Biosimilars Market
Number of pages: 120 | Report Format: PDF | Published date: 15 May, 2020
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 15.1 billion |
|
Revenue forecast in 2030 |
US$ 87.12 billion |
|
Growth Rate |
CAGR of 21.5% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
Product, Disease Indication, Manufacturing Type |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global biosimilars market was valued at US$ 15.1 billion in 2021 and is expected to register a revenue CAGR of 21.5% to reach US$ 87.12 billion by 2030.
Market Fundamentals
Biosimilar products are used for the treatment, cure, prevention, or diagnosis of several conditions such as diabetes, kidney diseases, autoimmune disorders, and various types of cancers. These are derived from living organisms, such as plant cells, animal cells, and microorganisms. Biosimilars are identical in terms of potency, purity, and safety. The minor difference between the reference product and biosimilar is the clinically inactive compounds used in the making of biosimilars whereas the active compound (API) remains the same. Major approved biosimilars include monoclonal antibodies, vaccines, and therapeutic proteins. The prices of biosimilars are decreasing by each year owing to market competition.
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Market Dynamics
The revenue growth of the global biosimilars market is mainly driven by their cost-effectiveness and the rising prevalence of chronic diseases such as cancer, diabetes, and rheumatoid arthritis. The increasing geriatric population is also fueling the market revenue growth rate. An increasing number of pipeline products are playing a pivotal role in contributing to the market revenue growth globally. Biosimilars are a generic version of biological products. Although they have the same potency and effectiveness as biological products usually take a longer time for research and development as compared to other conventional products. The longer time required for development, complex manufacturing process, higher cost development, and stringent government regulations for biosimilar production are some of the factors expected to hamper the market revenue growth to some extent.
Market Ecosystem
The global biosimilars market is analyzed from four perspectives: products, disease indication, manufacturing type, and region.
Biosimilars Market by Product
Based on the product, the biosimilars market is segmented into recombinant glycosylated proteins (monoclonal antibodies, follitropin, and erythropoietin), recombinant peptides (calcitonin and glucagon), and recombinant non-glycosylated proteins (human growth hormone, insulin, interferons, and granulocyte colony-stimulating factor).
The recombinant non-glycosylated proteins segment is further sub-segmented into human growth hormone, insulin, interferons, and granulocyte colony-stimulating factor.
The recombinant non-glycosylated proteins segment is expected to account for the largest revenue share in the market owing to the high patient pool of chronic diseases, the continuous introduction of new biosimilars, and the current trend for alternative medicine. For instance, in May 2022 US FDA-approved new biosimilars like Fylnetra (pegfilgrastim-pbbk), Alymsys (bevacizumab-maly), and Releuko (filgrastim-ayow) and many biosimilars that can be used to treat stomach cancer, breast cancer, colorectal cancer, and other diseases that can be used as novel treatment.
Biosimilars Market by Disease Indication
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Based on disease indication, the market is segmented into infectious diseases, oncology, autoimmune diseases, growth hormone deficiency blood disorders, and others.
The oncology segment accounts for the largest revenue share in the market owing to the increasing prevalence of cancer, increasing R&D activities for cancer drugs, and the need for low-cost treatment for cancers. Also, the regulatory authority for use of biosimilars for cancer treatment supports the biosimilars market revenue growth. The cost of cancer treatment is not affordable for everyone and rapidly becoming challenging. Oncology biosimilars are helping minimize the economic burden associated with cancer treatment.
Biosimilars Market by Manufacturing Type
Based on manufacturing type, the market is segmented into in-house manufacturing and contract manufacturing.
The in-house manufacturing segment accounts for the largest revenue share in the market owing to factors such as the involvement of lower manufacturing costs, and increasing preference for in-house production to ensure product quality and confidentiality of the manufacturing process.
Biosimilars Market by Region
Based on the region, the global biosimilars market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
In terms of revenue share, Europe dominates the biosimilars market followed by Asia Pacific. The large revenue share of Europe in the global market can be attributed to several factors such as the rising prevalence of infectious diseases, the rising geriatric population, and the presence of prominent players in this region. The presence of biosimilars in the European market has been stronger giving early bird advantage to the region. Also, it is reported that over the past decade, Europe has witnessed the highest number of biosimilar commercialization.
Competitive Landscape
The prominent players operating in the global biosimilars market are:
Strategic Developments
The global biosimilars Market was valued at US$ 15.1 billion in 2021.
The global biosimilars market is projected to reach US$ 87.12 billion by 2030.
The revenue growth of the global biosimilars market is mainly driven by their cost-effectiveness.
Pfizer Inc, Sandoz International GmbH, Amgen Inc, Samsung Biologics, Biocon, and Teva Pharmaceutical Industries Ltd are among the top players operating in the global biosimilars market.
The global biosimilars market is expected to register a revenue CAGR of 21.5% during the forecast period 2022-2030.
Europe accounts for the largest revenue share in the global biosimilars market.
*Insights on financial permanence is subject to availability of information in public domain
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Snehal Deshmukh
Principle Consultant
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