(I-BusinessNews.Com, July 08, 2021 ) Companies in the rituximab biosimilar market are increasing their product innovation and marketing activities through strategic collaborations. To sustain in the increasingly competitive market, companies are developing innovative products as well as sharing skills and expertise with other companies. While companies have long collaborated with each other as well as with academic and research institutions in this market by way of partnerships, in- or out-licensing deals, this trend has been increasing over recent years. For instance, In October 2019, iBio, Inc., Delware-based biotechnology company involved in development of vaccine and therapeutics expanded its strategic partnership/collaboration with CC-Pharming, a Beijing-based company specialized in biological R&D for development of rituximab biosimilar in China.
The rituximab biosimilars market consists of sales of rituximab biosimilars. Biosimilars are pharmaceuticals that are manufactured using cell lines and are similar to biologics. Rituximab biosimilars are used as a single agent or in combination with chemotherapy for the treatment of various diseases including chronic lymphocytic leukemia (CLL), non-Hodgkin lymphoma (NHL), microscopic polyangiitis (MPA), and granulomatosis with polyangiitis (GPA).
The global rituximab biosimilars market is expected to grow from $1.75 billion in 2020 to $1.9 billion in 2021 at a compound annual growth rate (CAGR) of 8.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The rituximab biosimilars market is expected to reach $3.02 billion in 2025 at a CAGR of 12%.
Major Players in the Rituximab Biosimilars Market:
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