May 21, 2024
Global Biosimilars Market

Biosimilars Market Prose by Increased Access and Affordability of Biosimilars

Biosimilars are biopharmaceutical drugs that are highly similar to approved biologic reference products. They offer comparable efficacy and safety as the reference biologic product at reduced costs. Biosimilars have smaller molecular weight and greater biodegradability compared to their reference products. This enhances their uptake, distribution and clearance in the body.

The global Biosimilars Market is estimated to be valued at US$ 29.4 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increased access and affordability of biosimilars is expected to drive the growth of the global biosimilars market over the forecast period. Biosimilar drugs provide similar clinical benefits to their reference products at a lower cost, thereby increasing patient access to biologic therapies. For example, launch of biosimilar versions of anti-TNF agents has considerably reduced costs of biologic therapies for conditions like rheumatoid arthritis and inflammatory bowel diseases. This wider availability of more affordable biologic medicines is anticipated to boost the adoption of biosimilars globally.

SWOT Analysis
Strength: Biosimilars have lower production costs than biologics which makes them affordable for more patients. Their smaller development costs also reduce expenditures for drug makers.
Weakness: Patent expirations of biologics provide opportunities for biosimilar entry but they still face legal hurdles from branded drug companies trying to protect their markets. The approval process for biosimilars also takes considerable time and investment.
Opportunity: As more blockbuster biologics lose patent protection in the coming years, it will open large lucrative markets for biosimilars. The demand for affordable treatment options also promotes the growth of biosimilars globally.
Threats: Safety issues or reduced efficacy found with some biosimilars post marketing approval can undermine clinician and patient confidence in the segment. Stringent regulations in some regions also pose challenges to biosimilar approvals and market access.

Key Takeaways
Global Biosimilars Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Europe accounted for the largest share of over 35% of the global market in 2024 owing to early approvals and uptake of biosimilars in the region. Growing prevalence of chronic diseases along with reduction of healthcare budgets are factors driving the European market.

Key players operating in the biosimilars market are Teva Pharmaceutical Industries Ltd., Pfizer Inc., Novartis AG, Celltrion, Biocon, Samsung Biologics, Amgen, Dr. Reddy’s Laboratories, STADA Arzneimittel AG and Mylan N.V. Teva Pharmaceutical leads with largest biosimilars portfolio and markets followed by Celltrion and Amgen with several successful biosimilar launches globally.

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