Rise in prevalence of chronic diseases worldwide and high cost of biologics are expected to drive the market revenue growth.
Rise in prevalence of chronic diseases worldwide and high cost of biologics are expected to drive the market revenue growth
The Biosimilars Market size is expected to reach USD 88.12 Billion in 2030 and register a revenue CAGR of 21.3% over the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth of biosimilars is due to various factors such as growing geriatric population, increasing incidence of chronic diseases, and shortened regulatory approval process. However, complexities in manufacturing may hamper market revenue growth.
Chronic diseases are defined broadly as conditions that last a year or more and require ongoing medical attention or limit activities of daily living or both. Chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability. Many chronic diseases are caused by a combination of risk factors such as tobacco use and exposure to secondhand smoke, poor nutrition, including diets low in fruits and vegetables and high in sodium and saturated fats, lack of physical activity and excessive alcohol consumption. Hence, to cure chronic diseases, biosimilars are safe and effective medications and this in turn, is driving market growth.
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Introduction of biologics has revolutionized the treatment of immune-mediated diseases, but high cost and limited patients access remain hurdles in market revenue growth. Some physicians are also concerned that biosimilars are not similar enough. However, various studies have proven biosimilar’s safety, efficacy, extrapolation and interchangeability characteristics in a wide prospect. A biosimilar is designed to have the same target-binding characteristics as the reference product. The Biologics Price and Competition and Innovation Act was introduced in 2009 and created a shortened pathway for licensing of a biological product that is biosimilar to a reference product in US. However, it is observed that biosimilar market growth is country specific due to differences in the regulatory and reimbursement systems of governments.
Some Key Highlights from the Report
- Among product type segment, recombinant glycosylated proteins segment accounted for largest market revenue share in 2021 and is expected to register a faster revenue CAGR during the forecast period. Glycosylation is the reaction in which a carbohydrate is attached to a hydroxyl or other functional group of another molecule in order to form a glycoconjugate. Glycosylation usually refers to an enzyme-catalyzed reaction. These products are generally used in making drugs for cancer treatment as glycosylation profoundly affects biological activity, function, clearance from circulation and crucially, antigenicity. Hence, these products are expected to witness increasing demand as these products being used by patients are showing effective results. Regular demand for these medicines across the world for treatment of cancer is expected to drive the segment revenue growth.
- Among disease type segment, oncology segment accounted for largest revenue share in 2021 and is expected to register a faster revenue CAGR during the forecast period. Biosimilars have many potential advantages in the treatment of cancer, as they introduce competition into the drug development process. Availability of biosimilars in the field of oncology has not only reduced the price but also made cancer treatment more affordable and accessible. Also, due to the high incidence of cancer, healthcare systems across the globe are focusing on reducing the burden of cancer by adopting cost effective treatment options, which is expected to drive segment revenue growth.
- Biosimilars Market in Europe accounted for largest revenue share in 2021, due to several factors such as impending patent expiry of biologic products, launch of new biosimilars, and rising incidence of chronic disorders. Favorable regulatory scenarios and strong presence of market players in the European region are driving growth of the market. 39 biosimilar drugs have been approved in EU until May 2021, which can be used for oncology treatment and are helping in driving the market revenue growth.
- In December 2021, Arnivas Inc. and Pfizer Inc. announced an update on Phase 1 dose escalation data of ARV-471, a novel PROTAC estrogen receptor degrader, being co-developed for the treatment of patients with locally advanced or metastatic ER-positive/ or HER2- negative breast cancer. These results continue to suggest that ARV-471 has the potential to become a first-in class treatment and a new standard of care for ER+/HER2- breast cancer patients.
- Companies profiled in the global market report include Pfizer Inc., Dr. Reddy’s laboratories Ltd., Novartis AG., Amgen Inc., Biocon Ltd., Samsung Biologics., Celltrion, Teva Pharmaceuticals Industries Ltd., F. Hoffmann-La Roche Ltd., Biogen Idec Inc.
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For the purpose of this report, Reports and Data has segmented the Biosimilars Market based on product type, disease type and region:
Product Type Outlook (Revenue, USD Million; 2019–2030)
- Recombinant Non-Glycosylated Proteins
- Recombinant Glycosylated Proteins
- Recombinant Peptides
- Others
Disease Type Outlook (Revenue, USD Million; 2019–2030)
- Oncology
- Blood Disorders
- Chronic Disease
- Infectious Disease
- Others
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Regional Outlook (Revenue, USD Million; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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