Biosimilars Market Definition And Segments
Biosimilars are medications made from living things, though they can be made in a variety of ways and with slightly different materials. Due to the intricacy and high cost of their creation, as well as their molecular size and structure, biosimilars are fundamentally distinct from generic drugs.
The main types of biosimilars are human growth hormone, erythropoietin, monoclonal antibodies, insulin, interferon, granulocyte-colony stimulating factor, and others. Erythropoietin is a hormone produced by the kidneys to stimulate the production and maintenance of vital red blood cells. The various products include recombinant non-glycosylated proteins and recombinant glycosylated proteins that are used for the treatment of oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and others.
The biosimilars market covered in this report is segmented –
1) By Type: Monoclonal Antibodies, Insulin, Erythropoietin, Granulocyte-Colony Stimulating Factor, Other Hormones, Others
2) By Product: Recombinant Non-glycosylated Proteins, Recombinant Glycosylated Proteins
3) By Application: Oncology, Chronic And Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, Other Applications
The biosimilars market size has grown rapidly in recent years. It will grow from $15.86 billion in 2023 to $18.85 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to an increase in cancer prevalence, strong economic growth in emerging markets, an increase in pharmaceutical R&D expenditure, increased healthcare expenditure, growing government initiatives, a strong pipeline of drugs, low cost of biosimilars and an increase in patent expiration.
The biosimilars market size is expected to see rapid growth in the next few years. It will grow to $35.81 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to the increasing prevalence of cancer, increasing demand for prophylaxis with granulocyte colony-stimulating factor (G-CSF), a rise in healthcare expenditure, high potential of emerging economies, technology advances, high penetration of biological drugs, aging population and an increase in healthcare access will drive the growth. Major trends in the forecast period include a focus on robust R&D activities for the development of effective and innovative drugs, on focus on M&A growth strategies, a focus on establishing strategic partnerships, a focus on increasing investments, and a focus on artificial intelligence.
Rising Prevalence Of Chronic Diseases Sparks Growth In The Biosimilars Market
The rising prevalence of chronic diseases such as arthritis, asthma, and cancer is expected to be a major driver of the biosimilars market. Long working hours, limited physical activity, and unhealthy eating and drinking habits contribute to the prevalence of chronic diseases, and biosimilars are increasingly used to treat these chronic diseases. Biosimilars activate the immune system response against cancer cells thus helping the immune system to eliminate the cancer cells from the body. According to a United Nations article, by 2030 the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. The global burden of chronic disease is expected to reach about 60%. Therefore, the rise in the prevalence of chronic diseases is projected to propel the demand for biosimilars, thus driving the biosimilars market.
Rising Healthcare Expenditures Fueling Growth In The Biosimilars Market
The increasing healthcare expenditures are expected to propel the growth of the biosimilars market going forward. Healthcare expenditures refer to the total spending on healthcare goods and services within a given population or healthcare system. The biosimilar market helps reduce healthcare expenditures by offering more cost-effective alternatives to expensive biologic drugs, thereby lowering treatment costs for patients and healthcare systems. For instance, in May 2023, according to a report published by the Office for National Statistics, a UK-based government department, between 2020 and 2021, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms. Therefore, increasing healthcare expenditures are driving the growth of the biosimilars market.
