetters market in 2023 owing to the increasing preference for patient-friendly and convenient administration routes, coupled with the advantages of subcutaneous delivery in terms of improved bioavailability and reduced side effects. For instance, Johnson & Johnson completes the purchase of Abiomed in December 2023, broadening its range of cardiovascular devices and maybe opening the door for biobetter integration for the treatment of heart failure. Additionally, the intravenous segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing demand for rapid onset of action, precise dosage control, and the ability to administer larger volumes of biobetters in critical therapeutic situations.
By distribution channel, the hospital pharmacies segment accounted for the highest revenue-grossing segment in the global biobetters market in 2023 owing to the prevalent practice of administering biobetters in a hospital setting, where complex and specialized therapies can be managed by healthcare professionals. For instance, Eli Lilly and Company said in June 2023 that it will be working with Elly Lilly Japan to develop and market biobetters for autoimmune illnesses. Additionally, the retail pharmacies segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising trend of patient-centric care and the expanding role of retail pharmacies in providing convenient access to biobetters for chronic conditions and long-term treatments.
North American region is anticipated to have the highest revenue share during the forecast period owing to the robust presence of key biopharmaceutical companies, a well-established healthcare infrastructure, and a high prevalence of chronic diseases driving the demand for advanced therapeutic solutions. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the increasing prevalence of chronic diseases, a rapidly expanding healthcare infrastructure, and a growing emphasis on biotechnology and pharmaceutical research and development. For instance, AbbVie and Regeneron will collaborate to develop a biobetter in October 2023 to treat age-related macular degeneration (AMD).
*Report Scope*
· Base Year: 2023
· Forecast Period: 2024-2034
· Study Coverage
· Market Forecast by Drug Class, Disease Indication, Route of Administration, and Distribution Channel
· Market Forecast for 5 Regions and 17+ Countries
· North America (U.S. and Canada)
· Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
· Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
· Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
· MEA (South Africa, GCC, Rest of MEA)
· Exhaustive Company Profiles of the Top 10+ Major Market Players
*Global Biobetters Market Segmentation*
*Drug Class*
· Erythropoietin biobetters
· Insulin biobetters
· G-CSF biobetters
· Interferon biobetters
· Monoclonal antibodies biobetters
· Anti-hemophilic factors
· Other biobetters
*Disease Indication*
· Diabetes
· Cancer
· Renal disease
· Neurodegenerative diseases
· Genetic disorders
· Others
*Route of Administration*
· Subcutaneous
· Intravenous
· Others
*Distribution Channel*
· Hospital Pharmacies
· Retail Pharmacies
· Online Pharmacies
*Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
*Companies Featured*
· Roche
· Amgen
· Novartis
· Pfizer
· Johnson & Johnson
· Eli Lilly and Company
· AbbVie
· Biogen
· AstraZeneca
· Sanofi
· Merck & Co.
· Genentech (a member of the Roche Group)
· Celgene (acquired by Bristol Myers Squibb)
· Teva Pharmaceuticals
· Samsung Bioepis
*Key Attributes*
*Report Attribute* *Details*
No. of Pages 200
Forecast Period 2023-2034
Estimated Market Value (USD) in 2023 $46.78 Billion
Forecasted Market Value (USD) by 2034 $112.12 Billion
Compound Annual Growth Rate 8.2%
Regions Covered Global
For more information about this report visit https://www.researchandmarkets.com/r/mq3q2s
*About ResearchAndMarkets.com*
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*Attachment*
· Global Biobetters Market
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