Dubai, UAE, March 07, 2023 (GLOBE NEWSWIRE) -- According to the latest research report released by Extrapolate, the global Biologics and Biosimilars Market size is estimated to grow to USD 271.5 Billion by 2028 from USD 191.6 Billion in 2021, registering a steady CAGR of 5.10% during the projection period.
The report argues that the market is now at an inflection point, thanks to the increasing number of FDA-approved biosimilars, the increasing acceptance of these products among healthcare providers and patients, and the growing number of companies investing in the development of biosimilars.
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The biologics and biosimilar market is further strengthened by developing more cost-effective and patient-friendly products, establishing more efficient regulatory pathways for approval and reimbursement and introducing new technologies like artificial intelligence and machine learning. “For instance, Talat Imran, CEO of Rani Therapeutics, recently said that the future of biologics lies in oral delivery through robotic capsules.” The report also highlights the potential for collaboration between biosimilar companies and the need for increased investment in research and development in the field.
Key Insights
- By type, monoclonal antibodies dominated the global biologics and biosimilar market.
- The tumor segment is expected to hold the largest market share by application.
- Several favorable initiatives taken by governments across the globe in order to support the development of drugs are expected to drive market growth.
- Key market players to expand their product line by launching new products to stay competitive.
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Competitive Landscape of Biologics and Biosimilars Market
The global biologics and biosimilar market is highly competitive, with key players employing several business strategies in order to maintain their market standing. The primary growth strategy implemented by leading businesses is to strengthen their product line by launching novel products.
For instance, on June 6, 2022, Amgen announced that the FDA had approved RIABNITM (rituximab-arrx), a biosimilar to Rituxan®, in combination with methotrexate for adults with moderate to severely active rheumatoid arthritis (RA) who had an adverse reaction to one or more tumor necrosis factor (TNF) antagonist therapies. Granulomatosis with Polyangiitis (GPA), also known as Wegener's Granulomatosis, Microscopic Polyangiitis (MPA), Non-Hodgkin's Lymphoma (NHL), Chronic Lymphocytic Leukemia (CLL), and other diseases are already approved for treatment with RIABNI in adult patients. Moreover, in 2020, the company introduced AVSOLA®, a biosimilar to Remicade® (infliximab).
Key Players
- Roche
- Amgen
- AbbVie
- Sanofi-Aventis
- Johnson & Johnson
- Pfizer
- Novo Nordisk
- Eli Lilly
- Novartis
- Merck
- 3sbio
- Changchun High Tech
- CP Guojian
- Biotech
- Gelgen
- Innovent
- Dong Bao
- Ganlee
- United Laboratories
Global Biologics and Biosimilars Market Segmentations:
The market for biologics and biosimilars is analyzed based on various factors such as types, applications, and regions. This detailed analysis helps identify potential challenges and opportunities in the market, allowing buyers to make informed decisions to improve their business strategies.
On the basis of Types:
- Monoclonal Antibodies
- Interferon
- Erythropoietin
- Insulin
- Vaccines
- Others
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Monoclonal Antibodies Segment to Dominate Biologics and Biosimilars Market
In 2021, the monoclonal antibodies segment held a significant share of the market and was projected to maintain its dominance throughout the forecast period. This is due to several factors, including the broad range of applications for monoclonal antibodies in treating chronic diseases such as cancer, autoimmune disorders, and osteoporosis. Furthermore, these treatments are cost-effective, which is driving the segment's growth.
Moreover, microbial systems are the primary source of recombinant proteins used in therapeutic procedures. Recombinant methods have facilitated the production of the most commercially available medications, thus promoting the growth of microbial systems.
On the basis of Applications, the Biologics and Biosimilars market is primarily split into:
- Tumor
- Diabetes
- Cardiovascular
- Hemophilia
Tumor Segment to Dominate Biologics and Biosimilars Market
Biologics and biosimilars have become increasingly important in tumor applications as they target specific cancer cells and improve patient outcomes. This has led to a strong demand for these drugs in cancer treatment. The rising demand for biologics and biosimilars for tumors can be attributed to several factors, such as increased incidences of cancer among people across the globe.
Regarding tumors, biologics and biosimilars have shown better efficacy and safety than traditional chemotherapy drugs. They are designed to target specific cells or proteins, which can reduce the risk of damaging healthy cells and causing side effects. Furthermore, many biologic drugs are approaching the end of their patent protection, which has paved the way for up opportunities for biosimilar manufacturers to develop and market similar products. This has created competition in the market, leading to lower prices for these drugs and increasing access to treatment options for cancer patients.
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Geographic Segmentation:
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
North America to Dominate Biologics and Biosimilars Market Share
According to Extrapolate's research analyst, North America is poised for significant growth during the forecast period. This growth is mainly attributed to several factors, including the region's adoption of innovative R&D approaches and the increasing acceptance of biosimilars, which are less expensive substitutes for biologics with equivalent efficacy. The development of biologics is also fueling this growth.
In 2021, Europe led the market for biosimilars, valued at $7.53 billion, with a per capita consumption contribution of $17.8, significantly higher than the global average. The regional market is supported by several initiatives, including the European Medicines Agency's (EMA) priority medicines (PRIME) program, which promotes the development of drugs addressing unmet medical needs. The rising geriatric population, high healthcare costs, and government funding for innovative research and development are further factors driving regional market growth.
Key Points from TOC:
1 Research Methodology and Statistical Scope
2 Biologics and Biosimilars Market Overview
3 Biologics and Biosimilars Market Competitive Landscape
4 Biologics and Biosimilars Industry Chain Analysis
5 The Development and Dynamics of the Biologics and Biosimilars Market
6 Biologics and Biosimilars Market Segmentation by Type
7 Biologics and Biosimilars Market Segmentation by Application
8 Biologics and Biosimilars Market Segmentation by Region
9 Key Companies Profiled
10 Biologics and Biosimilars Market Forecast by Region
11 Forecast Market by Type and by Application (2022-2028)
12 Conclusion and Key Findings
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