RANIBIZUMAB MARKET REPORT OVERVIEW
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The global ranibizumab market size was USD 3018.92 million in 2021 and the market is projected to touch USD 1667.42 million by 2027, at CAGR of -9.42% during the forecast period.
Ranibizumab, a vascular endothelial growth factor (VEGF) inhibitor, is indicated for the treatment of neovascular (wet) age-related macular degeneration (AMD), retinal vein occlusion (RVO), diabetic macular edema (DME), and diabetic patient’s retinopathy in patients with DME and myopic choroidal neovascularization (mCNV).
The increasing incidence of diabetic retinopathy in the working population in developed countries increases the need for curative therapies and drives the development of the global ranibizumab market.
COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The pandemic has had a multifaceted impact on the growth of the market due to the increasing focus on healthcare and the growing need for affordable treatments. The importance of multifaceted supply chains has led to the need to produce essential medicines, including topical biosimilars. However, the pandemic has raised concerns about difficulties such as delays in clinical trials, disruptions to global supply chains and regulatory approval processes. In addition, the reallocation of healthcare resources to manage COVID-19 has also affected the development of the market.
LATEST TRENDS
"Growing Demand In Emerging Markets Leading Market Expansion "
Emerging markets offer significant opportunity for the ranibizumab market. As healthcare infrastructure and access to advanced therapies improve in these regions, the demand for ranibizumab will increase. Developing countries such as China, India, Brazil and others have a large population and an increasing incidence of cancer. By strategically entering this market and meeting affordability challenges, companies can respond to growing demand and expand their market share. The growing burden of obesity, poor nutrition and chronic physical inactivity has forced many health systems to seek multiple methods to provide affordable treatment options to patients. Unlike expensive biologics used to treat diseases including autoimmune diseases, cancer and diabetes, biosimilars have emerged as more affordable alternatives. In addition, organizations such as the Canadian Diabetes Association recommend the use of biosimilar insulins before starting treatment, further accelerating business development.
RANIBIZUMAB MARKET SEGMENTATION
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- By Type
Based on type the global market can be categorized into Single-use Prefilled Syringe, Single-use Glass Vial.
The single-use pre-filled syringe is for one use only. The pre-filled syringe is sterile. Single-use Prefilled Syringe is for single-use only. Since the volume of the vial (0.23 ml) is greater than the recommended dose (0.05 ml for adults and 0.02 ml for premature infants), some of the volume of the vial must be discarded before administration.
Single-use glass vial with a volume of 0.05 ml for intravitreal injection.
- By Application
Based on application the global market can be categorized into wAMD, Diabetic Retinopathy (DR), Diabetic Macular Edema (DME), mCNV, RVO.
Diabetic retinopathy is caused by high blood sugar caused by diabetes.
Diabetic macular edema (DME) manifests as a thickening of the retina due to the accumulation of intraretinal fluid mainly in the inner and outer plexiform layers.
mCNV is a serious eye disease that can happen to about 1 in 10 people with severe nearsightedness. In mCNV, abnormal blood vessels may begin to grow in the back of the eye due to physical stress.
Retinal vein occlusion (RVO) is a blockage of the retinal vein. It is a common cause of sudden painless vision loss in people over 60 years of age. Blockage of blood and other fluids leaking into the retina, causing damage to vision.
DRIVING FACTORS
"Increasing Investments In Health Facilities to Augment Market Growth"
Focus on improving the condition of healthcare facilities and improving the overall healthcare infrastructure is another major factor driving the growth of the market. The increase in partnerships and strategic cooperation agreements between public and private actors to finance and implement new and advanced technology continues to create profitable market opportunities. The development of improved drug delivery systems has improved the delivery and efficacy of bevacizumab. For example, the introduction of intravitreal injections in the treatment of eye diseases facilitated the use of bevacizumab for conditions such as macular degeneration and diabetic retinopathy. Technological advancements in drug delivery systems are improving patient comfort and enabling targeted deliveries, which is driving ranibizumab market growth.
