Biosimilars Market Research Report - Forecast till 2030

Biosimilars Market Research Report: By Product (Recombinant Non-Glycosylated Proteins (Human Growth Hormone [RHGH], Granulocyte Colony-Stimulating Factor [Filgrastim], Insulin and Interferons), Recombinant Glycosylated Proteins (Erythropoietin [EPO],  Monoclonal Antibodies [MABS] and Follitropin) and Recombinant Peptides [Glucagon and Calcitonin]), by Applications (Oncology, Chronic Diseases, Autoimmune Diseases, Blood Disorders, Growth Hormone Deficiency, Infectious Diseases) - Forecast till 2030

ID: MRFR/LS/0821-HCR | February 2021 | Region: Global | 95 pages

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Biosimilars Market Overview


Biosimilar is a term given to the medicines which are formulated and made similar to the approved biological medicines for treating some critical diseases. Biosimilar are approved medicines, manufactured to make critical but expensive medicines accessible and more affordable by the people who cannot afford the original form of a particular type of medicine. The biosimilars market is huge and working to facilitate the world with expensive medicine at a lower price.The biosimilars Market Size is expected to register a CAGR of 23.90%% during the forecast period of 2020 to 2030, with a market value of USD 13,460 Million in 2018. An increase in chronic diseases and unaffordability to expensive medicines can be accounted as a major reason for the growth of the market and the rise in its Market value.  Apart from this, Europe was registered as the holder of the largest share of the market in2019 and Asia-Pacific is projected to register the highest growth of Biosimilars industry over the forecasted period. People adopted Biosimilar medicines as the substitute for original but expensive medicines and many people trust them. Moreover, key players of the market belong to the USA and hold the largest share of the market.

COVID-19 Analysis of Biosimilars Market 

These are difficult times and the whole world is facing problems and is afraid of viruses. People are focusing on increasing immunity and constantly clarifying if they are infection-free from the virus. Also, people are facing financial crises and many people who are already fighting some chronic diseases need those medicines more than any time. The outbreak of COVID-19 has triggered the growth of the Biosimilars Market as more biosimilar medicines are in demand than before.

About all types of Market has been severely or not, but affected by the pandemic that is caused due to COVID-19. Transportation of medicine has become difficult due to complete lockdown and only necessary and very important medicines are being imported or exported which is causing the blockages in the rate of growth of the market.

Regional Market Summary


Biosimilars Global Market Share by Region, 2018 (%)
 Biosimilars Market


Source: World Health Organization (WHO)


Biosimilars Market Dynamics


To understand the Biosimilars Market trends and opportunities, to understand different factors affecting Biosimilars industry Growth, market dynamics is required that covers drivers, restraints, opportunities, and challenges to the biosimilars market.


Drivers:


The factors that are contributing to the market growth and driving the growth of the Biosimilars market are:


Expiring Patent of Several Biological Drugs: Over the years, patents of many biological drugs have expired and patents of many will expire in a few years which is expected to increase the demand for Biosimilar Medicines.


Financial sustainability cost-Saving Initiatives: The main objective of Biosimilar medicines is to make critical medicines affordable to all. The government is taking initiatives in many countries to promote Biosimilar medicines.


Growing Geriatric Population: More Geriatric Population signifies more people prone to chronic diseases. Hence, higher demand for biosimilar medicines.


Opportunities:


Every market is always open to opportunities and is dependent on them for future expansion of the biosimilars market, its growth, and its scope.


Launch of new Biological Products: The biosimilars market can expand further and produce new forms of medicines when the original formulation and launch of the new biological product will come into the market.


Cost-Saving Sales: Biosimilar medicines can be accessible at the cost-saving amount to the Payer and the patient as well.


Restraints:


The factor controlling the Biosimilars Market growth is studied under restraints to the market:


Negative Perception: Many physicians and Doctors have a negative perception about biosimilar products and so they do not recommend their uses as well they demote their uses in the patient’s minds. This causes few people to restrict the use of biosimilar medicines.


Patent Extension: When the patent of original biological medicine does not expire or is expanded, then their biosimilar medicines cannot be produces


Challenges:


Challenges to the market can be converted into opportunities if tackled properly. Every Market has different challenges and tries different ways to overcome them. The challenges to Biosimilars Market are:


Gaining Trust: Biosimilars industry will grow at a faster rate if the market can gain the trust of all the physicians, doctors, and patients. These medicines are approved and safe for use but their effectiveness is not guaranteed.


Improved Access to the medicines: Even though these medicines are available at a lower cost, still not everyone can access them. Improve access to these medicines can trigger a better growth of biosimilar medicines.


Regulatory Implications


The Biosimilars Market is all drugs and medicines so regulatory implications come under one of the very important concerns for the market. Government-issued laws and regulations are to be followed and important to be maintained within the market. These regulations are necessary to keep a regular check and maintain a legit way of work within the market. Rules, laws, and regulations are applied from importing drugs, their formulation, their manufacturing, and exportation of the product, everything is kept under surveillance to avoid any form of illegal activity.


Biosimilars Market Segment Overview
The study of a market segment-wise helps to understand the different segments of a particular market. The Biosimilar Market is divided into four major segments which are:


By Molecule: This segment of the Market states the different types of molecular products produced by the Biosimilar Market.



