Biosimilars Market Size Worth ($136+ Billion by 2028) Lead by Intravenous Segment (36% CAGR) - Exclusive Research Study by The Insight Partners

The global biosimilars market size to record a CAGR of 34.8% from 2022 to 2028, it is expected to grow from USD 18.43 billion in 2021 to USD 136.06 billion by 2028.

New York, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Biosimilars Market Size, Share, Growth, Strategy & Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Disease Indication (Cancer, Diabetes, Autoimmune Diseases, and Other Diseases), Drug Class (Granulocyte Colony-Stimulating Factors, Human Growth Hormone, Insulin, TNF Blockers & Monoclonal Antibodies, Erythropoietin-Stimulating Agents, and Others), Route of Administration (Intravenous, Subcutaneous, and Others), and End User (Hospitals, Speciality Clinics, Homecare, and Others)”, the global biosimilars market growth is driven by increasing prevalence of chronic diseases, cost effectiveness of biosimilar drugs, collaborations for biosimilars & clinical trials and rising approvals of biosimilars.

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Global Biosimilars Market – Report Scope:

Market Size Value inUSD 18.43 Billion in 2021
Market Size Value byUSD 136.06 Billion by 2028
Growth rateCAGR of 34.8% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
No. of Pages217
No. of Tables139
No. of Charts & Figures69
Historical data availableYes
Segments coveredDisease Indication, Drug Class, Route of Administration, and End User

Global Biosimilars Market: Competitive Landscape and Key Developments

Biocon Ltd, Sanofi-Aventis, Celltrion Inc., Amgen Inc., Pfizer Inc., Samsung Bioepis, Sanofi SA, Coherus BioSciences Inc, Dr. Reddy’s Laboratories Ltd, Eli Lilly and Co, Sandoz AG, and Teva Pharmaceutical Industries Ltd are among the key companies operating in the Biosimilars Market. Leading players are adopting strategies such as the launch of new products, expansion and diversification of their market presence, and acquisition of new customer base for tapping prevailing business opportunities. This helps in boosting the biosimilars market growth.

In October 2022, Biocon Biologics out-licenses two biosimilar assets to Yoshindo for commercialization in Japan. Under the terms of this deal, Yoshindo gets exclusive commercialization rights in Japan for bUstekinumab and bDenosumab developed and manufactured by Biocon Biologics, for an addressable market opportunity of US$ 700 million.

In December 2020, FDA approved Amgen's RIABNI, a biosimilar to Rituxan. It is used for the treatment of adult patients suffering from Non-Hodgkin's Lymphoma (NHL), Chronic Lymphocytic Leukemia (CLL), Granulomatosis with Polyangiitis (GPA) (Wegener's Granulomatosis), and Microscopic Polyangiitis (MPA).

In May 2022, Biocon Biologics and Viatris launched Abevmy. Biocon Biologics Ltd., a subsidiary of Biocon Ltd., and Viatris Inc. announced that Abevmy (bBevacizumab) is available in Canada. Abevmy, co-developed by Biocon Biologics and Viatris, is a biosimilar to Roche’s Avastin (Bevacizumab) and has been approved by Health Canada across four oncology indications.

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Increasing Prevalence of Chronic Diseases Fuels Global Biosimilars Market Growth

The increasing aging population, changing social behavior, and the rising adoption of a sedentary lifestyle by people with accelerating urbanization boost the prevalence of obesity and various chronic diseases, such as diabetes. Also, twin studies have long established that genes can cause chronic conditions such as cardiovascular disease (CVDs), diabetes, obesity, Alzheimer's disease (AD), and depression.

According to the National Council on Aging, Inc., 80% of adults aged 65 and above have at least one chronic condition, while 68% have two or more. According to the Centers for Disease Control and Prevention (CDC), in 2020, almost 6 in 10 people in the US suffered from at least one chronic disease, and 4 in 10 people had two or more chronic conditions.   

Cardiovascular diseases such as atherosclerosis, angina pectoris, and acute myocardial infarction, caused due to hectic lifestyles, are significant causes of mortality across the world. As per the data provided by the WHO, CVDs are the number one cause of death worldwide, recording estimated 17.9 million deaths each year. Diabetes is a life-threatening chronic disease with no functional cure. Diabetes of all types can lead to various complications in different body parts and increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are among the major complications associated with diabetes. According to the International Diabetes Federation (IDF), diabetic cases in North America are expected to reach 62 million by 2045 from 46 million in 2017. Furthermore, the data reported that 425 million people were suffering from diabetes in 2017, and the count is expected to reach 629 million by 2045 across the world. The disease prevalence is likely to increase by about 35% during the forecast period.

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Recognition of biosimilars as efficacious and safe agents by patients, specialists, primary care clinicians, and other healthcare professionals is propelling the demand for biosimilars. In addition, biosimilars help improve the quality of life for millions of patients while saving billions of dollars of the healthcare system per year. They are effective and cost-effective options in treating many diseases, including chronic skin conditions and bowel diseases such as Crohn’s disease, psoriasis, irritable bowel syndrome, and colitis; diabetes; autoimmune disease; cancer; kidney conditions; and arthritis.    

As the prevalence of chronic diseases is increasing at a high rate, the demand for biosimilars in treating life-threatening illnesses has progressed rapidly over the last five years, thereby driving the biosimilars market growth.

Global Biosimilars Market – Regional Overview:

North America accounted for a major share of the global biosimilars market in 2021. The biosimilars market growth in this region is attributed to the increasing prevalence of chronic diseases and rising development of biosimilar products. Biosimilar market players are adopting organic and inorganic growth strategies for market development in the region. In November 2022, Biocon Biologics, a subsidiary of Biocon Ltd. completed the acquisition of Viatris’ Global Biosimilars Business. The acquisition provides Biocon Biologics with direct commercial capabilities and supporting infrastructure in the advanced markets and several emerging markets, bringing it closer to patients, customers, and payors. With this acquisition, Biocon Biologics is expected to emerge as a leading biosimilars player across the world with eight commercialized products.

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Biosimilars Market: End User Overview

Based on end user, the biosimilars market is segmented into hospitals, specialty clinics, homecare, and others. The hospital segment held the largest market share in 2021 and is expected to be the largest shareholder in the market by 2028. Hospitals are the most significant entities that have all the facilities available in the organization. Hospitals provide various diagnostics and treatment facilities that can be reimbursed under insurance claims. Various hospitals offer several facilities such as proper care, physiotherapy, and guidance that assist in the faster recovery of patients. There has been significant adoption of biosimilar drugs by the US hospital formularies. "New Survey from Vizient Provides Hospital Insights into Biosimilar Adoption" in 2022 by Vizient, Inc. demonstrated significant biosimilar adoption to hospital formularies, but lagging utilization in patient care. Furthermore, the survey of hospital leaders and pharmacy professionals from Vizient member hospitals across the country found that biosimilars are gaining inclusion in hospital formularies, something long seen as a necessity for greater adoption. As per the above-mentioned survey, most respondents (80%) said they had instituted a system-wide review process for biosimilar adoption to their formularies.

The same survey states that in Germany, support to hospitals and statutory-health-insurance physicians regarding biosimilars could be established with multistakeholder platforms, including payers and providers. In Spain, where biologics are purchased and dispensed only in hospitals, the appropriate models could be built by region and size of the hospital. Owing to the above-mentioned factors, the biosimilar market for the hospital segment is likely to propel during the forecast period.

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