Global Biosimilars Market Opportunities and Forecast 2023-2030

Biosimilars Market Overview

A biosimilar is a biological product that is very similar to a reference biologic and for which there are no clinically meaningful differences in terms of safety, purity, and potency. The global Biosimilars market is expected to grow at a sound pace in the times to follow. The growing aging population and changing societal behavior are the vital factors contributing to the rising incidence of chronic diseases. Major chronic diseases include diabetes, hypertension, respiratory diseases, oral diseases, obesity, arthritis, and cancer. Therefore, increasing chronic diseases globally is one of the key factors to boosts the growth of the global Biosimilars market.

Additionally, biosimilars are the copy versions of biologics, which have reached the end of patent protection. The patent expiries of major biologics are anticipated to contribute more to the growth of the Biosimilars market in the coming years. Other prime factors which are fuelling the growth of the market are significant product pipeline, the focus of market players on expanding their presence in emerging markets, and cost savings offered by biosimilars.

Furthermore, the approvals of biosimilars have been increasing worldwide. This is because of changing rules and increasing pressure on the healthcare system to facilitate treatment to all patients. In addition to this, biosimilars are being progressively adopted by physicians, authorities, and patients, due to much-needed improvements to access therapeutically viable treatments for several diseases. All these aforementioned aspects are projected to contribute remarkably to the growth of the Biosimilars market in the next few years.

Covid-19 Impact on Biosimilars Market

In addition, the current Biosimilars Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Biosimilars Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying, and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.

The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.

Biosimilars Market Segment Overview

Based on the product, the Monoclonal Antibody segment accounted for the highest share of the Biosimilars market in 2019. This is attributed mainly to the increasing incidence of cancer and the growing number of product launches/approvals. Moreover, according to Indication, the Oncology segment dominated the Biosimilars market. It is predictable to maintain its dominance throughout the forecast period. This is due to the increase in the prevalence of cancer and a significant pipeline of biosimilars focused on the treatment of cancers. 

Biosimilars Market, By Product

• Recombinant Glycosylated Proteins
  • Monoclonal Antibodies
  • Erythropoietin
  • Others
• Recombinant Non-glycosylated Proteins
  • Insulin
  • Granulocyte Colony Stimulating Factor
  • Recombinant Human Growth Factor
  • Interferons
• Recombinant Peptides

Biosimilars Market, By Indication

·       Chronic Diseases
·       Oncology
·       Autoimmune Diseases
·       Infectious Diseases
·       Blood Disorders
·       Growth Hormone Deficiency
·       Others

Biosimilars Market Regional Overview

Geographically, Europe has constituted the largest market for biosimilars. This region accounts for over 70% of the global biosimilar spending, as it is the most developed biosimilar market. Presently, Europe has over 60 approved biosimilars and contributing significantly to the growth of the biosimilars market in this region. Similarly, Asia Pacific is expected to emerge as a lucrative region for the Biosimilars market. The healthy growth of the market in this region can be attributed to increasing manufacturing of biosimilars in India and Korea. In addition, there are above 300 biosimilars under development in Asia, this factor helps to boost the position of Asia Pacific as the center for global biosimilars manufacturing and adoption. 

Biosimilars Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)

Biosimilars Market Competitor overview

Some key developments and strategies adopted by manufacturers in Biosimilars are highlighted below.

·       In July 2021, FDA approved Mylan Pharmaceuticals’ Semglee (insulin glargine-yfgn), the first interchangeable biosimilar insulin product in the United States for treating diabetes. The product is indicated for improving glycemic control in adults and pediatric patients with Type 1 diabetes mellitus and in adults with Type 2 diabetes mellitus. Semglee is both biosimilar to and interchangeable with its reference product, Lantus (insulin glargine), a long-acting insulin analog.

Biosimilars Market, Key Players

·       Pfizer, Inc.
·       Intas Pharmaceuticals Ltd.
·       Biocon
·       Dr. Reddy’s Laboratories Ltd.
·       Teva Pharmaceutical Industries Ltd.
·       Sandoz International GmbH (A Novartis Division)
·       Celltrion Inc.
·       Amgen, Inc.
·       STADA Arzneimittel AG
·       Apotex Inc. (Apobiologix)