TheGlobalBiosimilars Marketwas accounted forUSD 28.46 Billion in 2021 and is estimated to reachUSD 103.94 Billionin 2028, at theCompound Annual Growth Rate (CAGR)of25.6%. Biosimilar drugs belong to several classes that include hormones, interferons, growth factors (colonic stimulants, erythropoietin), and monoclonal antibodies, among others. The use of these drugs has helped to achieve affordable treatment for many life-threatening diseases ranging from cancer and diabetes to chronic inflammatory diseases such as rheumatoid arthritis, psoriatic arthritis, and others. The high cost of branded biologics has made Biosimilars another viable alternative to affordable treatment.
Biosimilars have lowerResearch and Development (R&D)costs compared to innovator biologics. LowResearch and Development (R&D) costs reduce the cost of Biosimilars. Low-cost Biosimilars also tend to have a lower impact on organic reference prices through price competition between manufacturers. This significant level of cost and benefit provided by biosimilar drugs is expected to increase their demand in the coming years.The development of Biosimilars is a very complex and expensive process that requires significant investment, technical skills, clinical testing technology, scientific standards, and quality programs. Unlike the development of generic drugs, biosimilar manufacturers are required to invest in clinical trials and post-authorization safety monitoring programs such as those of innovative companies. Such inflexible complexities may hinder the speed of growth of the market.
Based on the index, the Biosimilars Market is divided into oncology, inflammatory and autoimmune diseases, chronic diseases, anemia, growth hormone deficiency, infectious diseases, and others. Oncology is the largest segment in the market due to the availability of Biosimilars at a lower cost than new biologics and a larger number of cancer patients. Because of the high incidence and prevalence of cancer, healthcare programs around the world are focused on reducing the burden of cancer by adopting less expensive treatments. Based on the product, the market is divided into monoclonal antibodies, insulin, granulocyte colony-stimulating factor, erythropoietin, recombinant human growth hormone, etanercept, follitropin, teriparatide, interferons, enoxaparin sodium, glucagon and calcitonin. Monoclonal and insulin antibodies are seen as the leading stages in terms of growth rate during prediction due to the widespread use of monoclonal antibodies in the treatment of cancer, autoimmune disorders, and osteoporosis, as well as the growing incidence of insulin-dependent diabetes worldwide and increasing demand for less expensive treatment options.
Europe is expected to grow at the highestCompound Annual Growth Rate (CAGR) marketplace for Biosimilars at the time of forecasting. Geographically, the market for Biosimilars is divided into Europe, Asia Pacific, North America, Latin America, the Middle East and Africa. Growth in the growing markets is mainly driven by a number of factors, such as the patent expiration of biologic products and the introduction of new Biosimilars, an increase in the incidence of chronic disruption, the emergence of new players, and premature market entry.
Companies such as Sandoz, Merck Serono, and Celltrion continue to seek accreditation in various locations. These companies are subsidiaries of international companies such as Merck and Novartis, which enable them to invest in biosimilar studies.Some major players in this Global Biosimilars Market include F. Hoffmann-La Roche Ltd. (US), Sandoz International GmbH (Switzerland), Dr. Reddy’s Laboratories Ltd. (India), Teva Pharmaceutical Industries Ltd. (Israel), Pfizer Inc. (US), Samsung Bioepis (South Korea), Biocon (India), and Mylan N.V (US)..