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Evolving Biologics: Humira Drug Market Dynamics for 2024
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According to The Business Research Company's, The humira drug market size has grown strongly in recent years. It will grow from $9.19 billion in 2023 to $9.86 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to introduction of biologics, biotechnology advancements, patient demand for effective treatments, physician adoption and prescribing patterns.
The humira drug market size is expected to see strong growth in the next few years. It will grow to $13.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to biosimilar market entry, healthcare policy changes, focus on cost-effectiveness, research and development investments, precision medicine and personalized treatments. Major trends in the forecast period include real-world evidence generation, expanded use in pediatric populations, shift towards self-administered medications, value-based pricing models, targeted therapies development.
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Market Drivers and Trends:
A rise in the incidence rate of autoimmune disease is expected to propel the growth of the humira drug market going forward. Autoimmune disease refers to a type of disease in which the body's immune system attacks and destroys healthy tissues and cells in the body. Humira drug is used to treat pain and inflammation caused by various autoimmune diseases, as a result, the rise in the incidence rate of autoimmune diseases increases the demand for humira drug. For instance, in July 2021, according to Cleveland Clinics, a US-based non-profit academic medical center, 1 in 15 people in the U.S. have an autoimmune disease. Further, one million people in the U.S. are suffering from lupus and 1.4 million have Crohn's disease or ulcerative colitis respectively. Therefore, the rise in the incidence rate of autoimmune disease will drive the HUMIRA drug market.
Product innovations are a key trend in the humira drug market. Major companies in the humira drug market are developing new biologics and biosimilars to sustain their position in the market. For instance, in April 2023, Sandoz, a Switzerland-based pharmaceutical company introduced Biosimilar Hyrimoz (adalimumab), a citrate-free high-concentration formulation (HCF) approved by the European Commission. The adalimumab citrate-free HCF (100 mg/mL) formulation provides a 50 % reduction in injection volume and decreases the number of injections required for patients opting for 80 mg/mL or higher dosing. This is applicable to various diseases such as rheumatic diseases, Crohn's disease, and others with enhanced familiar experience.
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Major Key Players of the Market:
Pfizer Inc., Merck & Co. Inc., AbbVie Inc., Novartis AG, Fresenius Kabi AG, Amgen Inc., Boehringer Ingelheim International GmbH, Viatris Inc., Sandoz International GmbH, Hikma Pharmaceuticals PLC, Celltrion Healthcare Co. Ltd., Cadila Pharmaceuticals Ltd., Torrent Pharmaceuticals Ltd., Mochida Pharmaceutical Co. Ltd., Innovent Biologics Inc., Biocad Biopharmaceutical Company, Shanghai Henlius Biotech Inc., Glenmark Pharmaceuticals Ltd., Samsung Bioepis Co Ltd., Hetero Healthcare Ltd., Coherus BioSciences Inc., CinnaGen Co., Alvotech Holdings S.A, Reliance Life Sciences Private Limited, Momenta Pharmaceuticals Inc., Bio-Thera Solutions Ltd., Fujifilm Kyowa Kirin Biologics Co. Ltd., BioXpress Therapeutics SA, Alteogen Inc., Prestige BioPharma Pte. Ltd.
Humira Drug Market 2024 Key Insights:
• The humira drug market size is expected to see strong growth in the next few years. It will grow to $13.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Growing Incidence Of Autoimmune Diseases Fuels Demand For Humira Drug
• Innovative Formulations Drive Advancements In Humira Drug Market
• North America was the largest region in the humira drug market in 2023
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