Biosimilars Market: Current Analysis and Forecast (2022-2028)

Biosimilars Market: Current Analysis and Forecast (2022-2028)

A biosimilar is a biologic medical product that is an exact copy of an original reference product that is manufactured by a different company. Both reference drugs and biosimilar drugs are derived from living things, however, they may be produced in somewhat different methods and with slightly different substances. The growth of the biosimilars market can be attributed to the rising incidences of autoimmune diseases such as ankylosing spondylitis, rheumatoid arthritis, and others. For instance, According to the estimates of the Arthritis Foundation (AF), the global prevalence of rheumatoid arthritis is 0.5⁠ to 1% in developed countries.

The Biosimilars Market is expected to grow at a steady rate of around 18%. The cost-effectiveness of biosimilars, loss of protection events of original drug manufacturers, strong product pipeline and increasing FDA approvals in major countries are some of the factors contributing to the growth of the market.

• Based on the product, the biosimilars market is segmented into monoclonal antibodies, recombinant hormones, immunomodulators, anti-inflammatory agents, and others. The monoclonal antibodies segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to the rising demand for cost-effective treatment options and the wide scope of applications of monoclonal antibodies in treating cancer, autoimmune disorders, and others.
• Based on application, the market is fragmented into oncology, inflammatory & autoimmune disorders, chronic diseases, blood disorders, and others. The oncology segment is expected to grab a considerable market share in 2020 and is expected to grow with a lucrative CAGR during the forecast period owing to the growing prevalence of cancer and an increase in the number of ongoing studies in the biosimilars filed across the globe.
• For a better understanding of the market adoption of the biosimilars, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure, and rising incidences of chronic diseases. For instance, According to GLOBOCAN 2020, the number of new cancer cases diagnosed was 2,281,658 in the United States in 2020, with 612,390 deaths. Furthermore, rising investment in research and development activities by the key industry players and an increasing pipeline of products & new product launches in the market are also driving the market growth.
• Some of the major players operating in the market include Novartis AG, Pfizer Inc., Dr. Reddy’s Laboratories Ltd., Amgen Inc., Eli Lilly and Company, Teva Pharmaceutical Industries Ltd., Fresenius Se & Co. KGAA, Boehringer Ingelheim, Intas Pharmaceutical Ltd., Biocon Limited.