  • Rituximab

  • Infliximab

  • Epoetin Alfa

  • Follitropin Alfa

  • Somatropin

  • Filgrastim

  • Etanercept

  • Insulin Glargine and others.


By Indication: This segment of the biosimilars market includes the chronic diseases for which the products are formulated and manufactured.



  • Autoimmune diseases.

  • Blood disorder

  • Diabetes

  • Oncology

  • Growth Deficiency

  • Off-Site treatment’

  • Allergies

  • Female infertility and others.


By Manufacturing: There is two main division of the Market by Manufacturing segment which are:



  • In-house manufacturing

  • Contract manufacturing


By Region: The biosimilar market is divided into five major regions which are:



  • North America

  • Europe

  • Asia-Pacific

  • The Middle East and Africa

  • Latin America


Regional Analysis:
Global Market Robotics Shares are spread across the five major regions of the world. The highest share of the market is held by Europe as the maximum number of people belonging to the geriatric population then followed by the Asia-Pacific Region. Moreover, Asia-Pacific Region is expected to show significant growth over the forecasted period till 2027. The Global Biosimilar market is divided into major regions namely, North-America, Latin-America, Europe, Asia-Pacific region, Middle East, and Africa.

Competitive Landscape
The Biosimilar Market has a competitive environment as different companies and key players of the market are trying to advertise similar products made of similar drugs. Sometimes, different companies collaborate to form a new product or to work on a single type of vaccine or medicine to treat a lethal disease. 


Given below are the key players of the Biosimilars market-



  • Pfizer (US)

  • Sandoz (Germany)

  • Biocon (India)

  • Biogen (US)

  • Fresenius Kabi AG (Germany)

  • Boehringer Ingelheim (Germany)

  • Merck KgaA (Germany)

  • Mylan (US)

  • Eli Lilly (US)

  • Teva Pharmaceutical (Israel)

  • Dr. Reddy's Laboratories (India)

  • Amgen (US)

  • Celltrion (South Korea)

  • Samsung Biologics (South Korea)

  • Amega Biotech (Argentina)

  • mAbxience (Switzerland)

  • Probiomed (Mexico)

  • Apotex (Canada)

  • Chong Kun Dang (South Korea)

  • JCR Pharmaceuticals (Japan)

  • Gan & Lee Pharmaceuticals (China)

  • Gedeon Richter (Hungary)

  • Biocad (Russia)

  • Coherus Bioscience (US)

  • Stada Arzneimittel AG (Germany)


Recent Developments


From time to time development is registered by the biosimilars market. The developments in this market depend on the invention and discoveries made in the medical field to form new formulations to treat some chronic and critical diseases.


Biosimilar medicines are similar to the original formulation of biological medicine so development depends on that. Apart from this, new technologies and techniques are now used to manufacture cine. Also, key players of the market continuously work to improve the market position and spread the biosimilars market.

Report Overview


The Biosimilars Market research report gives a detailed description of this Market. Starting with the meaning and definition of Biosimilar medicines to the regulatory implications applied on the market, everything is covered in this report. The Biosimilars Market Analysis gives information about the market and allows understanding different aspects of the market through studies of Market drivers, restraints, challenges,  and opportunities open to the market.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   2030: 23.90%%
  Base Year   2019
  Forecast Period   2020-2030
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product, Applications and End-users
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Pfizer (US), Sandoz International (Germany), Teva Pharmaceuticals (Israel), Amgen, Inc. (US), Biocon (India), Dr. Reddy’s Laboratories (India), Celltrion (South Korea), Samsung Biologics (South Korea), Eli Lily & Company (US), Hospira Inc.(US), Actavis, Inc.(US), Cipla Ltd (India), Stada Arzneimittel AG (Germany), and Mylan, Inc.(US).
  Key Market Opportunities   Increasing prevalence of diseases and rising geriatric population has led to grow this market in Europe.
  Key Market Drivers

  • Rising demand for biosimilars due to their cost-effectiveness and growing prevalence of chronic diseases.
  • Rising pressure to reduce healthcare expenditure coupled with patent expiry of various blockbuster drugs

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    Frequently Asked Questions (FAQ) :

    For instance, according to the biosimilars update report by Amgen in 2019, As of January 2019, the US Food and Drug Administration (FDA) approved 17 biosimilars, out of which 7 products launched in 4 therapeutic areas.

    A biosimilar is a biologic medical product highly similar to another already approved biological medicine. Biosimilars are approved according to the same standards of pharmaceutical quality, safety, and efficacy that apply to all biological medicines.

    Biosimilars Market is expected to grow at 23.90% CAGR from 2020 to 2030.

    Biosimilars Market stood at USD 13,460 million in 2018.

    Rising prevalence of diseases and cost-effective production rate of biosimilars can drive the Biosimilars Market.

    Europe is expected to contribute the maximum to the Biosimilars Market.

    Pfizer, Eli Lily & Company, Teva Pharmaceuticals, Stada Arzneimittel AG, Dr. Reddy’s Laboratories, Cipla Ltd, Celltrion, Hospira Inc., Sandoz International, Amgen, Inc., Samsung Biologics, Biocon, Mylan, Inc., Actavis, Inc. are some of the biggest names of the Global Biosimilars Market.