Global Biosimilars Market Size, Share & Trends Analysis 2023 - 2030: Unlocking Affordable Therapies - The Increasing Role of Biosimilars in Patient Care
Dublin, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The "Biosimilars Market Size, Share & Trends Analysis By Product (Recombinant Glycosylated Proteins, Recombinant Non-Glycosylated Proteins), By Application (Rheumatoid Arthritis, Oncology), By Region And Segment Forecasts 2023 - 2030" report has been added to * ResearchAndMarkets.com's* offering.
The global biosimilars market size is expected to reach USD 76.2 billion by 2030, registering a CAGR of 15.9% from 2023 to 2030
The growth of this market can be attributed to their cost effectiveness for both patients & manufacturers and the increasing prevalence of chronic & non-communicable diseases, such as cancer and anemia. According to the World Health Organizationestimates, 40% of children below five years of age, and 30% of women between the age group of 15 and 49 years are suffering from anemia. Moreover, biosimilar drugs offer almost similar results and are considered a more affordable alternative to their reference biologics.
Since they are almost similar, the producers of biologics also have to lower their prices to compete with biosimilars, which reduce the cost of the overall treatment. For instance, a report published by Biosimilars Forum in April 2021 suggests that increasing competition from biosimilars has resulted in lowering the prices of biologics by an average of 56% to up to 150%.
Furthermore, biologics have patents to protect them from competing with biosimilars. These patents restrict the production of biosimilars for a period of 8 to 20 years depending on the regulations in different countries. However, patents of many lifesaving biologics are expected to expire during the forecast period, which can boost growth.
According to an article by Congressional Budget Office published in April 2021, the U.S. Food and Drugs Administration (FDA) had approved 29 biosimilar drugs by 2020, and some of them were yet to be introduced in the market. Furthermore, an article by Generics and Biosimilars Initiative suggests, the entry of Amgen's biosimilar Soliris was delayed till 2025.
The outbreak of the COVID-19 pandemic had a negative impact on the global market. Since the supply chains of different products including pharmaceuticals were disrupted and most of the sources were dedicated to fighting COVID-19, the production of biosimilars experienced a shortage of raw materials.
For instance, according to a report published by Johns Hopkins Bloomberg School of Public Health, as a result of the lockdown, a shortage was observed in the supply of Active Pharmaceutical Ingredient (API), which is an important raw material used in producing drugs.
These shortages directly affected the production and supply of biosimilars and other drugs during the pandemic. However, due to the increasing demand, several market players are significantly investing in the research & development of biosimilars, which can further add to the market growth. For instance, a key player offering advanced biotechnology solutions, Amgen Inc., has invested USD 2 billion in the development of 10 biosimilar medicines.
*Biosimilars Market Report Highlights*
· Based on product, the recombinant non-glycosylated proteins segment accounted for the largest revenue share of 54.9% in 2022 due to a rise in the regulatory approvals for biosimilars from different governments
· On the other hand, the recombinant glycosylated proteins segment is expected to grow at the fastest CAGR of 14.9% during the forecast period as the patents of several lifesaving biologics are expected to expire soon
· The chronic and autoimmune disorders application segment accounted for the largest revenue share in 2022owing to the rising prevalence of these diseases
· The oncology segment is expected to register the fastest CAGR of 17.0% during the forecast period due to the increasing prevalence of cancer and upcoming patent expiration for important biologics
· In 2022, North America dominated the market with a share of 40.4% owing to the presence of several key players. On the other hand, Asia Pacific is anticipated to be the fastest-growing region at a CAGR of 18.4% over the forecast period due to new product launches and increasing healthcare expenditure
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 70
Forecast Period 2022 - 2030
Estimated Market Value (USD) in 2022 $21.8 billion
Forecasted Market Value (USD) by 2030 $76.2 billion
Compound Annual Growth Rate 15.9%
Regions Covered Global
*Market Dynamics*
Market driver analysis
· Increasing emphasis on cutting down healthcare expenditure
· Cost-effectiveness of biosimilar drugs
· Positive outcome in the ongoing clinical trials
· R&D investments are increasing.
· Patent expiration of biologics to boost the biosimilars market
Market restraint analysis
· High manufacturing complexities and costs
· Presence of non-original biologics and biobetters
Biosimilars Market Analysis Tools
· Industry Analysis - Porter's
· PESTEL Analysis
*Companies Mentioned*
· Amgen Inc.
· F Hoffman La Roche Ltd.
· Sandoz International GmbH
· Dr. Reddy's Laboratories Ltd.
· Teva Pharmaceutical Industries Ltd.
· Pfizer Inc.
· Samsung Biopis
· Biocon
· Viatris Inc.
· Celltrion Healthcare Co., Ltd
· AbbVie Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9o4ub1
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*Attachment*
· Global Biosimilars Market
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