Humira Biosimilars Market to See Strong Growth Fueled by Healthcare Cost Savings
The global Humira biosimilar market is a highly promising market. Humira biosimilars provide safe and effective treatment options for various chronic inflammatory diseases like rheumatoid arthritis, inflammatory bowel disease, and psoriasis at significantly lower costs compared to reference biologics. Humira being one of the top selling pharmaceutical products globally, biosimilar versions of it provide significant healthcare savings. The growing need to reduce healthcare expenditure is a key factor driving increased adoption of lower-cost biosimilar alternatives.
The Global Humira Biosimilar Market is estimated to be valued at US$ 889.46 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the Humira biosimilar market are Nestlé S.A., Groupe Danone, Abbott Nutrition, Mead Johnson Nutrition, The Kraft Heinz Company, Meiji Holdings Co. Ltd., Beingmate Baby & Child food Co. Ltd., Synutra International Inc., Pfizer Inc., and FrieslandCampina. N.V.
Key opportunities: Increasing healthcare cost savings associated with Humira Biosimilar Market Size presents significant opportunities for market players to expand their market shares. Companies are investing heavily in research and development of new biosimilar treatments for various new therapeutic areas.
Global expansion: Companies are focused on expanding their Humira biosimilar product portfolios and geographical footprints globally. Players are investing in new manufacturing facilities and seeking regulatory approvals in high-growth emerging markets like Asia Pacific and Latin America to tap the significant market potential. Partnerships and licensing agreements are enabling rapid global market access.
Market Drivers
Increasing healthcare costs worldwide coupled with the need for more affordable treatment options is a major driver for the growth of the Humira biosimilar market. As Humira goes off-patent in key markets, biosimilar manufacturers are able to offer their products at significantly lower prices compared to the reference product, improving access to treatment for a larger patient base globally. The projected cost-savings associated with Humira biosimilars are expected to boost their adoption rates over the forecast period.
PEST Analysis
Political: The Humira Biosimilar Market Size is regulated by strict policies and guidelines by regulators like FDA in US and EMA in EU which ensure patient safety and efficacy.
Economic: The rising healthcare spending globally coupled with increasing demand for more affordable treatment options is driving growth of biosimilars market. Patent expiration of blockbuster biologics also provides opportunity for generics.
Social: Increasing incidence of autoimmune disorders and growing awareness about biosimilars is positively impacting the market. Acceptance of biosimilars due to their cost-effectiveness is increasing.
Technological: Advancements in cell line engineering and analytical techniques have improved biosimilar development and approvals. Continuous process manufacturing helps achieve cost and time benefits over conventional methods.
Geographical Regions with High Market Concentration
The US and major EU countries like Germany, France, Italy, Spain collectively account for over 60% of the global humira biosimilar market in terms of value. This is owing to presence of large patient pools, higher healthcare spending and increasing uptake of biosimilars in these regions.
Fastest Growing Regional Market
The Asia Pacific region is poised to be the fastest growing regional market during the forecast period driven by expanding patient base, rising healthcare expenditure, and increasing focus of leading players on these emerging markets especially China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
