by The global Bortezomib market overview:
Bortezomib is a proteasome inhibitor primarily used in the treatment of multiple myeloma and mantle cell lymphoma. The drug inhibits the 26S proteasome complex inside cells thereby preventing cell division and inducing apoptosis. The bortezomib market has witnessed strong growth over the past few years due to the increasing prevalence of multiple myeloma globally and demand for better treatment options.
The global bortezomib market is estimated to be valued at US$ 24.54 Mn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period from 2024 to 2031.
Key Takeaways:
Key players: Key players operating in the bortezomib market are Hikma Pharmaceuticals, Pfizer, Meitheal Pharmaceuticals, Novartis International AG, Bristol Myers Squibb, NATCO Pharma, Teva Pharmaceuticals, Dr. Reddy’s Laboratories, Gland Pharma, Shilpa Medicare, Qilu Pharmaceutical, Scion Pharmaceuticals, Farmhispania Group, Coresyn, Chem-Stone (Guangzhou), Hubei Honch Pharmaceutical, Vinkem Labs, Icrom, TAPI Teva, and Chengdu Aslee Biopharmaceuticals.
Growing demand: The increasing prevalence of multiple myeloma and growing geriatric population globally which are more prone to cancer is expected to drive the demand for bortezomib in the coming years. Also, the need for affordable and effective treatment options is boosting the market.
Global expansion: Leading players in the Bortezomib Market Demand are focusing on expanding their geographic footprint in high growth emerging markets of Asia Pacific, Latin America, and Middle East & Africa. Companies are also investing in R&D to develop newer delivery formats and targeted therapies using bortezomib which will support global market expansion over the forecast period.
Market key trends:
One of the key trends witnessed in the bortezomib market is the increasing adoption of combination therapies. Bortezomib is increasingly being used in combination with other anti-myeloma drugs like dexamethasone, lenalidomide, melphalan, etc. to achieve better treatment outcomes. This is expected to continue driving the demand for bortezomib as combination therapies become the standard of care for cancer treatment.
Porter’s Analysis
Threat of new entrants: The threat of entry into Bortezomib Market Size And Trends is moderate due to high capital requirements for R&D and manufacturing. However, opportunities exist for contract manufacturing.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of many suppliers including branded and generic drug makers. Buyers can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitutes and presence of many players in supply chain.
Threat of new substitutes: The threat of new substitutes is low currently due to patent protection. However, threat increases as patents expire and biosimilars enter the market.
Competitive rivalry: The rivalry among existing competitors is high due to many players but differentiated products. Companies compete on price and innovation.
Geographical Regions
North America region accounted for the largest share in global bortezomib market in terms of value in historical year owing to increasing incidence of multiple myeloma and strong sales of branded drug Velcade. Asia Pacific region is expected to witness fastest growth during forecast period due to growing healthcare spending, rising multiple myeloma cases and availability of cheaper generic drugs.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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