Global Biosimilars Market (2021 to 2026) – Patent Expiry of Blockbuster Biologics and Research on New Indications Presents Opportunities – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Biosimilars Market by Product (Monoclonal antibodies (infliximab, rituximab, trastuzumab), Insulin, Interferon, Etanercept, Glucagon, Calcitonin), Indication (Oncology, Chronic Disease, Blood Disorder, Autoimmune Disease), Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global biosimilars market is projected to reach USD 44.7 billion by 2026 from USD 15.6 billion in 2021, at a CAGR of 23.5% during the forecast period of 2021 to 2026.

Market growth is largely driven by the rising incidence of chronic diseases and increasing demand of biosimilars for their cost-effectiveness. Regulatory approvals and other regulations favouring biosimilars adoption in different countries is also a major driving factor in the biosimilars market. However, the complexities in the development and manufacturing of biosimilars and resistance from reference biologic manufacturers is expected to restrain the growth of this market during the forecast period.

The monoclonal antibodies product segment accounted for the highest growth rate in the biosimilars market, by product, during the forecast period

In 2020, the monoclonal antibodies product segment accounted for the largest share (27.5%) of the biosimilars market, mainly due to the low prices of biosimilar monoclonal antibodies compared to the reference drugs and their wide use in the treatment of cancer, autoimmune disorders, and osteoporosis. They are also used in indications such as rheumatoid arthritis, multiple sclerosis, and macular degeneration. The growth of the fastest-growing segment was attributed to the rising incidence of cancer cases and chronic diseases and growth in the geriatric population.

Oncology segment accounted for the largest share of the indication segment

Based on the indication, the biosimilars market is segmented into oncology, inflammatory and autoimmune diseases, chronic diseases, blood disorders, growth hormone deficiency, infectious diseases, and other indications (infertility, hypoglycemia, myocardial infarction, postmenopausal osteoporosis, chronic kidney failure, and ophthalmic diseases). Oncology is the largest segment in this market owing to the availability of biosimilars at a lower price than innovative biologics and a large number of cancer patients.

The availability of biosimilars in the field of oncology has lowered prices and made cancer treatment more affordable and accessible. Also, due to the high incidence and prevalence of cancer, healthcare systems across the globe are focusing on reducing the burden of cancer by adopting cost effective treatment options. In this scenario, biosimilar drugs might witness widespread adoption in major markets such as the US, Europe, and the Asia Pacific. Considering these factors and the upending competition from biosimilars, many major biologic pharmaceutical companies are making significant investments in the development and approval of biosimilar drugs.

Asia Pacific: The fastest-growing region in the biosimilars market

The biosimilars market is segmented into Europe, Asia Pacific, North America, Latin America and Middle East and Africa. The APAC market, on the other hand, is expected to be the fastest-growing regional segment during the forecast period due to the presence of many emerging players, less-stringent regulations, and increasing cooperation among leading and regional players for development, manufacture and commercialization of biosimilars.

Market Dynamics

Drivers

• Increasing Demand for Biosimilar Drugs due to Their Cost-Effectiveness
• Rising Geriatric Population and the Increasing Incidence of Chronic Diseases
• Abbreviated Regulatory Approval Process and Concept of Interchangeability

Restraints

• Complexities in Manufacturing
• Resistance from Biologics Manufacturers

Opportunities

• Emerging Markets
• Patent Expiry of Blockbuster Biologics and Research on New Indications

Challenges

• Excess Competition
• Trends
• Collaborations for Biosimilar Research and Clinical Trials

Companies Mentioned

• Novartis AG (Switzerland)
• Pfizer, Inc. (US)
• Dr. Reddy’s Laboratories Ltd (India)
• Amgen, Inc. (US)
• Eli Lilly and Company (US)
• Teva Pharmaceutical Industries Ltd. (Israel)
• Fresenius SE & Co. KGaA (Germany)
• STADA Arzneimittel AG (Germany)
• Boehringer Ingelheim (Germany)
• Gedeon Richter PLC (Hungary)
• Celltrion (South Korea)
• Samsung Biologics (South Korea)
• CoherusBioSciences (US)
• Biocon Limited (India)
• Viatris, Inc. (US)
• Amega Biotech (Argentina)
• Apotex, Inc. (Canada)
• Biocad (Russia)
• mAbxience (Spain)
• Probiomed S.A. De C.V. (Mexico)
• Fujifilm Kyowa Kirin Biologics Co., Ltd. (Japan)
• Intas Pharmaceuticals Ltd. (India)
• Theramex (UK)
• Reliance Life Sciences (India)
• Kashiv Biosciences (US)

For more information about this report visit https://www.researchandmarkets.com/r/l66w6c

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