Remicade Biosimilars Market Size & Share to Exceed USD 34.4 Billion by 2034, at CAGR of 9.30% - By PMI

Covina, Feb. 08, 2024 (GLOBE NEWSWIRE) -- “According to the recent research study, the Remicade Biosimilars Market size was valued at about USD 15.3 Billion in 2024 and expected to grow at CAGR of 9.30% to extend a value of USD 34.4 Billion by 2034.”

What is Remicade Biosimilars?

• Market Overview:

Remicade biologic functions by inhibiting the action of TNF-alpha, a protein involved in inflammation, as it is a tumor necrosis factor (TNF) alpha inhibitor. Biosimilars are FDA-approved versions of biologic drugs that are extremely similar. Although they are not precisely exactly the same as the original biologic, they have demonstrated a high degree of safety and efficacy.

Remicade is a biologic drug that is used to treat a number of autoimmune conditions, such as psoriatic arthritis, ankylosing spondylitis, ulcerative colitis, and rheumatoid arthritis. More patients now have access to long-term treatment for a variety of chronic autoimmune disorders thanks to Remicade Biosimilars, which are a more easily available, more affordable, and allergy-friendly alternative for the original Remicade biologic drug.

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*Note: PMI Sample Report includes,

• Overview & introduction of market study
• Revenue and CAGR of market 
• Drivers & Restrains factors of market 
• Major key players in market 
• Regional analysis of the market with a detailed graph
• Detailed segmentation in tabular form of market 
• Recent development/news of market 
• Opportunities & Challenges of Market 

Top Leading Players in Remicade Biosimilars Market:

• Janssen Biotech, Inc.
• Merck and Company, Inc.
• Alvogen
• Pfizer, Inc.
• Celltrion
• Samsung Bioepis
• Biogen
• Amgen
• Nippon Kayaku
• Napp Pharmaceuticals.

Market Dynamics:

Driving Factors:

• Autoimmune disorders like plaque psoriasis and rheumatoid arthritis (RA) are becoming more commonplace worldwide. Numerous variables, such as longer life expectancies, better diagnostics, and environmental changes, are to blame for this. The most prevalent autoimmune illness, RA, affects roughly 1% of people globally. Worldwide, 2-3% of people suffer with psoriasis. This rising prevalence of autoimmune diseases across the globe is a major driver of Remicade biosimilars market growth.
• Biosimilars are typically priced 20-30% lower than their brand-name counterparts. This makes them a more cost-effective option for healthcare systems and patients who are receiving long term treatment for severe autoimmune disorders.
• Governments and regulatory bodies around the world are implementing policies and regulations to promote the adoption of Remicade biosimilars to increase people’s access to affordable healthcare. Many governments are actively promoting the use of biosimilars in order to reduce healthcare costs. This includes providing financial incentives for doctors and hospitals to prescribe biosimilars.
• Growing investments from venture capital firms, healthcare organizations, and technology companies in clinical studies fuel innovation and expansion in the Remicade biosimilars market. These investments support research and development efforts, product commercialization, and market adoption.
• There is growing awareness among patients and healthcare professionals about the safety and efficacy of biosimilars. This is helping to overcome some of the initial resistance to switching from brand-name drugs to biosimilars.

Restrain Factors:

• Lack of awareness and safety concerns
• High cost and reimbursement challenges
• Regulatory challenges.

Emerging Trends and Opportunities in Remicade Biosimilars Market:

• The original Remicade drug patent expired in various regions between 2014 and 2018, opening the door for biosimilar competition and market expansion. This led to major growth in research efforts into cheaper biosimilars for Remicade to increase patient’s access to safe and effective treatment solutions for major disorders.
• Conditions like rheumatoid arthritis, psoriasis, and Crohn's disease, which Remicade treats, are seeing increasing diagnosis rates globally, fueling demand for alternative cost-effective treatment options. Autoimmune disorders require long term treatment and their growing global incidence rates will create demand for alternative treatment options like biosimilar drugs.
• Many governments are actively promoting biosimilar adoption to reduce healthcare costs, creating a favorable regulatory environment. This is encouraging more manufacturers into entering the market with Remicade biosimilars, leading to increased competition and potentially lower prices. Biosimilar manufacturers are now increasingly targeting developing countries with large patient populations and growing healthcare needs.
• Favorable regulatory guidelines and emerging healthcare needs are causing manufacturers to increasingly invest in research and development to fuel innovation and growth of the Remicade biosimilars market
• Measures such as the development of biosimilar hybrids and second-generation biosimilars, direct-to-consumer marketing of biosimilars and use of real-world data to demonstrate biosimilar efficacy and safety are being undertaken by big pharma companies to further increase public acceptance of biosimilars and drive market growth

