Digital Transformations as a Key Enabler to Strengthen Research in Biosimilars Industry
The potential for digital & analytics applications in the pharmaceutical and biotechnology sector has grown dramatically in recent years as a result of fast technological advances as well as changes in the market environment & stakeholder behaviour as a result of the pandemic. Digital transformation has the potential to provide substantial advantages to the biosimilars industry across the value chain.
On the front end, technology has already played an important role in keeping the industry, health care providers, and pharmacists connected in the face of limited physical contacts. Traditional, face-to-face detailing-based commercial methods are increasingly and are being supplemented with digital engagement models, and this trend is expected to continue. This will not only allow the industry to deepen connections and thus increase biosimilar medicine adoption, but it will also provide an economically viable option for rapidly expanding reach into territories that would otherwise remain untapped due to constraints of the representative-based economic model.
At the backend, digital and analytics have the ability to significantly increase capacity by improving efficiency, quality results, and creating a zero-deviation environment. Through the use of simulations and in-silico batch modelling, drug development and product transfers processes would pick up speed in future.
Growing Prevalence of Lifestyle Diseases Anticipated to Fuel European Biosimilars Market Growth
Since biosimilars do not need significant research and testing, they are less costly than their branded equivalents. This saves both money and time, thus leading to reduction in overall price of the respective biosimilar. They also have short marketing periods since biosimilars do not need significant marketing because their branded equivalents’ safety and effectiveness profiles have previously been established. During the forecast period, many blockbuster biologics are anticipated to lose their patent protection. Biosimilar producers are anticipated to benefit greatly from the expiry of patents and other intellectual property rights. The European population is ageing, with approximately one-fifth of the population above 65 years which represents a substantial rise in the burden of lifestyle illnesses. Moreover, the incidence of illnesses such as diabetes, autoimmune disorders, cancer, and others are on rise. Due to increasing healthcare costs, governments in a number of European nations have enacted laws encouraging doctors, pharmacists, and patients to choose biosimilars over branded biologics.
Biosimilar drugs provide a significant potential with significant advantages, since they save money throughout Europe, contribute to the long-term viability of national healthcare systems, and enhance patient access to cutting-edge therapies. However, to realize these benefits over the course of long run, the market for biosimilar medicines must remain viable.
The global biosimilars and follow-on biologics is segmented on the basis of type of manufacturing into in-house, and CMOs segment. In-house segment dominated the global biosimilars market by manufacturing with a share of over 70% in 2020 .The in-house segment is projected to witness highest growth owing robust R&D infrastructure of major companies which closely work with their strategic partners.
The global biosimilars and follow-on biologics is segmented on the basis of type into monoclonal antibodies, fusion proteins, insulin, erythropoietin, granulocyte-colony stimulating factor, interferon, growth hormones, fertility hormones, and others. Monoclonal antibodies segment holds majority of the market share and was valued at US$8,910.0 million in 2020 growing at a CAGR of 30.84% from 2021 to 2031.
On the basis of application, the global biosimilars and follow-on biologics is segmented blood disorders, oncology diseases, chronic & autoimmune diseases, growth hormone deficiencies, and others. Oncology diseases segment held majority of the market share and was valued at US$3,704.8 million in 2020. The segment is expected to the highest growth rate during the forecast period.
According to the analysis, European region is a leader in the global biosimilars and follow-on biologics market. European biosimilars and follow-on biologics market was valued at US$5,308.0 million in 2020. This regional market growth has been fuelled by well-developed healthcare infrastructure and an increasing number of product releases.
What are the Market Trends for Global Biosimilars and Follow-on Biologics R&D Market?
- Regulatory Hurdles Slowing Down Access to Biosimilars
- Vulnerability of Global Pharmaceutical Manufacturing Amid COVID-19
- Emerging Economies Continues to Pose Challenges for Building Presence for Generics and Biosimilars Companies
- Digital Transformations as a Key Enabler to Strengthen Research in Biosimilars Industry
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Our 570+ page report provides 700+ tables and charts/graphs. Read on to discover the most lucrative areas in the industry and the future market prospects. Our new study lets you assess forecasted sales at overall world market and regional level. See financial results, trends, opportunities, and revenue predictions. Much opportunity remains in this growing Biosimilars and Follow-on Biologics R&D Market. See how to exploit the opportunities.
Forecasts to 2031 and other analyses reveal the commercial prospects
- In addition to revenue forecasting to 2031, our new study provides you with recent results, growth rates, and market shares.
- You find original analyses, with business outlooks and developments.
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Discover sales predictions for the world market and sub-markets
By Type of Manufacturing
- Monoclonal Antibodies
- Fusion Proteins
- Granulocyte-Colony Stimulating Factor
- Growth Hormones
- Fertility Hormones
- Blood Disorders
- Oncology Diseases
- Chronic & Autoimmune Diseases
- Growth Hormone Deficiencies
- RDNA Technology
- Mab Technology
- Bioassay Technology
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for 5 regional and 14 leading national markets:
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa