Global Biosimilars Market Growing to Exhibit a Noteworthy CAGR of 22.9% by 2033, Key Drivers, Growth and Opportunity Analysis - Research Nester

Key Companies Covered in the Global Biosimilars Market Research Report by Research Nester are Biocon Limited, Novartis AG, Intas Pharmaceuticals Ltd., BioXpress Therapeutics SA., Genor Biopharma Co. Ltd, Allergan plc (AbbVie Inc.), Coherus BioScience, Inc., Pfizer Inc., Reliance Life Science Private Limited, and other key market players.

New York, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Biosimilars Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:

  • Market growth over the forecast period
  • Detailed regional synopsis
  • Market segmentation
  • Growth drivers
  • Challenges
  • Key market players and their detailed profiling

Global Biosimilars Market Size:

The global biosimilars market is estimated to garner a revenue of ~USD 209.9 billion by the end of 2033 by growing at a CAGR of ~22.9% over the forecast period. Further, the market generated a revenue of ~USD 17.8 billion in the year 2022. Biosimilars are helpful in increasing access to healthcare for many as it is accountable for the reduction in the healthcare costs associated with the use of biologics. The growth of the market can be attributed to the increasing spending on biologics across the globe. It was noticed that in 2021, at list pricing, biologics account for 34% of all medical expenditures in Europe, which are expected to reach around USD 76.10 billion in 2021 after expanding at a CAGR of 10.5% during the previous five years.

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In addition to this, considering biosimilar medications are nearly exact replicas of the standard biologics, they require far less research and development to achieve equivalent efficacy and safety. The demand for biosimilars among healthcare service providers is anticipated to increase as a result of the recent approvals of biosimilar drugs. This is anticipated to result in substantial revenue generation opportunities for the key players active in the global biosimilars market throughout the forecast period. As per the National Library for Medicine, over the period of 2017 to 2026, it is predicted that biosimilars will cut direct spending on biologic pharmaceuticals by USD 54 billion, or roughly 3% of the total expected biologic spending, with a range of USD 24 to USD 150 billion.

Global Biosimilars Market: Key Takeaways

  • Europe region gains the largest portion of the revenue
  • Oncology segment to attain significant revenue share
  • Recombinant non-glycosylated proteins sub-segment remains prominent in the product type segment

Growing Prevalence of Chronic Diseases and Upsurge in the Approval of Biosimilars to Boost Market Growth

Owing to the widespread usage of one of the types of biosimilars, the monoclonal antibodies in the treatment of cancer, autoimmune diseases, and osteoporosis, as well as the rising incidence of insulin-dependent diabetes globally and the growing demand for affordable treatment options, the monoclonal antibody and insulin type biosimilars are expected to grow at the fastest rate during the forecast period. Additionally, the increasing prevalence of chronic diseases, mainly, cancer, diabetes, and kidney diseases are estimated to propel market growth. It is believed that 7.8 million new instances of cancer and 5.7 million cancer-related deaths are anticipated in 2050.

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In addition to this, owing to the involvement of large number of nations and significant investment in the product considering biosimilars are safe and efficient treatments for a wide range of diseases and chronic ailments.  Moreover, the efforts of various key players in fast track approval of this medication and the rapid global uptake of these medications is anticipated to fuel the market growth during the anticipated time frame. It was found that the European Medicines Agency has accepted 65 marketing authorization requests for biosimilar medications during the past 13 years, and there are currently 55 authorized biosimilars on the EU market.

Global Biosimilars Market: Regional Overview

The global biosimilars market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Rising Prescription of Biosimilars to Drive Growth in the Europe Region

The market in Europe region held the biggest market share of 55% in 2022 and it is further expected to expand over the forecast period owing to the region's strong healthcare infrastructure, an increase in hospitals and diseases, as well as a growing awareness of biosimilars among healthcare professionals, and a rise in the prescription of biosimilars. For instance, the competition between biosimilars has led to significant savings owing to a large number of biosimilar prescriptions. The list price reductions totaled USD 5.6 billion (excluding confidential rebates and discounts).

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Increasing Prevalence of Kidney Diseases to Drive Growth in the North America Region

Moreover, the market in North America region is estimated to witness noteworthy growth over the forecast period owing to the increasing number of people suffering from kidney diseases. Further, owing to the prolonged treatment and medication involved with this type of disease, the prescription of biosimilars is expected to boom over the ensuing years. Further, as per the estimation by the Centers for Disease Control and Prevention, more than one in seven Americans, or 15% of all adults in the US, or 37 million people, are considered to have chronic kidney disease (CKD).

The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:

  • North America (U.S., Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
  • Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Global Biosimilars Market, Segmentation by Product Type

    • Recombinant Non-Glycosylated Proteins – 63%
    • Recombinant Glycosylated Proteins – 32%
    • Recombinant Peptides – 5%

Out of these segments, the recombinant non-glycosylated proteins segment attained the highest market share of 63% in the year 2022 and is predicted to witness significant growth over the forecast period. The segment growth can be ascribed to the growing concern of rising incidences of diabetes along with the surge in the spread of diabetes worldwide. For instance, with an estimated 1.5 million deaths directly caused by diabetes worldwide, it was the 9th leading cause of death in 2019.

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Global Biosimilars Market, Segmentation by Application

    • Hematology
    • Oncology
    • Autoimmune Diseases

Among these, the oncology segment is estimated to hold a significant market share over the forecast period. The growth of the segment can be attributed to the rising usage of biosimilars drugs for the treatment of cancer. Moreover, the rising prevalence of cancer is anticipated to boost segment growth. For instance, around 1.9 million new cancer cases and nearly 608,570 cancer deaths were estimated in the United States in 2021.

Global Biosimilars Market, Segmentation by Technology

    • Bioassay Technology
    • Recombinant DNA Technology
    • Monoclonal Antibody Technology

Few of the well-known market leaders in the global biosimilars market that are profiled by Research Nester are Biocon Limited, Novartis AG, Intas Pharmaceuticals Ltd., BioXpress Therapeutics SA., Genor Biopharma Co. Ltd, Allergan plc (AbbVie Inc.), Coherus BioScience, Inc., Pfizer Inc., Reliance Life Science Private Limited, and others.

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Recent Developments in the Global Biosimilars Market

  • In August 2022, the DAHLIA study, a randomized, double-blind, active-controlled, two-period crossover Phase 3 study comparing the safety and efficacy of ABP 959, a biosimilar candidate to SOLIRIS, to SOLIRIS in adult patients with paroxysmal nocturnal hemoglobinuria, produced encouraging top-line results, according to Amgen.
  • In May 2022, Abevmy is now offered in Canada, according to a statement from Biocon Biologics Ltd., a division of Biocon Ltd., and Viatris Inc. Health Canada has approved Abevmy, a biosimilar to Roche's Avastin, for use in four oncology indications.

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