Jersey City, NJ, Nov. 29, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Non-Oncology Biologics and Biosimilars Market - (By Drug Category (Monoclonal Antibody, Enzyme Replacement Therapy, Toxins, Fusion Proteins, Vaccines, Insulin, Hormones, Gene Therapy, Cell Therapy, and Others), By Application Type (Cardiology, Dermatology, Hematology, Endocrinology, Neurology, Immunology, Respiratory, Rheumatology, Ophthalmology, and Others), By Product Type (Biologics and Biosimilars)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Non-Oncology Biologics and Biosimilars Market is expected to grow with a CAGR of 21.8% during the forecast period of 2023-2031.
A biosimilar is a medicinal product that is biological and is classified as being highly similar to an approved biologic. The performance, safety, and quality of these biosimilars are evaluated in accordance with the pharmaceutical quality standards that are applicable to all biologic medications. The need for more accessible, effective treatments for a various diseases has led to a surge in the approval of biosimilars around the world. In response, pharmaceutical companies are ramping up production of biosimilar medicines, oncology biosimilars, and Remicade biosimilars to diversify their revenue streams and meet the growing demand for affordable healthcare.
Worldwide, the prevalence of chronic diseases has been steadily increasing. The changing lifestyles of individuals and the ageing population are major contributors to the rising incidence of chronic diseases. Lots of people deal with long-term health issues like diabetes, high blood pressure, stroke, lung disease, tooth disease, obesity, arthritis, and cancer. However, biosimilar monoclonal antibodies are finding widespread application in the fight against cancer and rheumatoid arthritis.
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Recent Developments:
- In March 2023, Sandoz, a division of Novartis, has entered into a Memorandum of Understanding to build a new facility in Slovenia for the production of biologics. This action was intended to address the increasing worldwide need for biosimilar medications. The Sandoz investment was anticipated to be a minimum of USD 400 million, bolstering the company's aspiration to propel the future expansion of its worldwide biosimilars portfolio. This investment in Slovenia is one of the greatest ever made by the worldwide private sector.
List of Prominent Players in the Global Non-oncology Biologics and Biosimilars Market:
- AbbVie Inc.
- Sanofi
- Amgen Inc.
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- F. Hoffmann-La Roche
- Johnson & Johnson
- Novartis AG
- Novo Nordisk A/S
- Pfizer Inc.
- Takeda Pharmaceuticals
- BioMarin Pharmaceuticals
- GSK
- AstraZeneca
- Biogen
- Others
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Non-Oncology Biologics and Biosimilars Market Report Scope:
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 21.8% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Drug Category, Application Type, Product Type |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
Market Dynamics:
Drivers:
The growing demand for non-oncology biologics and biosimilars market is boosted by the rising prevalence of non-oncology chronic diseases such as autoimmune disorders, Type 2 diabetes, and others, which is driving the growth of the non-oncology biologics and biosimilars market. More sophisticated non-oncology biologics and biosimilars are now more efficiently developed and produced thanks to advancements in biotechnology and biopharmaceutical manufacturing techniques. This has enhanced their accessibility and availability. There has been a rise in the desire for biosimilars and other less expensive alternatives to non-oncology biologics due to their high prices.
Challenges:
The prime challenge is high cost and strict regulations, a shortage of competent individuals and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the global non-oncology biologics and biosimilars market. The distribution and development of drugs are quite expensive, which will slow down the market's growth. The oncology biosimilars market will face challenges from developing economies' healthcare infrastructure and a shortage of experienced personnel.
Market growth will be further slowed throughout the projected period due to regulatory hurdles, clinical obstacles, and manufacturer reluctance to biologics. The COVID-19 pandemic affected the economy by disrupting supply chains and financial markets, affecting businesses. Because of issues with the supply chain, the pandemic was also bad for generic drug producers, who provide most of the market's volume. Production will likely decrease as a result of this. Still, this can potentially drive up medicine costs in the near term. The creative drug producers will also fill the shortage, so the market will feel less of an effect overall.
Regional Trends:
The North American global non-oncology biologics and biosimilars market is anticipated to register a major market share in revenue. It is projected to grow at a high CAGR in the near future. Because of the existence of important competitors and the increasing cost of healthcare, this region's market is expected to rise at a faster rate. The rising cancer rate in this region is also expected to drive market expansion. Besides, Europe had a considerable market share due to technological advancements and affluence. Government programs that are encouraging, rising healthcare investments, and the existence of important market participants all play a role in the quick growth.
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Segmentation of Global Non-Oncology Biologics and Biosimilars Market-
By Drug Category-
- Monoclonal Antibody
- Enzyme Replacement Therapy
- Toxins
- Fusion Proteins
- Vaccines
- Insulin
- Hormones
- Gene Therapy
- Cell Therapy
- Others
By Application Type-
- Cardiology
- Dermatology
- Hematology
- Endocrinology
- Neurology
- Immunology
- Respiratory
- Rheumatology
- Ophthalmology
- Others
By Product Type-
- Biologics
- Biosimilars
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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