Biosimilars Market size to exceed $100bn by 2030

Biosimilars Market size is set to surpass USD 100 Billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market is expected to witness potentially higher growth during the analysis period, mainly owing to the numerous benefits these drugs provide over their reference drugs. Rising awareness of the usage of biosimilars in several chronic diseases will propel the industry expansion. Growing prevalence of chronic diseases also requires the advent of novel drugs in combating these diseases.
 

Robust product pipeline to spur the biosimilars market statistics

Growing concern towards cost cutting in the healthcare business, growing governmental support for the development of novel biosimilars has led to rising investments towards research and development by the pharmaceutical companies resulting in lucrative market value. Key players of this business have robust pipeline of products which is a direct effect of growing demand for these products.
 

Variety applications of the drugs is anticipated to spur the business potential

The monoclonal antibodies segment account for 67% business share in 2021, in terms of revenue amongst all the recombinant glycosylated proteins. The monoclonal antibodies are widely used for numerous applications such as cancer (trastuzumab), autoimmune diseases such as rheumatoid arthritis (etanercept) and more. Biosimilars are sometimes cost-efficient alternative to the expensive chemotherapy drugs as they are manufactured based on a reference drug, the R&D cost is minimized, that in turn helps in cost cutting of these drugs.
 

Furthermore, these drugs have been implemented in supportive therapies for cancer patients. The rising burden of cancer in the U.S. is augmenting the demand of monoclonal antibody biosimilars in the country.
 

Browse key industry insights spread across 650 pages with 1,202 tables & 19 figures and charts from the report, “Biosimilars Market Analysis By Product (Recombinant Non-Glycosylated Proteins {Human Growth Hormone, Granulocyte Colony-Stimulating Factor, Insulin, Interferon}, Recombinant Glycosylated Proteins {Erythropoietin, Monoclonal Antibodies, Follitropin, Low Molecular Weight Heparin}), Application (Hematology {Neutropenia, Anemia}, Oncology {Lung Cancer, Brain Cancer, Breast Cancer, Cervical Cancer, Colorectal Cancer, Leukemia or Blood Cancer}, Autoimmune Disease {Arthritis, Inflammatory Bowel Disease, Psoriasis}, Growth Hormone Deficiency, Diabetes), Manufacturer (Contract Research and Manufacturing Services, In-house), Technology (Recombinant DNA Technology, Monoclonal Antibodies Technology) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with Table of Contents:
https://www.gminsights.com/industry-analysis/biosimilars-market
 

Growing prevalence of cancer across the globe to drive the biosimilars market landscape

Oncology segment was valued at over USD 2.5 billion in 2021 and is set to witness 16.1% CAGR during the analysis period. Biosimilars are used therapeutically as well as a form of adjunctive therapy in cancer patients. The top-selling cancer medications in the market in 2019 were monoclonal antibody-based biosimilars such pembrolizumab, nivolumab, rituximab, bevacizumab, and trastuzumab. Thus, the rising prevalence of cancer and the availability of variety follow-on biologics is anticipated to spur the biosimilars industry forward.
 

Rise of contract research and manufacturing services to aid in efficient follow-on biologics production

Contract research and manufacturing services segment exceeded USD 9.1 billion in 2021. The demand for contract manufacturing and services is steadily rising in the pharmaceutical market over the past few years. Some of the major Clinical Research Organizations (CRO) are IQVIA, Syneos Health, ICON and Parexel. Contract research and manufacturing organizations help the pharmaceutical company in risk reduction, reduction in expenditures, aid in complex drug manufacturing process, and shorten the lead times.
 

Additionally, the increasing demand for novel drug discovery, growing number of clinical trials pertaining to research and development in the pharma industry are likely to enhance the CRO market share in this business.
 

Novel technologies in follow-on biologics production to boost the biosimilars market forecasts

Mab technology segment surpassed USD 7 billion in 2021. Monoclonal antibody based follow-on biologics augment the immune system of the patients, thereby making them the preferred choice for autoimmune disorders management in the market. The development of biosimilars by the MAb technology employs molecular characterization of the MAb, to ensure that the physiochemical or biological characterizations contrasting their reference products do not hamper the efficacy or safety of these drugs. Despite the complex manufacturing process of large molecules of the antibody-based proteins, these drugs are poised to lead the subsequent entry biologics business over the analysis period.
 

Growing demand for follow-on biologics in European region to fuel the biosimilars market expansion

Spain market crossed USD 1.8 billion in 2021. Favorable regulatory landscape attributes to the large share in this business. Follow-on biologics were approved and accepted early-on in Spain along with other European union countries. Follow on biologics have been in the European Union since 2003.
 

Additionally, Spain accounts for the sixth largest market for subsequent entry biologics in the European Union. Till date, over 53 subsequent entry biologics have been approved in the Spanish market. The patent expiry scenario of various biologic drugs in the upcoming years is expected to positively impact the market value in Spain.
 

Key players focusing on strategic partnerships and product launches to gain more market share

Some of the major players of this biosimilars industry are Sandoz, Bio-Thera Solutions, Viatris, Biocon Biologics, Pfizer, Dr. Reddy’s Laboratories and more. The follow-on biologics players are engaged in strategic collaborations, partnerships, and agreements to gain competitive advantage over their competitors.
 

In November 2021, Viatris announced the launch of interchangeable Semglee, a biosimilar of insulin glargine. in partnership with Biocon Biologics. The company also established numerous options for easy access to these insulin products such as patient assistance program, Copay program, Cash-Pay program, and others. This product launch helped the company to expand their product portfolio and reach numerous patients due to the availability of both branded and non-branded options of the drug.