Westford, USA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- According to a study by SkyQuest Technology, biosimilars market generated $12.24 billion in global sales in 2020. This is an 85% increase from the $9.3 billion generated in 2016. This news comes as good news for patients, as biosimilars offer a cheaper alternative to traditional medications. Not only are they cheaper, but they also often produce similar results to their original counterparts.
One of the main benefits of biosimilars is that they enable companies to skirt expensive patent protections for pharmaceuticals. This can lead to lower costs for consumers and increased competition between brands. The growth of biosimilars highlights the importance of innovation in the pharmaceutical industry. By creating new forms of medication, companies are able to keep prices down, while still providing high-quality products.
There are several challenges facing the growth of biosimilars market. One issue is that many patients do not know about them or do not know which ones to use. Another issue is that some patients react poorly to biosimilars, as they may not be identical to the original drugs.
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Recent Developments in Global Biosimilars Market
- In February 2022, Biocon Biologics has agreed to acquire Viatris' biosimilars business, a global franchise focused on oncology, immunology, and endocrinology, with the goal of strengthening its position through its portfolio and future pipeline biosimilar drugs.
- In December 2021, for the treatment of plaque psoriasis, psoriatic arthritis, rheumatoid arthritis, juvenile idiopathic arthritis, ankylosing spondylitis, Crohn's disease, and ulcerative colitis, Coherus Biosciences, Inc. 's YUSIMRY, a biosimilar to Humira (adalimumab), has been given U.S. FDA approval.
- In November 2021, to aid in the management of hyperglycemia in adult and pediatric patients with type 1 diabetes as well as individuals with type 2 diabetes, Viatris Inc. and Biocon Biologics Ltd. introduced the interchangeable biosimilar SEMGLEE.
Cancer Care to Remain the Largest Consumer of Biosimilars
Biosimilars are affordable, effective treatments for diseases. Their introduction may be most relevant in areas with high drug prices, shortages of medications, or significant gaps in coverage for certain treatments. Here are four biosimilar indications that could see the greatest potential for growth in global biosimilar market: cancer care, diabetes care, immunology therapeutics, and autoimmune disease treatment.
As per SkyQuest, global oncology biosimilars market is projected to surpass the value of $12.3 billion by 2030. Currently, the market is valued at around $4.23 billion and is estimated to grow at a CAGR of around 5% in the coming years.
There are now more than 50 biosimilar products available in the US. These products cover various cancer therapies, including psoriasis medications, anticancer drugs, and vaccines. Some of the most common cancer therapies treated with biosimilars include treatments for leukemia, breast cancer, and ovarian cancer.
One such biosimilar, brincidofovir, is currently being marketed under the name Relenza by Schering-Plough. The drug has been found to be effective in treating respiratory viruses, including SARS, and has been approved for use in over 35 countries. Relenza is also approved for use in treating various types of cancer, including lung, bladder, and colorectal cancers.
As per SkyQuest analysis, Epclusa is another most popular biosimilars. This drug is approved to treat adenocarcinoma and partial response rates are very high. Oncology biosimilars are also proving to be very successful in treating hepatitis C. There are now several biosimilars available that can treat this virus.
The growth of the biosimilars market has created opportunities for a number of smaller companies to enter the market. These companies typically do not have access to the same resources as larger pharmaceutical companies, which may lead to a higher cost of production for their products. Nonetheless, these companies are able to compete on price by producing drugs that are similar to those offered by larger pharmaceutical companies.
SkyQuest Technology has profiled all the FDA approved oncology biosimilars currently available in the global biosimilars market. The report also provides insights about number of biosimilars available as per country and companies offering them. This would help the market players to understand potential opportunities in the regional market and help to device strategies to enter the market.
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Increasing Number of Biosimilars for Insulin to Stir the Market Growth
Global biosimilars market is growing rapidly and this trend will continue as companies strive to enter the lucrative diabetic care market. In 2021, the Insulin biosimilars market was valued at $3.4 billion and is expected to grow to $5.5 billion by 2030, according to a report by SkyQuest Technology. There are several reasons for this growth. First, there is an increasing need for better, more affordable diabetes care options. Second, there is increasing interest in developing biosimilars as a means of reducing drug costs for patients. And finally, the biosimilars industry is benefitting from aggressive marketing and promotional campaigns by the original manufacturer drugs’ patent holders.
Many of the largest players in the biosimilars market are multinational pharmaceutical companies such as Biocon Limited, Eli Lilly and Company, and Sanofi, Amgen, Boehringer Ingelheim, and Merck & Co., all of whom have developed biosimilars for their original branded drugs. However, smaller biotech companies are also participating in this growing biosimilars market. For example, Vertex Pharmaceuticals has entered into an agreement with Sun Pharmaceutical Industries Ltd. to develop a biosimilar version of Insulin Aspart (Insulin Aspart BioPilot).
Biocon Limited, Eli Lilly and Company, and Sanofi jointly produce more than 90% of all biosimilars currently available in the market. These three companies account for more than 85% of global biosimilar product sales.
Biocon is the leading supplier of biosimilars with a market share of 53%. Eli Lilly and Company has the second highest market share with 24% while Sanofi has the lowest share of global biosimilars market with only 10% of the total market. The top five products produced by these companies are Humalog (biosimilar insulin from Eli Lilly and Company), NovoLog (mirror image of Humalog, produced by Sanofi), Apidra (synthetic analogue of human insulin from Biocon), Lantus (synthetic analogue of human insulin from Sanofi), and Insuman D (synthetic analogue of human insulin from Biocon). These products are all subcutaneous injections which are meant for treatment ofType I diabetes.
Globally more than 560 million people are having diabetes, out of which are over 10% people are suffering from type 1 diabetes who required to administrate insulin on regular basis. Insulin biosimilars are generally priced 50-100% less than their branded counterparts, making them an economically viable option for patients. In the last few years, the insulin cost has surged by around 54%. This has added extra burden on the pockets of people suffering from the type 1 diabetes. On average, a person in US spend around $50 for purchasing one unit of insulin, which is significantly higher than other countries. In line with this, the US government has started supporting the entry of biosimilars and FDA is also positive about the growing number of biosimilars in the country. In the last two years, the USFDA has approved 2 insulin biosimilars namely, Rezvoglar and Semglee. This has significantly reduced the financial burden of the Americans.
SkyQuest has profiled number of biosimilars available in the global biosimilars market. The reports also cover country level analysis that primarily includes, pricing analysis, sales volume, competitive landscape, value chain and supply chain analysis, company profiles, and market share analysis. The report would help the market participant how big the market is and what are the growth opportunities for them as per country and region. This would help them understand new revenue pockets and get a better understanding about global market along with current trends and competitive landscape.
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Top Players in Global Biosimilars Market
- Pfizer Inc. (US)
- Amgen Inc. (US)
- Samsung Bioepis (South Korea)
- Novartis AG (Switzerland)
- Celltrion Inc. (South Korea)
- Viatris Inc. (US)
- Coherus BioSciences (US)
- Biogen (US)
- Mylan (US)
- Teva Pharmaceutical (Israel)
- Eli Lilly (US)
- Merck & Co (US)
- Biocon (Bangalore)
Related Reports in SkyQuest’s Library:
Global Ophthalmic Disease Therapeutics Market
Global Recombinant Protein Market
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