New York, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The Global Biosimilars Market to Register Growth at a Massive CAGR of 21.54% During the Forecast Period (2022–2027) | DelveInsight
The biosimilars market is anticipated to surge in the coming years owing to the escalating burden of various chronic diseases such as arthritis, cancer, diabetes, among others worldwide, and the patent expiry of many successful biologics, and others.
DelveInsight’s Biosimilars Market Insights report provides the current and forecast market, forthcoming device innovation, individual leading companies’ market shares, challenges, biosimilars market drivers, barriers, and trends, and key biosimilars companies in the market.
Key Takeaways from the Biosimilars Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global biosimilars market during the forecast period.
- Notable biosimilars companies include Pfizer Inc., Dr. Reddy’s Laboratories Ltd., Amgen, Inc., Eli Lilly and Company, Novartis AG, Bioeq AG, Fresenius SE & Co. KGaA, STADA Arzneimittel AG, Gedeon Richter PLC, Celltrion Healthcare Co., Ltd., Samsung Bioepis. (Samsung Biologics), Coherus BioSciences, Viatris Inc., Shanghai Henlius Biotech, Inc., Biocon Limited, Biocad, mAbxience, Fujifilm Kyowa Kirin Biologics Co., Ltd., Alvotech, Sanofi, Senju Pharmaceutical Co., Ltd., and others and several others are currently operating in the biosimilars market.
- On February 02, 2022, Samsung Bioepis Co. Ltd. received that Health Canada has approved ONTRUZANT® (also known as SB3), a biosimilar referencing Herceptin®i (Trastuzumab), for the treatment of adults with Early Breast Cancer (EBC), Metastatic Breast Cancer (MBC) and metastatic gastric cancer (MGC).
- In September 2021, Senju Pharmaceutical Co., Ltd. received approval to market the ophthalmic VEGF inhibitor “Ranibizumab BS intravitreal injection kit 10 mg/mL ‘Senju’” in Japan.
- In June 2021, Teva Pharmaceutical Industries Ltd. and Bioeq AG ("Bioeq") entered into a strategic partnership for the exclusive commercialization of Bioeq's FYB201, a biosimilar candidate to Lucentis® (ranibizumab) in Europe, Canada, Israel, and New Zealand.
- In March 2021, Cipla Limiteds’ subsidiary, Cipla Gulf, expanded its partnership with Alvotech to market and distribute four biosimilar medicines in Australia and New Zealand. As part of this strategic alliance, Cipla Gulf will be responsible for the commercialization of patented biosimilars of the biologic medicine brands, Aflibercept (Eylea®), Ustekinumab (Stelara), Denosumab (Prolia, Xgeva®), and Golimumab (Simponi®) developed and manufactured by Alvotech.
- Thus, owing to such developments in the market, there will be rapid growth observed in the biosimilars market during the forecast period.
To read more about the latest highlights related to the biosimilars market, get a snapshot of the key highlights entailed in the Biosimilars Market Report
Biosimilars Overview
Biosimilars, as defined by the FDA, are biologics with no clinically significant differences that are very similar to a biologic that has already received FDA approval. Biosimilars offer the same potential therapeutic benefits as by the original biologic, and they are typically produced using the same kinds of natural resources as the reference product. Biosimilars are equally safe and effective as the original biologic.
The market for biosimilars is likely to grow as more popular and successful biologic drugs lose their patent protection both now and in the coming years. This is because when the patents on biologics expire, a market for biosimilars, less expensive biologic substitutes, opens up.
Learn more about the current biosimilars on the market @Biosimilars in US Market
Biosimilars Market Insights
Geographically, the global biosimilars market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. North America currently dominates the global market for biosimilars in terms of revenue share, and it is anticipated that it will continue to do so throughout the forecasted period. This dominance is caused by the increasing number of people in the area who suffer from various chronic disorders.
