Biosimilars Market

Biosimilars Market Research, 2031

The global biosimilars market was valued at $15.9 billion in 2021, and is projected to reach $143.6 billion by 2031, growing at a CAGR of 24.7% from 2022 to 2031. Biosimilar drugs, are biotherapeutic products similar in terms of quality, safety, and efficacy to an already licensed reference biotherapeutic product. Biologics are used for treatment of chronic diseases such as cancer and autoimmune diseases. Development of biologics is a costly and timeconsuming process while biosimilar development saves time and resources by avoiding unnecessary duplication of clinical trials.

The COVID-19 outbreak is anticipated to have a negative impact on growth of the biosimilars market, owing to implementation of lockdowns in many countries. The COVID-19 pandemic created difficulties for the pharmaceutical industry to focus on R&D activities including biosimilar development. The entire healthcare industry has focused on life saving products during the pandemic. In addition, there is delay in product approvals and product launches, owing to pandemic situations, which further restricts expansion of the biosimilar market. Furthermore, most clinical trials are postponed to avoid spread of infections, which slows down the drug development process. Thus, COVID-19 had a significant negative impact on the biosimilars market. The healthcare sector has been restructured to provide safer healthcare facilities. Hence, the market is anticipated to grow in the post pandemic situations.

Growth of the global biosimilars market is majorly driven by increase in prevalence of different types of cancers such as lung cancer, blood cancer, and brain tumor. For instance, as per the Globocan 2020, lung cancer is the second ranked cancer, in terms of patient count in Europe with estimated 477,534 newly diagnosed patients. Biosimilars have major role in treatment of cancer as supportive treatment for chemotherapy. For instance, Novartis, a leading pharmaceutical company, offers a biosimilar Ziextenzo (Pegfilgrastim-bmez Injection), used to reduce the chance of infection in people who have certain types of cancers and receive chemotherapy medications that may decrease number of neutrophils.  Hence,Increase in prevalence of various cancers boost growth of the global biosimilars market size.

Increase in prevalence of autoimmune diseases such as ankylosing spondylitis, and rheumatoid arthritis drives growth of the Biosimilars Market Size. For instance, according to a paperpublished in “Scandinavian Journal of Rheumatology”, in 2020, titled ‘Prevalence of ankylosing spondylitis in Spain’, about 7.3% population showed positive screening for ankylosing spondylitis. Biosimilars, such as infliximab-axxq (Avsola), infliximab-qbtx (Ixifi), infliximab-dyyb (Inflectra), and infliximab-abda (Renflexis) are used for treatment of chronic pain in arthritis. Furthermore, increase in number of orthopedic hospitals and diagnostic centers boost diagnosis and treatment rate of diseases. For instance, according to Definitive Healthcare data in 2020, there were more than 30,500 orthopedic surgeons practicing in the U.S. Thus, increase in prevalence of painful autoimmune diseases and rise in number of hospitals contribute toward Biosimilars Market Growth.

Increase in incidences of diabetes boosts growth of the insulin biosimilars market. For instance, according to the International Diabetes Federation (IDF), in 2020, approximately 537 million adults (20-79 years) were living with diabetes and this number is expected to rise from 643 million in 2030 to 783 million in 2045. The biosimilar of insulin analogues serves as cost-effective option for diabetes patients. For instance, Biocon biologics, a leading biosimilar company, received U.S. food and drug administration (FDA) approval for first interchangeable biosimilar Semglee (insulin glargine-yfgn) injection for treatment of diabetes. Thus, rise in prevalence of diabetes and latest product approvals drive growth of the Biosimilars Market Size.

Biosimilars Market Opportunity created by increase in product approvals and emerging interest in biosimilars by key players . For instance, in December 2021, Coherus BioSciences, a leading biosimilar developer, received U.S. food and drug administration (FDA) approval for adalimumab biosimilar and Yusimry (CHS-1420) for the treatment of tumor. Thus ,increase in product approvals by respective authorities boosts growth of the Biosimilars Industry.

Moreover, favorable government policies and new product launches in the global Biosimilars Industry along with regulatory approvals are expected to contribute toward growth of  themarket. For instance, in 2021, the U.S. President Joe Biden signed Advancing Education on Biosimilars Act of 2021, which authorizes the food and drug administration (FDA) to educate patients and healthcare providers about benefits of biosimilars. This follows reintroduction of Bolstering Innovative Option to Save Immediately on Medicines Act  (BIOSIM Act), which increases reimbursement of biosimilar drugs. However, complex manufacturing and higher cost of biosimilar development hamper growth of the market.

The biosimilars market is segmented on the basis of type, application, and region. By type, the market is categorized into human growth hormone, erythropoietin, monoclonal antibodies, insulin, granulocyte-colony stimulating factor, and others.

Depending on application, it is divided into blood disorders, oncology diseases, chronic & autoimmune diseases, and others.

By region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Arabia, South Africa, and LAMEA).

The biosimilars market is segmented into Application and Type.

Depending on type, the monoclonal antibodies segment is expected to dominate the Biosimilars Market Share in 2021, and is expected to continue during the Biosimilars Market Forecast period, owing to increase in R&D activities to develop new biosimilars and rise in use of monoclonal antibodies for cancer treatment. However, the insulin segment is expected to witness considerable growth during the forecast period,  owingto increase in prevalence of diabetes.

By application, the oncology diseases segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in prevalence of cancer. However, the chronic & autoimmune diseases segment is expected to witness considerable growth during the forecast period, owing to rise in product approvals and increase in demand for advanced treatment.

Depending on the region, Europe garnered a major share in the biosimilars market in 2021, and is expected to dominate the global market during the forecast period, owing to rise in prevalence of cancer, favorable government initiatives, and well-established healthcare infrastructure in the region. However, Asia-Pacific is expected to register significant growth, owing to increase in number of hospitals, prevalence of cancer, and high population.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the biosimilars market analysis from 2021 to 2031 to identify the prevailing biosimilars market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the biosimilars market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global biosimilars market trends, key players, market segments, application areas, and market growth strategies.

 Biosimilars Market Report Highlights