Major companies operating in the biosimilars market report are Amgen, Pfizer, Novartis AG, Samsung Bioepis Co., Ltd., Viatris, Biocon, Celltrion, Inc., Coherus Biosciences, Elli Lilly and Company, Dr. Reddy's Laboratories, Roche India Pvt Ltd., Abbott India Limited, bioMérieux India, Becton Dickinson Private Limited, Danaher Corporation, Wuxi biologics, shanghai Henlius biotech, Innovent Biologics, Hisun Pharma, 3SBio, Beijing ShuangLu Pharmaceuticals, Qilu Pharmaceutical, Mylan, Kyowa Hakko Kirin, Takeda, Mitsubishi Tanabe, AGC Biologics, Bio-Thera, Sandoz Pty Ltd., Apotex Pty Ltd., Cadila Pharmaceuticals, BiosanaPharma, GlaxoSmithKline, AstraZeneca, Bayer, Merck, Boehringer Ingelheim, Sanofi, Fresenius Kabi, Napp Pharmaceuticals, Mundipharma Deutschland GmbH & Co. KG, HARMONIE MEDICAL SERVICE Saint-Benoît, INSULET FRANCE SAS Paris, Microgen, Geropharm, Valenta, NovaMedica, SynBio, Rani Therapeutics, Emisphere Technologies, Inc., Enteris BioPharma, Allena Pharmaceuticals, Abbvie, Johnson & Johnson, Biogen Inc., Aché, Eurofarma, Teva Pharmaceuticals, Oramed Pharmaceuticals, Entera Bio, Julphar, Hikma Pharmaceuticals, BIOPHARMA-MEA, NeoTX, AID Genomics Limited, Altis Biologics, Cipla Medpro South Africa, Next Biosciences, Viome, Inqaba Biotechnical Industries (Pty)
Low Physician Awareness Hinders Biosimilars Market Growth
The lack of awareness about biosimilars among primary care physicians (PCPs) and specialists limits the growth of the biosimilars market. Biosimilars are manufactured from cell lines and offer the same effectiveness as biologics. However, a lack of familiarity with biosimilars reduces the likelihood of prescribing the drugs to patients which affects the demand for new biosimilars in the market. For instance, according to the PwC’s Health Research Institute, out of 442 clinicians surveyed 55% of clinicians were unfamiliar with biosimilars and 35% were reluctant to prescribe them due to concerns including the safety of the follow-on biologic. Thus, the lack of awareness about biosimilars among primary care physicians (PCPs) and specialists restricts the growth of the biosimilars market.
Innovative Product Launched Enhance Biosimilars Market
Major companies in the biosimilars market focus on developing innovative products to gain a competitive edge in the market. AMJEVITA is the first U.S. biosimilar to Humira, a medicine used by more than a million patients living with certain serious inflammatory diseases. For instance, in January 2023, Amgen Inc., a US-based biotechnology company, launched AMJEVITA (adalimumab-atto), a biosimilar to Humira (adalimumab), which is now available in the US. AMJEVITA (40 mg) is available at a list price (wholesale acquisition cost) 55% below the current Humira list price. AMJEVITA is also available at a list price 5% below the current Humira list price.
Innovative Biosimilar FYLNETRA By Amneal Pharmaceuticals Targets Neutropenia In Cancer Patients
Major companies in the biosimilars market focus on developing innovative products to gain a competitive edge in the market. FYLNETRA is a leukocyte growth factor indicated to decrease the incidence of infection, as manifested by febrile neutropenia, in patients with non-myeloid malignancies receiving myelosuppressive anti-cancer drugs associated with a clinically significant incidence of febrile neutropenia. For instance, in May 2023, Amneal Pharmaceuticals Inc., a US-based pharmaceutical company, launched the commercial launch of FYLNETRA (pegfilgrastim-pbbk), a biosimilar referencing Neulasta in a pre-filled single-dose syringe. FYLNETRA is used to treat neutropenia (low neutrophils, which are a type of white blood cells that fight infection), which is commonly experienced by patients undergoing chemotherapy.
Biocon Biologics Ltd. Acquisition Of Viatris Inc. Biosimilars Business
In November 2022, Biocon Biologics Ltd., an India-based biopharmaceutical company, announced the acquisition of Viatris Inc.'s biosimilars business for $3 billion. The acquisition brings Biocon Biologics closer to patients, customers, and payors by providing direct commercial capabilities and supporting infrastructure in advanced countries and numerous emerging regions. In numerous emerging market positions, the merger of Viatris' acquired worldwide biosimilars company with Biocon Biologics' existing capabilities in research and development, global-scale manufacturing, and commercialization Viatris Inc. is a US-based pharmaceutical company that develops, licenses, manufactures, markets, and distributes generic and branded medicines.
North America was the largest region in the global biosimilars market in 2023. Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in the biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The biosimilars market consists of sales of binocrit, epoetin alfa hexal, and abseamed. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The biosimilars market research report is one of a series of new reports from The Business Research Company that provides biosimilars market statistics, including biosimilars industry global market size, regional shares, competitors with a biosimilars market share, detailed biosimilars market segments, market trends, and opportunities, and any further data you may need to thrive in the biosimilars industry. This biosimilars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.