Biosimilars Market Size Zooming to Touch USD 115.4 Billion by 2029
Biosimilar market size is flourishing owing to various blockbuster biological drugs’ patent expirations, price reductions, and an increase in the prevalence of chronic diseases.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates global biosimilars market size at USD 28.88 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global biosimilars market size to grow at a robust CAGR of 21.3% reaching a value of USD 115.39 billion by 2029. The affordability of biosimilars in treating a range of chronic diseases that are widespread among the world's population is what is fueling the growth of the global biosimilars market. Due to the rising prevalence of chronic diseases in the population and the recent regulatory authority approval of numerous biosimilars in numerous countries, it is expected that the adoption of biosimilars will increase quickly. Globally, there is a growing demand for biosimilars as people become more aware of their availability and effectiveness in treating a range of disorders. Since kidney failure, diabetes, cancer, and cardiovascular disease are among the many chronic diseases for which biosimilars are an effective treatment option, the market is expected to grow over the coming years. However, strict policies and market entry barriers for new players are likely to limit global market growth.
Global Biosimilars Market – Overview
A biosimilar is a biologic medical product that is extremely similar to an already-approved biologic. These biosimilars are approved based on their efficacy, quality, safety, and pharmaceutical quality standards, which apply to all biological medicines. Biosimilars are generic versions of biologics that have reached the end of their patent life cycle. The patent expiration of well-known biologics is expected to drive the global biosimilar market. Increased approval and sales of biosimilars have resulted in a significant drop in sales of biologics with stable or growing demand. The global burden of chronic diseases is increasing. The rise in the prevalence of chronic diseases can be attributed largely to the aging population and people's changing lifestyles. Some of the most prevalent chronic diseases include diabetes, hypertension, stroke, respiratory and oral illnesses, obesity, arthritis, and cancer. On the other hand, the treatment of cancer and rheumatoid arthritis with biosimilar monoclonal antibodies is widely used.
Biosimilars are being developed by several biopharmaceutical companies around the world. The global biosimilars market has the potential to expand quickly. A large number of biological drugs are likely to lose their patent protection in the coming years. As a result, lower healthcare costs and government regulatory structure changes are expected to drive the market during the forecast period. The use of monoclonal antibodies to treat COVID-19 has rekindled interest in the biosimilars market. Manufacturers are expanding their research capabilities to develop better immunotherapy drugs. These drugs have the potential to reduce the number of side effects experienced by cancer patients. A positive effect on the market is also being produced by the expansion of insurance coverage for biosimilars.
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Opportunity: Increasing government spending on healthcare
The federal government's increased funding could fuel the market's expansion. Additionally, the growth and expansion of the healthcare sector, driven by both public and private actors, particularly in developing economies, will present profitable opportunities for the biosimilars market. The market growth rate is also being supported by the government healthcare facilities' growing acceptance of bioidentical hormone replacement therapy. The introduction of technologically advanced products in hospitals, rising investment in the development of advanced, and increased emphasis on women's health care and the treatment of hormonal imbalances are other factors that have a positive impact on the market growth rate.
Challenge: Expensive research and development of biopharmaceutical products
High costs associated with R&D capabilities, high manufacturing costs, and difficulties associated with medical procedures, on the other hand, are expected to stymie market growth. Furthermore, during the forecast period of 2022-2029, the market is expected to face challenges due to a lack of favorable reimbursement scenarios and technology penetration in developing economies, as well as a lack of definitive approval standards and suitable infrastructure in low- and middle-income countries.
Impact of COVID-19 on Global Biosimilars Market
The COVID-19 outbreak affects several international industries, including the market for biosimilars. Administrative bodies everywhere implemented several measures, including lockdowns and strict social seclusion, to slow the Covid-19 pandemic's rapid spread. The biosimilars market was harmed by the widespread closing of manufacturing facilities in the early stages of the pandemic. The pandemic had a significant negative impact on small and medium-sized businesses, which are the primary technology suppliers to the biosimilars industry. The lockdown measures implemented during the early stages of the epidemic's spread limited the movement of people and goods, which affected the biosimilar market as well.
Global Biosimilars Market – By Distribution Channel
The global biosimilar market is divided into three segments based on distribution channels: hospital pharmacies, retail pharmacies, and online pharmacies. During the forecast period between 2023 and 2029, the retail pharmacies segment is expected to lead the global biosimilars market by distribution channel.
Global biosimilars market is fiercely competitive. Prominent players in global biosimilars market include Novartis AG, Orion Pharma AB, Pfizer Inc., Samsung Bioepis, Coherus BioSciences, Inc., Amgen Inc., Eli Lilly and Company, Takeda Pharmaceutical Company Limited, Bristol-Myers Squibb Company, Merck KGaA, Teva Pharmaceutical Industries Ltd., Biocon, Bayer AG, AbbVie Inc., Allergan, Dr. Reddy’s Laboratories Ltd., Boehringer Ingelheim International GmbH, and Biogen. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global biosimilars market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Biosimilars Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Biosimilars Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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