Rising demand for cost-effective biologics and patent expiration of biologic drugs drives market growth. Biosimilars are cost-effective versions of biologic drugs. Biosimilars are manufactured once the patents of referenced biologic drugs expire. Their price is significantly lower than the original biologics. This is boosting biosimilars demand.
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Rising prevalence of chronic diseases such as cancer, diabetes, rheumatoid arthritis etc. has increased the demand for biologic drugs. This growing demand acts as a key driver for the biosimilars market.
Market Trends:
Commercialization and approval for biosimilars by regulatory authorities is a key trend. European Medicines Agency (EMA) has endorsed more than 70 biosimilar medicines in Europe. This is increasing rate of acceptance and market growth. Another trend gaining traction is new biosimilars product offerings. In August 2022, Dr. Reddy’s Laboratories announced the introduction of Praluent, a Repatha biosimilar, in Canada. Such launches are increasing revenue generation in the market.
Biosimilars Market Report Coverage
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Report Coverage |
Details |
|
Market Revenue in 2024 |
$36.01 billion |
|
Estimated Value by 2031 |
$114.02 billion |
|
Growth Rate |
Poised to grow at a CAGR of 17.9% |
|
Historical Data |
2019–2023 |
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Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Drug Class, Therapy Type, Distribution Channel |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Growth Drivers |
• Global Adoption of Biosimilars • Patent expiry of blockbuster biologics |
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Restraints & Challenges |
• Manufacturing complexities • Lancet effects and immunogenicity concerns |
Market Opportunities:
Recombinant human growth hormone segment is expected to hold the largest market share. This is owing to the rising incidences of growth hormone deficiency disorders. Recombinant growth hormone therapy is used in clinical practice for Turner syndrome and Prader-Willi syndrome treatment. Use of biosimilars into products like Omnitrope and Genotropin have also contributed to the development of this segment
The granulocyte colony-stimulating factor segment is anticipated to witness high growth during the forecast period. G-CSF biosimilars are majorly used for treating chemotherapy-induced neutropenia. Favorable reimbursements for G-CSF biosimilars in Europe and Asia are also contributing to the growth of this segment.
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Key Market Takeaways:
The biosimilars market is anticipated to witness a CAGR of 17.9% during forecast period 2024 to 2031. This is due to the increasing requirement of cost-effective biologics.
In terms of drug class, the recombinant human growth hormone segment is expected to hold a dominant position. This is due to the higher incidence of growth hormone deficiency disorders.
In terms of therapy type, the oncology segment is expected to remain dominant during forecast period. This is owing to the rise in the cancer prevalence and other moderate cost biologics demand.
North America is expected to dominate the global market throughout the forecast period. This is due to the favorable regulations and well-established healthcare system of the region
Key Players Insights
- Amgen Inc.
- Pfizer Inc.
- Samsung Bioepis Co., Ltd.
- Sandoz International GmbH
- Celltrion Healthcare Co., Ltd.
- Biocon Limited
- Dr. Reddy's Laboratories Ltd.
- Teva Pharmaceutical Industries Ltd.
- Boehringer Ingelheim International GmbH
- Fresenius Kabi AG
Recent Developments:
In February 2024, Biocon Biologics partnered with Sandoz Australia to develop biosimilars for trastuzumab and bevacizumab. This is aiming to strengthen their presence in the Australian market.
In February 2024, Biocon Biologics secured a U.S. market entry date for Bmab 1200. It proposed biosimilar to Stelara, further expanding its biosimilar offerings.
In April 2024, Alvotech and Teva announced the U.S. FDA approval of SELARSDI. This development has marked a milestone in biosimilar development.
In January 2024, Syneos Health supported the launch of biosimilars. This has contributed to advancements in the biosimilars market.
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