"Growing Elderly Population And Booming R&D Activity to Stimulate The Market Growth"
The increasing prevalence of eye diseases such as macular degeneration, diabetic retinopathy, retinal vein occlusion and age-related macular degeneration is the major growth driver for the market. According to the World Health Organization, there are approximately 196 million people worldwide with AMD, and more than 10.4 million cases have moderate to severe vision loss. AMD is an eye disease that causes progressive loss of central vision and mainly affects the elderly. The emergence of major players in this industry is a major factor driving the growth of the market. Additionally, increasing product launches and demand for pharmaceuticals are expected to drive regional markets and growth. Additionally, technological advancements in the pharmaceutical industry can stimulate market expansion. For example, in May 2020, F. Hoffmann-La Roche Ltd. reported the main results of a phase 3 clinical trial to improve ranibizumab formulations using the Port Delivery System.
RESTRAINING FACTORS
"Patent Expiration And Potential Generic Competition to Hamper Market Growth"
Ranibizumab has limited patent exclusivity, and if the patents expire, it opens the door to potential generic competition. Generic versions of ranibizumab, also known as biosimilars, could enter the market at lower prices, challenging established drugs for market share and profitability. Successfully navigating the competitive environment through the introduction of biosimilars is a major challenge for companies operating in the ranibizumab market.
RANIBIZUMAB MARKET REGIONAL INSIGHTS
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"North America to Dominate The Market Due To Increased Consumer Awareness"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
North America held the largest ranibizumab market share for vascular endothelial growth factor drugs in 2021. The industry in the region will grow significantly during the forecast period. This is largely due to increased consumer awareness, government-sponsored efforts, and clinical advances in the field. The market would also benefit from the presence of major players in North America.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The major players are adopting strategies such as research collaboration to develop new products. For example, in June 2021, Mosaic Biosciences and Ocular Therapeuix began a research collaboration to develop a drug for patients with dry age-related macular degeneration. This collaboration strengthens the company's R&D portfolio and offers the company a good opportunity for growth. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
List of Market Players Profiled
- Genentech (U.S.)
- Novartis (Switzerland)
INDUSTRIAL DEVELOPMENT
October 2021: The FDA has approved Susvimon, the first port-mediated delivery system (PDS) containing ranibizumab, for the treatment of patients with wet or neovascular age-related macular degeneration (AMD) who has previously responded to at least two anti-vascular endothelial growth therapies includes treatment. The procedure is the first and only FDA-approved wet AMD treatment that requires only two treatments per year. It delivers 100 mg/ML ranibizumab intravenously through ocular implants. The implant is surgically implanted into the eye during a one-time outpatient treatment and is refilled every six months. Such delivery techniques coupled with technological improvements and new product launches are likely to positively influence the regional and vascular endothelial growth factor therapy market growth.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 3018.92 Million in 2021 |
Market Size Value By |
US$ 1667.42 Million by 2027 |
Growth Rate |
CAGR of -9.42% from 2021 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the ranibizumab market expected to touch by 2027?
The global ranibizumab market is expected to reach USD 1667.42 million by 2027.
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What CAGR is the ranibizumab market expected to exhibit by 2027?
The ranibizumab market is expected to exhibit a CAGR of -9.42% by 2027.
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Which are the driving factors of the ranibizumab market?
Increasing investments in health facilities and technological development of drug delivery systems and growing elderly population and booming R&D activity are some of the driving factors of the ranibizumab market.
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What are the key ranibizumab market segments?
The ranibizumab market segmentation that you should be aware of, which include, Based on type the ranibizumab market is classified as Single-use Prefilled Syringe, Single-use Glass Vial. Based on application the ranibizumab market is classified as wAMD, Diabetic Retinopathy (DR), Diabetic Macular Edema (DME), mCNV, RVO.