Additionally, the expansion of biosimilars during the study period would be aided by an increase in the region’s approval of various biosimilars. For example, on February 2, 2022, Samsung Bioepis Co. Ltd. announced that Health Canada had approved ONTRUZANT® (also known as SB3), a biosimilar referencing Herceptin® (Trastuzumab), for the treatment of adults with early breast cancer (EBC), metastatic breast cancer (MBC), and metastatic gastric cancer (MGC). Therefore, the approval of biosimilars will likely increase the biosimilars market in the region.
Moreover, the biosimilars market also has future potential in the APAC region. This is a result of the presence of significant regional players in the area, including Biocon Limited, Dr. Reddy's Laboratories Ltd., and Fujifilm Kyowa Kirin Biologics Co., Ltd. Additionally, increasing biosimilar approvals in various APAC nations will support the regional biosimilars market in the coming years.
To know more about why North America is leading the market growth in the global biosimilars market, get a snapshot of the Biosimilars Market Trends
The increasing demand for affordable biosimilar drugs among patients, rising R&D expenditures and product introductions, government initiatives to promote the use of biosimilars, and the patent expiration of several popular biologics are all expected to contribute to the biosimilars market growth.
However, the complex manufacturing processes and high cost of involvement are likely to limit the biosimilars market growth.
Additionally, the unprecedented COVID-19 pandemic has significantly impacted the biologics market. This is due to the fact that the pandemic presented a significant challenge to pharmaceutical companies working to develop biosimilars. Moreover, it is anticipated that the pandemic’s reduction in the approval of non-COVID drugs and therapeutics will slow the process of product approval and launch, which will halt biosimilars market expansion. The majority of clinical trials were delayed to reduce the risk of infection transmission among participants and to address the pandemic situation, which also slowed down the pipeline products’ research and development activities.
Furthermore, the implementation of logistical limitations throughout the world caused disruptions in the supply chains for raw materials and other items, which had an effect on the production of biosimilars. The biosimilar market is anticipated to return to normal in the post-pandemic period as all the facilities are anticipated to function normally due to the introduction of vaccines and mass vaccination campaigns in various parts of the world.
Get a sneak peek at the biosimilars market dynamics @Biosimilars Market Dynamics Analysis
| Report Metrics | Details |
| Coverage | Global |
| Study Period | 2019–2027 |
| Base Year | 2021 |
| Market CAGR | 21.54% |
| Biosimilars Market Size in 2021 | USD 18.26 Billion |
| Projected Biosimilars Market Size by 2027 | USD 58.84 Billion |
| Key Biosimilars Companies | Pfizer Inc., Dr. Reddy’s Laboratories Ltd., Amgen, Inc., Eli Lilly and Company, Novartis AG, Bioeq AG, Fresenius SE & Co. KGaA, STADA Arzneimittel AG, Gedeon Richter PLC, Celltrion Healthcare Co., Ltd., Samsung Bioepis. (Samsung Biologics), Coherus BioSciences, Viatris Inc., Shanghai Henlius Biotech, Inc., Biocon Limited, Biocad, mAbxience, Fujifilm Kyowa Kirin Biologics Co., Ltd., Alvotech, Sanofi, Senju Pharmaceutical Co., Ltd., and others |
Biosimilars Market Segmentation
- Market Segmentation By Product Class: Monoclonal Antibodies, Recombinant Hormone/Proteins, Anti-Inflammatory Agents, Immunomodulators, and Others
- Market Segmentation By Manufacturing Type: In-House and Outsourced/Contract
- Market Segmentation By Application: Autoimmune Diseases, Blood Disorders, Oncology, Infectious Diseases, and Others
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View
Which MedTech key players in the biosimilars market are set to emerge as the trendsetter explore @Biosimilars Companies
Table of Contents
| 1 | Biosimilars Market Report Introduction |
| 2 | Biosimilars Market Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Biosimilars Market Key Factors Analysis |
| 5 | Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Biosimilars Market |
| 7 | Biosimilars Market Layout |
| 8 | Biosimilars Global Company Share Analysis – Key 3-5 Companies |
| 9 | Biosimilars Market Company and Product Profiles |
| 10 | Project Approach |
Interested in knowing the biosimilars market by 2027? Click to get a snapshot of the Biosimilar Drugs
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