New York, USA, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Biosimilars Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Biosimilars Market Information By Application, Product and End User, Region - Forecast till 2030", the market size is expected to register a CAGR of 23.90% to reach USD 95 billion during the forecast period 2022 to 2030
Market Synopsis
Biosimilars are a popular option for treating numerous chronic and uncommon diseases worldwide due to their affordability. Cost-effectiveness is a key element driving up product demand in this market. Another factor that will support the expansion of the biosimilars sector is the loss of protection (LoP) occurrences that will affect the original drug brands in the future. They assert that analytical investigations demonstrate that the biological product is comparable to the reference product, notwithstanding slight changes in animal trials, clinically inactive ingredients, and clinical research or studies. In one or more pertinent circumstances of use that the reference product is authorized and intended to be used, they are sufficient to demonstrate the safety, cleanliness, and effectiveness of the reference product.
The expansion of the industry has been heavily hindered by the fact that biosimilars are injections that must be delivered by professionals and that the supply chain was severely damaged during the early pandemic phase. As a result, COVID-19 initially impacted the development of the biosimilars market; however, in the years to come, the market growth rate will be boosted by the global restart of supply chain operations and clinical studies for drug development. Additionally, the rising incidence of long-term diseases, the cost-effectiveness of biosimilars, the rising acceptance and adoption by many stakeholders, and the need for technological and business model diversity are all projected to propel the worldwide biosimilar market.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 95 Billion |
| CAGR | 23.90% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Applications and End-users. |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising demand for biosimilars due to their cost-effectiveness and growing prevalence of chronic diseases. |
| Rising pressure to reduce healthcare expenditure coupled with patent expiry of various blockbuster drugs |
Competitive Landscape:
The important companies in the biosimilars market are:
- Pfizer (US)
- Sandoz (Germany)
- Biocon (India)
- mAbxience (Switzerland)
- Probiomed (Mexico)
- Eli Lilly (US)
- Teva Pharmaceutical (Israel)
- Dr. Reddy's Laboratories (India)
- Amgen (US)
- Celltrion (South Korea)
- Biogen (US)
- Fresenius Kabi AG (Germany)
- Boehringer Ingelheim (Germany)
- Merck KgaA (Germany)
- Mylan (US)
- Gan & Lee Pharmaceuticals (China)
- Gedeon Richter (Hungary)
- Biocad (Russia)
- Coherus Bioscience (US)
- Stada Arzneimittel AG (Germany)
- Samsung Biologics (South Korea)
- Amega Biotech (Argentina)
- Apotex (Canada)
- Chong Kun Dang (South Korea)
- JCR Pharmaceuticals (Japan)
Biosimilars Market Dynamics:
Market Drivers:
The accessibility of substitute medications significantly threatens the market for biosimilars. These medications are structurally altered biologic medications that affect the medication's effectiveness and safety. As a result, complicated biologics whose mode of action is unknown can be dangerous. Additionally, developing pharmaceuticals is challenging and requires substantial expenditures, procedural proficiency, clinical trial experience, quality control systems, and much more. The manufacturers must fund these medications' thorough clinical trials and safety evaluations after approval. The market for biosimilars is growing due to factors like the rise in chronic diseases, the approval of more biosimilar products, and the development of numerous biosimilar medications.
In addition, the market for biosimilars is anticipated to develop due to the aging population and the rising desire for affordable treatments for various ailments. Managing the variability during the development of biosimilars as contrasted to their reference products also presents issues for manufacturers. Additionally, the rising incidence of cancer and the associated rise in cancer-related fatalities creates a demand for affordable therapy, which helps the biosimilar market expand. The growth of the examined market is also anticipated to be fueled by rising regulatory body approvals and rising research and development efforts by leading oncology-focused firms.
Market Restraints:
Biologic drug development is an expensive and time-consuming procedure, yet the development of biosimilars saves resources and time by eliminating the needless repetition of clinical studies.
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COVID 19 Analysis
The pharmaceutical companies specializing in the development of biosimilars face a substantial challenge due to COVID-19's potential influence on the biosimilars industry. The current pandemic's decrease in non-COVID therapies receiving regulatory body approval is anticipated to slow the process of drugs being approved and launched, impeding the market's expansion. In this way, COVID-19 significantly harmed the market for biosimilars. To provide safer healthcare facilities, the healthcare industry has undergone restructuring. Consequently, it is projected that the market will expand in post-pandemic conditions. Globally, the chronic illness burden has increased. The aging population and shifting lifestyles of the people can be partly blamed for the rise in the prevalence of chronic diseases. Some of the most prevalent chronic diseases include hypertension, diabetes, obesity, arthritis, and cancer. On the other hand, the treatment of cancer and rheumatoid arthritis with biosimilar monoclonal antibodies is widely employed.
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Market Segmentation
By applications, the market includes oncology, chronic diseases, autoimmune diseases, growth hormone deficiency, blood disorders, and infectious diseases.
By product, the market includes recombinant glycosylated proteins, recombinant non-glycosylated proteins and recombinant peptides.
By end user, the market includes Hospitals And Clinics, Research Institutes and Others
Regional Insights
Over the forecast period, North America will experience a substantial CAGR in the biosimilars market. The leading companies' high prevalence of chronic diseases, such as cancer, and the increased expenditure in research and development activities are the main drivers propelling the expansion of the region's market under study. Sales of biosimilars are a reflection of Europe's market leader in terms of legislation and regulations. Compared to the US, the biosimilars markets in the region are more developed. However, due to lower total spending on biologicals, chances for biosimilars businesses in Europe are constrained.
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Due to an increase in cancer occurrence, supportive governmental initiatives, and a developed healthcare infrastructure, Europe gained a significant share of the global biosimilars market and is predicted to lead the industry during the projected period. However, Asia-Pacific is predicted to have tremendous growth because of the region's high population, rising hospital population, and high cancer prevalence.
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Hospitals And Clinics
