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Biosimilars Market Size is forecast to reach $ 92796.4 Million by 2030, at a CAGR of 17.50% during forecast period 2024-2030.Biosimilars are alternatives to existing biological medicines. Since biological medicines are expensive for certain sections of the population, the biosimilar vertical in the pharmaceuticals industry is gaining popularity. According to the Biosimilars Council, biosimilars are priced 10% to 35% lesser than branded biological medicines, and a sum of $250 billion could be saved through application of biosimilars in the next decade. Biosimilars will increase patient access to important life-saving medication by reducing overall costs in the pharmaceutical industry. The global biosimilars market, which was valued at $5.5 billion in 2018, is estimated to grow at a CAGR of 38.21% during the forecast period of 2024 to 2030.
Europe is currently the most lucrative region for the biosimilars market, and accounted for 74% of the global market share. However, the market is gaining traction in the North American region at a rapid pace. The U.S. Food and Drug Administration (FDA) initiated a Biosimilar Action Plan (BAP) in 2017 to promote and protect public health in all communities. The regulation is breeding a competitive marketplace through more efficient approval of lower-cost generic and biosimilar alternatives.
Biosimilars Market Outlook:
Biosimilar medication can be used for most diseases including chronic disease, cancerous diseases, cardiovascular, and others. However, the oncology disease segment is the key application for the biosimilars market. The oncology disease application in the biosimilars market is growing at a CAGR of 41.58% through the forecast period. Other diseases augmenting the demands in the global biosimilars market are autoimmune diseases such as inflammatory bowel disease, psoriasis, and arthritis. Consecutively, the high expenses to treat such chronological and autoimmune diseases is affecting a portion of population who are not economically stable. Thus, increased distribution and adoption of affordable and effective biosimilar medication is projected to contribute in generating revenues for the biosimilar manufacturing companies thereby supporting the global biosimilars market.
Biosimilars Market Growth Drivers
Growing Application of Biopharmaceuticals: Biopharmaceuticals are any pharmaceutical product extracted or manufactured from biological sources. These products are gaining popularity owing to benefits including higher efficiency and fewer side effects. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), biopharmaceuticals companies based in the U.S. invested $90 billion into R&D in 2016.
Similar to pharmaceutical industry, the related biosimilar markets are also gaining traction due to the increased activities which are promoting the use of alternative medications. In line with the active funding and research into the biopharmaceuticals segment, the adjacent biosimilar market is expected to harness significant profits in the near future. This is considered as a marketing strategy to increase the prevalence of biosimilars instead of conventional biological medicines. With this move, the companies are targeting developing economies that is expected to attract significant customer base.
Growing Prevalence of Geriatrics Population: According to the U.N., there were 962 million people aged over 60 years globally in 2017. The organization projects the number to reach 2.1 billion by 2050. People of this age suffer from geriatric conditions which require regular treatment, diagnosis, and medication, thus making the geriatrics population one of the biggest consumers of pharmaceutical drugs as their requirement for medication is cyclic. Thus, the geriatrics population is potentially the largest consumer base for key players involved in the global biosimilars market.
Biosimilars Market Trend
· It is very common to see multiple key players entering the market with the same drugs at the same time which further increases the competition in the global biosimilars market. The conventional biologic drug manufacturers are looking for alternatives to grab the market. These biologic manufacturers are leveraging upon enhanced medical devices and advanced formulations to compete with the biosimilar companies. This ongoing competition among the key players to establish an economical and efficient biosimilar is leading the companies to invest in their research and development and come up with extra-ordinary and affordable drug.
· The approvals for biosimilars are considered as a trend in the market. Government bodies such as the Food and Drug Administration (FDA) is continuously issuing related mandates and protocols to increase the prevalence, approval, and acceptance of biosimilars in the market. The acceptance of such laws are increasing the demands in the biosimilars market. With this product the companies are majorly targeting the economically weak audience as biosimilars are affordable chemical compounds that can be used as an alternative for expensive biological medications. Following the FDA, global bodies that handles the regulations in the medication and the pharmaceutical sector in respective countries are gradually implementing laws in the favor of biosimilars which is abundantly supporting the global biosimilars market.
Biosimilars Market: Key Players
A strong supply chain is imperative for success in this market and therefore, companies are focusing on collaborating with local players to capitalize on their ground presence. Some of the major players in the biosimilars market are Stada Arzneimittel AG, C.H. Boehringer Ingelheim AG & Ko., Amgen Inc, Merck & Co. Inc., Allergan Plc., Eli Lilly and Company, Dr. Reddy's Laboratories, Pfizer Inc., Samsung Bioepis Co., Ltd., Celltrion Healthcare Co. Ltd., Novartis International AG, and Biogen Inc.
Biosimilars Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the biosimilars market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The biosimilars market research report also analyses the application of biosimilars in various sectors such as real estate, small and medium-sized business, and others.
Biosimilars Market Report: Industry Coverage
The biosimilars market report identified the current trends, opportunities, and challenges in the industry along with a detailed depiction of strategies by the existing market players.
The report also provides facts, figures, and statistics about different types of biosimilars and their use in various sectors.
The report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Market Players:
The Top 5 companies in the Biosimilars Market are:
- Pfizer Inc.
- Novartis AG (Sandoz Group AG)
- Samsung Bioepis Co., Ltd
- Coherus BioSciences
- Amgen Inc.
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