Global Biosimilars Market: By Product (Recombinant Peptides, Recombinant Non-glycosylated, & Recombinant Glycosylated Proteins), By Drug Class (Monoclonal Antibodies, Insulin, Teriparatide, & Other), By Application (Oncology, Blood Disorders, Infectious Diseases)

Description

Market Overview:

The global biosimilar market is expected to experience a remarkable growth trajectory, soaring from $25.1 billion in 2022 to an estimated $1.3 trillion by 2032. This surge reflects a compound annual growth rate (CAGR) of 17.6%. The primary driving forces behind this growth are the rising prevalence of cancer and the recognized cost-effectiveness of biosimilars. As cancer rates continue to climb worldwide, there is a growing demand for more affordable treatment options, and biosimilars present a compelling solution. Their similarity to existing biologic drugs, coupled with potentially lower costs, makes them an attractive alternative for both patients and healthcare systems. This projected growth underscores the increasing importance and adoption of biosimilars in the pharmaceutical landscape.

Biosimilars, also known as follow-on biologics, are highly similar replicas of original biologic drugs made by different companies. They are essential treatments for various chronic and acute illnesses, playing a crucial role in healthcare across multiple medical fields. These near-identical products offer clinicians and patients alternative treatment options with similar efficacy and safety. Biosimilars foster competition, potentially lowering costs and improving access to vital treatments, making them indispensable in modern medicines.

Market Size for Global Biosimilars Market on the Basis of Revenues in USD Bn, 2018-2023

Source: Maven Market Research

What Factors are Leading to the Growth of the Global Biosimilars Market?

• A major factor contributing to the growth of the global biosimilar market is the growing number of cancer and arthritis patients. As the prevalence of these diseases continues to rise globally, there is an increasing demand for effective treatment options. Biosimilars offer a cost-effective alternative for these patient populations, providing access to essential therapies while potentially reducing the economic burden on healthcare systems. Therefore, the expanding patient base for cancer and arthritis further fuels the growth.
• Governments and healthcare payers are under pressure to contain healthcare costs, and biosimilars offer a potential solution by providing more affordable treatment options without compromising quality or efficacy. Biosimilars typically offer cost savings compared to their reference biologic counterparts, making them attractive options for healthcare systems, payers, and patients.
• Healthcare providers and patients are increasingly accepting biosimilars as safe and effective alternatives to reference biologics, leading to greater adoption and utilization. The growing number of biosimilar candidates in development across a wide range of therapeutic areas indicates a robust pipeline, which is expected to drive market growth in the coming years.

Challenge for the Global Biosimilars Market –

Competition in the biosimilars market involves both biosimilar and originator biologic manufacturers. When new biosimilar products enter the market, originator biologic manufacturers may defend their market share through strategies like launching second-generation products, reformulations, dosing improvements, supporting devices, and price competition.

What is the Current Structure of the Global Biosimilars Market?

By Product, Recombinant Non-Glycosylated Proteins Segment held the largest CAGR in the Global Market

The segment of recombinant non-glycosylated proteins in the biosimilars market, which includes human growth hormone, granulocyte stimulating factor, insulin, and interferon, is projected to grow at a CAGR of 12.8% from 2022 to 2032. These biosimilar products find extensive use in treating various conditions such as growth hormone deficiencies, infections during chemotherapy, diabetes, malignant myeloma, and renal carcinoma, among others. The increasing emphasis on addressing chronic diseases like blood disorders and growth hormone deficiencies, coupled with their comparable safety and efficacy profiles, will contribute significantly to the expansion of this segment.

By Drug Class, Monoclonal Antibodies Segment Dominated the Largest Market Share in the Global Market

Based on the drug class, the monoclonal antibodies accounted for the largest market revenue share. Insulin has started to gain momentum in the last few years, and approvals for interchangeability are likely to project the growth of the segment in the coming years.Additionally, the erythropoietin segment is forecasted to experience the most rapid growth throughout the projected period. Erythropoietin aids in red blood cell production within the bone marrow and is effective in treating anemia. The increasing prevalence of kidney-related diseases is anticipated to drive the expansion of this segment.

By Application, Oncology Segment Registered the Largest Market Share in the Global Market

The largest segment in the global biosimilars market is Oncology, primarily because biosimilars are available at a lower price than innovative biologics and due to the large number of cancer patients. The availability of biosimilars in oncology has made cancer treatment more affordable and accessible by lowering prices. Additionally, healthcare systems worldwide are focusing on reducing the burden of cancer by adopting cost-effective treatment options, considering the high incidence and prevalence of the disease. Moreover, the growth of the studied market is anticipated to be propelled by increasing research and development efforts in oncology by key industry players, coupled with rising approvals from regulatory bodies. These factors are expected to drive growth in the biosimilars market.

By Geography, Europe Region Dominated the Largest Market Revenue Share in the Global Market

By the end of 2032, the Europeanbiosimilar market is expected to dominate compared to other regions. This growth is primarily due to the robust healthcare infrastructure in the region and the increasing prevalence of diseases, particularly with approximately 10% of the UK population affected by diabetes in 2022. Additionally, heightened awareness among healthcare providers and a growing trend of prescribing biosimilars are further driving market expansion.

Competitive Landscape

The biosimilars market is dominated by several major manufacturers and is quite competitive. Among the leading companies in the market under investigation are Novartis AG, Samsung Bioepis Co., Ltd., Mylan NV (Viatris Inc.), Pfizer Inc., Amgen Inc., and Coherus Biosciences Inc. To maintain their position in the global market, most market players are implementing a variety of expansion tactics, including collaborations, acquisitions, and the introduction of new products.

Market Segmentation

Global Biosimilars Market, By Product

• Recombinant Non-glycosylated Proteins
• Recombinant Glycosylated Proteins
• Recombinant Peptides

Global Biosimilars Market, By Drug Class

• Monoclonal Antibodies
• Insulin
• Follitropin
• Etanercept
• Erythropoietin
• Teriparatide
• Recombinant Human Growth Hormone
• Other drug class

Global Biosimilars Market, By Application

• Oncology
• Blood Disorders
• Infectious Diseases
• Rheumatoid Arthritis
• Growth Hormonal Deficiency
• Chronic and Autoimmune Disorders

Global Biosimilars Devices Market, By Geography

• Europe
  • Germany
  • United Kingdon
  • France
  • Ireland
  • Finland
  • Italy
  • Switzerland
  • Spain
  • Turkey
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • Australia
  • Singapore
  • South Korea
  • India
  • Malaysia
  • Rest of Asia Pacific
• North America
• United States
• Canada
• Middle East & Africa
• Latin America

Major Market Leaders Include

• Novartis AG
• Amgen Inc.
• Intas Pharmaceuticals Ltd.
• Pfizer Inc.
• Apotex Inc.
• Celltrion Inc.
• Reliance Life Sciences Private Limited
• Reddy’s Laboratories Ltd.
• Samsung Bioepies Co. Ltd.
• Teva Pharmaceutical Industrial Ltd.
• Coherus Biosciences Incorporation