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 productsegment accounted for the highest growth rate in the biosimilarsmarket, byproduct, 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.
“Oncologysegment 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 regionin thebiosimilarsmarket”
Thebiosimilarsmarket 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.
The primary interviews conducted for this report can be categorized as follows:
- By Respondent: Supply Side- 80%and Demand Side 20%
- By Designation: Managers - 55%, CXOs - 20%, and Executives - 25%
- By Region: North America -50%, Europe -20%, Asia-Pacific -20%, RoW -10%
This report provides a detailed picture of thebiosimilars market. It aims at estimating the size and future growth potential of the market across different segments such as theproduct,indication and region. The report also includes an in-depth competitive analysis ofthe key market players along with their company profiles recent developments and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall biosimilars marketand its subsegments.It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers,restraints,trends,challengesand opportunities.