April 16, 2024

Biosimilars Is Fastest Growing Segment Fueling The Growth Of Biosimilars Market

Market Overview:

Biosimilars are biopharmaceutical drugs designed to be highly similar to already approved biological drugs, known as reference products. Biosimilars demonstrate no clinically meaningful differences in terms of quality, safety, efficacy and immunogenicity compared to their reference drugs. The market has seen significant growth due to expiry of patents of blockbuster biologics and reducing prices of biosimilars.

Biosimilars are biologic medical products that are highly similar to approved biological reference drugs. They provide more treatment options that are more affordable and increase patient access to important biological medicines for diseases such as cancer, HIV/AIDS and autoimmune diseases.

Market Key Trends:

One of the key trends in the biosimilars market is the patent expiry of blockbuster biologics. As patents of major biologics expire, they provide opportunities for companies to develop biosimilar versions at lower costs than originator biologics. For instance, patents for biologics such as Humira, Enbrel and Rituxan will expire between 2023-2028. This will open up multi-billion dollar opportunities for biosimilars. Additionally, there is increasing adoption of biosimilars worldwide due to their significantly lower prices compared to reference biologics. This is expected to facilitate greater access to biologics for patients.

Segment Analysis
The global biosimilars market is dominated by the oncology segment, which is expected to hold over 40% share of the market by 2030. The high cost of branded biologics for treatment of cancer is driving the adoption of cost-effective biosimilars in oncology. Moreover, expiry of patents of major biologics and introduction of biosimilars will further propel the growth of oncology segment in the coming years.

Key Takeaways

The Global Biosimilars Market Demand is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing healthcare cost containment efforts worldwide. To curb the high costs associated with biologic treatments, several countries are adopting biosimilars, which is fueling the market growth.

Regional analysis
Europe dominated the global biosimilars market in 2023 with over 35% share. The high adoption of biosimilars owing to regulatory and government support is driving the European market. The Asia Pacific region is expected to witness fastest growth over the forecast period due to growing generics market, patent expiries of biologics, and increasing healthcare investments in the region.

Key players
Key players operating in the biosimilars market are Eli Lilly and Company, Merck & Co. Inc., Teva Pharmaceutical Industries Limited, Kashiv Bio Sciences, Intas Pharmaceutical Ltd, Dr. Reddy’s Laboratories, Biocon Ltd, Pfizer Inc., and Amgen Inc. Pfizer is currently dominating the biosimilars market due to its robust portfolio of oncology and immunology biosimilars. It captured the leading market share in 2023 owing to commercial success of its products like INFLECTRA and RUXIENCE.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it