Biosimilars Market Size to Grow by USD 108.8 Billion from 2024 to 2031, Market growth at 17.7% CAGR expected during the forecast period, SNS Insider

Biosimilars market is experiencing a period of intense growth, driven by a several factors that are making these near-identical copies of biologic drugs increasingly attractive.

With a global Biosimilars market size exceeding $29.51 billion in 2023 and a projected CAGR of over 17.7% reaching $108.80 billion by 2031, the biosimilars market presents a significant opportunity for stakeholders across the healthcare landscape. The primary driver of this growth is the patent expiry of several high-cost biologic drugs, creating a gap for biosimilars to fill and rising greater access to these life-saving treatments. Additionally, the rising prevalence of chronic diseases like cancer and autoimmune disorders by 47.81% is encouraging demand for cost-effective treatment options, making biosimilars a compelling alternative.

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List of Biosimilars Companies Profiled in Report:

• Dr Reddy’s Laboratories
• Eli Lilly and Company
• Pfizer Inc.
• Intas Pharmaceutical Ltd
• Biocon Ltd
• Merck & Co. Inc.
• Amgen Inc.
• Teva Pharmaceutical Industries Limited
• Kashiv BioSciences
• Reliance Life Sciences

Opportunity Analysis:

The biosimilars market is assured for expansion, and key players can leverage several factors to grab new opportunities.  Evolving regulations, particularly in regions like the U.S. where biosimilar adoption is still growing, will open doors for market entry. Additionally, strategic partnerships with providers and payers can create strong reimbursement pathways for biosimilars, increasing their accessibility to patients.  By focusing on robust clinical data and clear communication around safety and efficacy, biosimilar manufacturers can build trust with physicians and encourage wider adoption.  Ultimately, a data-driven approach, strategic collaborations, and a commitment to patient affordability will be instrumental for biosimilar companies to unlock the full potential of this rapidly growing market.

What are the impacts of Global Turmoil which key players are currently experiencing?

While the biosimilars market enjoys a positive outlook, it is not secured to external factors. A potential recession could lead to increased pressure on healthcare spending, potentially impacting biosimilar adoption as healthcare providers and payers prioritize cost-containment measures. However, this very pressure could also work in biosimilars’ favour, as their lower cost advantage becomes even more pronounced. The ongoing war in Ukraine has also disrupted global supply chains, potentially impacting the production and distribution of biosimilars. Nevertheless, the long-term growth prospects of the market remain strong.

Biosimilars Market Segmentation:

By Type

• Human growth hormone
• Erythropoietin
• Monoclonal antibodies
• Insulin
• Granulocyte-Colony Stimulating Factor

By Application

• Blood disorders
• Oncology diseases
• Chronic and autoimmune diseases

The biosimilars market is segmented by the type of original biologic drug being imitated. Monoclonal antibodies, which target specific cells or molecules, hold the largest share at over 40% due to their prevalence in treating cancers and autoimmune diseases. Insulin biosimilars are another significant segment, capturing around 25% of the market as diabetes becomes a global health concern. Drugs for erythropoietin (used in anemia) and granulocyte-colony stimulating factor (to boost white blood cells) make up a smaller portion, but are still growing steadily.

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Regional Analysis:

North America held the dominant position in 2023, driven by a well-established regulatory framework and high healthcare expenditure. The projected share for North America by SNS Insider was 43% in 2023. However, the Asia Pacific region is poised for significant growth due to a large patient pool, rising disposable incomes, and government initiatives promoting biosimilar adoption. Europe, with its mature biopharmaceutical industry and supportive regulatory environment, is also expected to contribute substantially to the market’s expansion.

Recent Developments:

• The biosimilars market is experiencing a resurgence in approvals. In 2022, the FDA greenlit seven new biosimilars, a significant rebound after the COVID-induced slowdown. Notably, these approvals weren’t just for established reference products.
• Companies like Amgen are making headway in the complex area of ophthalmic biosimilars, with their recent biosimilar to Roche’s Lucentis gaining traction. This trend indicates a maturing market venturing beyond well-trodden territory. Additionally, rebate schemes by pharmacy benefit managers (PBMs) are under scrutiny.
• The Biosimilars Council, an industry group, points out how these practices can limit biosimilar use despite cost-effectiveness. As regulators and payers address these concerns, the playing field could level for biosimilars, creating a more vibrant market landscape.

Key Takeaways:

• The biosimilars market presents a win-win scenario for patients, healthcare providers, and payers. Patients gain access to effective treatments at a lower cost. Providers have a wider range of options to tailor treatment plans.
• Payers benefit from reduced healthcare expenditure. While economic and geopolitical uncertainties pose challenges, the long-term growth path of the biosimilars market remains undeniably positive.
• As biosimilars continue to gain acceptance and new biosimilars enter the market, they are poised to revolutionize healthcare affordability and accessibility.

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