Biosimilars Market: Future Scope
Biosimilars Market trends report has valued the industry size at USD 24.38 billion in 2021 and is projected to grow from USD 28.13 Billion in 2022 to USD 95.00 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 23.90% during the forecast period (2022 – 2030).
Key Motivators and Obstacles
The high cost of prescription drugs, especially biologics, is raising the cost of healthcare as a whole. Government agencies from all across the world are working to lower the price of producing pharmaceuticals. There are efforts to cut spending because the United States spends the most on healthcare. The importance of cost-cutting strategies has also increased as a result of price regulations in India and Japan, which have decreased the budget for healthcare. Due to the need for novel, affordable, and effective pharmaceuticals being highlighted by this circumstance, the market for biosimilars may grow over the next few years.
Popular biological drugs are about to lose their patent protection, which might provide a sizable profit for the global market. The global market should gain from biosimilars’ decreased costs.
Regional Status
Europe, MEA or Middle East & Africa along with the Americas, APAC or Asia Pacific are the primary markets for biosimilars.
Europe has taken the top rank in the global biosimilars market as a result of its sizable senior population—nearly one fifth of the population of the EU is over 65. This has paved the way for a number of lifestyle-related issues, including oncology, diabetes, and autoimmune illnesses, to name a few. Given the circumstances, there must have been a rise in demand for biosimilars, which would portend quicker market expansion in the coming years. In addition, many well-known biologics are anticipated to lose their patent protection in the next years, providing significant opportunities for biosimilars manufacturers.
The North American market displays a bright outlook and can emerge quite lucrative in the coming years, in view of the surging burden of chronic ailments in Canada and the United States. The rising spending on research activities by the healthcare agencies also fuels the market expansion in the region. Favorable reimbursement landscape in the region, especially in the US, encourages healthy competition as it results in lower incentives for the players to compete based on price.
Market Segmentation
Biosimilars industry can be considered with respect to product, applications, and end users.
The products based on which the market has been split into are recombinant glycosylated proteins, recombinant peptides, and recombinant non-glycosylated proteins. Recombinant non-glycosylated proteins are the biggest segment in the global market, thanks to the soaring cases of chronic disorders ranging from growth hormone deficiency to diabetes. As a result, recombinant non-glycosylated proteins are therapeutically used as they are readily available and are cost-effective.
Application-wise, the biosimilars market caters to chronic diseases, oncology, blood disorders, autoimmune diseases, infectious diseases, growth hormone deficiency, and more. Blood disorders have emerged as the top segment, as a result of the rising burden of the condition worldwide and the increased use of biosimilars by virtue of their low cost and the overall reduction in the treatment cost.
Major end users in the global market are hospitals and clinics as well as research institutes. Hospital and clinics are healthcare settings where treatment options and skilled professionals are easily available, and therefore, have emerged as the leading segment in the global industry.
The APAC market is slated to witness considerable growth, with China, South Korea and India offering a host of lucrative opportunities for drug development as well as commercialization. These are generics-driven countries and are known for frequently launching new and advanced manufacturing platforms, which has brought down the costs associated with biosimilar production. In the coming few years, majority of the patent expiries is touted to be in biosimilars, which is deemed as a profitable aspect by leading manufacturers and can translate into substantial market growth.
Eminent Vendors
Top global key players holding the biosimilars market share include Stada Arzneimittel AG (Germany), Teva Pharmaceuticals (Israel), Biocon (India), Pfizer (US), Sandoz International (Germany), Eli Lily & Company (US), Actavis, Inc. (US), Dr. Reddy’s Laboratories (India), Cipla Ltd (India), Amgen, Inc. (US), Samsung Biologics (South Korea), Hospira Inc.(US), Mylan, Inc.(US), Celltrion (South Korea), to mention a few.
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