Global Biosimilars Market Size & CAGR (2021 to 2026)
As per our report, the global biosimilars market size was valued at USD 6.26 billion for 2021 and is poised to reach USD 32.93 billion by the end of 2026, growing at 39.39% CAGR during the forecast period.
Impact of COVID-19 on the global biosimilars market:
The COVID-19 pandemic is putting a strain on the global health care sector’s workforce, infrastructure, and supply chain, as well as exposing social inequalities in health and care. In addition, the pandemic of COVID-19 has presented new challenges to the pharmaceutical industry, including biosimilar manufacturers. For example, due to the production of an API at a coronavirus-infected facility, the FDA declared a human drug product shortage.
Because of the complete lockdown, medicine transportation has become difficult, and only necessary medicines are being imported or exported, causing a stop in the market’s growth rate.
The FDA has also postponed the majority of foreign inspections until April 2020. To reduce the risks of postponing on-site drug inspections at foreign facilities. Even during the COVID-19 pandemic, the biosimilar drug market is expanding due to increased demand for emergency used drugs to treat COVID-19 patients worldwide.
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KEY MARKET DRIVERS:
Increasing chronic disease prevalence globally and the growing geriatric population driving growth in the biosimilars market.
According to the World Health Organization, CVDs account for the majority of NCD deaths (17.9 million per year), followed by cancers (9.3 million), diabetes (1.5 million), and respiratory diseases (4.1 million). Globally, nearly 26% of the world’s population is under the age of 15, with only 9% over 65. Currently, 125 million people are aged 80 and up. The global population of people aged 60 and up is expected to reach 2 billion by 2050, up from 900 million in 2015.
The increase in the incidence of COVID-19 patients, so rising demand for biosimilar drugs globally.
Over 217 million cases of Covid-19 had been recorded globally as of August 30, 2021. During this pandemic, the world will encounter the release of the world’s first mRNA-based vaccines, demonstrating the value of more flexible biologic manufacturing platforms.
The global biosimilars market is rapidly expanding, resulting in significant cost savings and increased choices for patients and healthcare providers. Product demand, changes in disease patterns, and improved tertiary care provide biosimilars companies with enormous commercial opportunities. The biosimilars market appeals to Indian firms, with Japan ranking third after the US and the EU. In addition, there will be an increase in the number of existing biological drugs that will go off-patent due to the increased demand for biosimilar drugs.
Growing evolution in the biopharmaceutical industries globally and the healthcare sector’s expansion are the driving factors for the biosimilars market.
The biopharmaceutical sector’s share of the Indian and global pharmaceutical markets is expected to grow. It is predicted that by 2030, India’s biosimilar pharmaceutical market will be worth $240 billion, with a domestic market reach of around $40 billion. This market is growing due to various factors such as desired clinical trial results, an increase in the incidence rate of chronic disorders, emerging pressure to reduce healthcare expenditure, and rising demand for biosimilars for various ailments such as cancer blood disorders and RA.
RESTRAINING FACTORS:
Biosimilars have a high sensitivity. However, due to the high costs of clinical development & manufacturing, the cost increase between biosimilars and corresponding originator products remains a challenge. In addition, the biosimilar regulations in the U.S. are not yet complete, and some issues must still be resolved.
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KEY MARKET INSIGHTS:
- Based on technology, The most profitable segment is recombinant DNA technology, which is expected to grow at a healthy rate during the forecast period.
- Based on diseases, the global biosimilars market is expected to be dominated by the oncology segment.
- North American regional market is predicted to lead the global market during the forecast period due to innovative technology and well-established infrastructure, which has the largest share of the global biosimilars market.
- High-turnover patient populations are expected to have higher biosimilar penetration than chronic disease populations. The market’s leading players include Pfizer, Biocon, Sandoz, Biogen, Boehringer Ingelheim, Fresenius Kabi AG, Mylan, Merck KgaA, Eli Lilly, Dr. Reddy’s Laboratories, Teva Pharmaceutical, Amgen, Samsung Biologics. In the long run, as science progresses and other popular biologics lose patent protection, insurers will find a way to boost biosimilars, and physicians will become more familiar with them. It is also expected that the FDA will keep a close eye on the development of the biosimilars market. The biosimilars landscape is changing dramatically.
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RECENT MARKET DEVELOPMENTS:
- In Mar 2021, the merger of Mylan & Upjohn as Viatris provides an opportunity to focus on biosimilar launch and adoption.
- In June 2020, The FDA approved Pfizer’s Oncology Supportive Care Biosimilar, NYVEPRIATM (pegfilgrastim-apgf).
- In Feb 2020, Mylan introduced the Ogivri anti-cancer biosimilar, a trastuzumab biosimilar, to the US market.
SEGMENTS COVERED IN THIS REPORT:
By Product Type:
- Protein
- Insulin
- Human Growth Hormones
- Granulocyte Colony-stimulating Factor (G-CSF)
- Interferons
- Recombinant Glycosylated Proteins
- Erythropoietin
- Monoclonal Antibodies
- Follitropin
- Recombinant Peptides
- Glucagon
By Technology:
- Mass Spectroscopy
- Chromatography
- Monoclonal Antibody Technology
- Recombinant DNA Technology
- Nuclear Magnetic resonance (NMR) technology
- Electrophoresis
- Bioassay
By Disease:
- Oncology Diseases
- Blood Disorders
- Growth hormone deficiencies
- Chronic and autoimmune diseases
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Sandoz International GmbH
- Wockhardt Ltd
- Hospira, Inc.
- Teva Pharmaceutical Industries
- Reddy’s Laboratories
- Biocon Limited
- Mylan, Inc.
- Zydus Cadila
- Celltrion Inc.
- Roche Diagnostics
- Cipla Ltd
BROWSE REGIONAL REPORTS:
- North America Biosimilars Market
- Europe Biosimilars Market
- APAC Biosimilars Market
- Latin America Biosimilars Market
- MEA Biosimilars Market
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