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Challenges of Remicade Biosimilars Market:

• Certain regulatory and manufacturing challenges are prevalent in the Remicade Biosimilars Market. Remicade is a large, intricate molecule that's challenging to replicate consistently. This complexity increases the difficulty of biosimilar development and manufacturing, potentially impacting its efficacy and safety. Moreover, the specialized nature of biosimilar production requires specific facilities and expertise, which can be scarce, particularly in developing regions. This scarcity adds to costs and limits accessibility.
• There are certain clinical and safety concerns regarding biosimilars in the market that pose challenges to the growth of biosimilars. While biosimilars undergo rigorous testing, there's always a possibility of unforeseen side effects compared to the original drug. This raises concerns among healthcare professionals and patients, leading to hesitancy in adoption. Another factor to consider is that demonstrating equivalence across all conditions treated by Remicade can be expensive and time-consuming. This "extrapolation" process, where efficacy in one indication is inferred for others, can limit the approved uses of biosimilars.
• Another challenge is that healthcare professionals and patients might not be fully informed about biosimilars and their benefits, leading to skepticism and hindering wider adoption. While biosimilars show similar efficacy to Remicade in clinical trials, long-term safety data might be lacking, creating hesitancy among some stakeholders.

Detailed Segmentation:

Remicade Biosimilars Market, By Disease Indication:

• Ulcerative Colitis
• Rheumatoid Arthritis
• Ankylosing Spondylitis
• Others

Remicade Biosimilars Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Regional Analysis:

Regional insights highlight the diverse market dynamics, regulatory landscapes, and growth drivers shaping the Remicade Biosimilars Market across different geographic areas. Understanding regional nuances and market trends is essential for stakeholders to capitalize on emerging opportunities and drive market expansion in the biosimilars sector.

North America particularly the United States and Canada, leads the Remicade Biosimilars Market globally, driven by robust healthcare infrastructure, focused research and development efforts, and favorable regulatory policies. The U.S. dominates the market, with a strong ecosystem of research efforts and government initiatives to promote healthcare adoption and public acceptance.
Biosimilars for treatment of rising incidents of Autoimmune are being widely adopted in North America, fueled by the COVID-19 pandemic and increasing demand for convenient, accessible healthcare services.

Report scope:

Key highlights of the Remicade Biosimilars Market:

• The Remicade Biosimilars Market is experiencing rapid growth globally, driven by factors such as technological advancements, increasing healthcare costs, rising cases of autoimmune disorders, and the COVID-19 pandemic. Market forecasts project continued expansion in the coming years, with significant investments and innovation driving market growth.
• Adoption of biosimilars as a cheaper medication alternative has surged, fueled by the need for access to affordable healthcare services during the COVID-19 pandemic and ongoing efforts to improve healthcare access, convenience, and efficiency.
• One of the main reasons that will support the Remicade biosimilars attractive market expansion in the upcoming years is the early loss of patent exclusivity. Increased prescriptions and drug consumption are anticipated as a result of the growing frequency of relevant autoimmune illnesses and the Remicade biosimilars lower price in European markets.
• Increased medicine acceptance is a result of the development of quicker approval processes and suitable, FDA-approved manufacturing facilities in the regional nodal nations. Additionally, clear labeling and distinctive nomenclature to guarantee proper prescription and dispensing, as well as improved post-marketing surveillance, are elements that may significantly boost prescriber trust and the drug's market acceptance in the upcoming years.

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