Global Biosimilars Market Size is Projected to Gain USD 103.94 Billion, at a CAGR of 25.6% by 2022 to 2028 | Vantage Market Research

WASHINGTON, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Biosimilars Market finds that the increasing chronic diseases and rising cost effectiveness of biosimilars to expedites market growth. In addition, increasing biosimilars adoption in several countries is likely to expand the development of the Global Biosimilars Market during the forecast period.

The Global Biosimilars Market size is projected to reach USD 103.94 Billion by 2028.

The Global Market revenue was valued at USD 28.46 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 25.6% during the forecast period; states Vantage Market Research, in a report, titled “Biosimilars Market by Product Class (Monoclonal Antibodies, Recombinant Hormones, Immunomodulators, Anti-Inflammatory Agents), by Application (Blood Disorders, Growth Hormonal Deficiency, Chronic and Autoimmune Disorders, Oncology), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Industry Findings & Insights from the report:

• The global Biosimilars Market was valued USD 28.46 Billion in 2021 and is all set to surpass USD 103.94 Billion by 2028, exhibiting a CAGR of 25.6% during the forecast period 2022-2028.
• In terms of revenue, the product segment grasps the largest revenue share in 2021 and is appraised to continue its dominance during the forecast period.
• In terms of revenue, the application segment grasps the second largest market share of in 2021 and is projected to grow rapidly during the forecast period.
• The market growth is driven by rapid urbanization, technological advancement, an increase in investment by developed and developing countries.
• North America accounts the lion share in 2021 and is projected to continue its position during the forecast period. This can be attributed to the existence of a significant number of biosimilars industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
  

List of Leading Players in the Biosimilars Market:

• F. Hoffmann-La Roche Ltd. (US)
• Sandoz International GmbH (Switzerland)
• Dr. Reddy’s Laboratories Ltd. (India)
• Teva Pharmaceutical Industries Ltd. (Israel)
• Pfizer Inc. (US)
• Samsung Bioepis (South Korea)
• Biocon (India)
• Mylan N.V (US)
  

Market Dynamics:

Driver:

Rise in Cost Effectiveness of Biosimilars to Drive the Market Growth

The cost-effectiveness of the biosimilars in the treatment of several chronic diseases common among the population across the globe is impelling the growth of the global biosimilars market. In fact, according to Vantage Market Research, the biosimilars priced are about 20-30% reduced than the branded counterparts, which is resulting as both costs cutting as well as access to highly efficient treatments for the patients. Also, the less investment in research & development lower the cost for biosimilars. Low-priced biosimilars also reduce the impact on reference biologic prices through price competition among manufacturers. The valuable cost-to-benefit ratio provided is anticipated to raise its demand in the near future.

The burden of chronic diseases is increasing across the globe and the available biosimilars are used to treat a wide range of chronic diseases. The growing number of chronic diseases can be largely attributed to increasing age and changing lifestyles of people. Some of the common chronic diseases & disorders including cancer, type 1 and 2 diabetes, growth hormone disorders, rheumatoid arthritis, anaemia, psoriasis, kidney failure, infectious disorders, and post-menopausal osteoporosis. Biosimilars or copy biologics are increasingly being adopted by clinicians, authorities and patients, as are the much-needed improvements in access to clinically viable options for the treatment of various diseases. Additionally, biosimilars have potential for the development of other chronic disorders such as breast cancer, adult T-cell leukemia, meningitis, obesity and hepatitis E.

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COVID-19 Impact Analysis

The COVID-19 outbreak has affected number of industries across the globe and the Biosimilars Market is not an exception. Administrative bodies worldwide implemented several measures like strict social distancing, lockdown in order to stop swift spread of Covid-19 pandemic. Biosimilars Market suffered as the Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Biosimilars industry were witnessing a steep drop due to the pandemic. Additionally, Biosimilars Market was also impacted by the restricted movement of goods and people due to the lockdown measures in place during the beginning stages of the epidemic spread.

Moreover, the rollout for the Biosimilars industry too is taken into consideration as the after effects of the pandemic are moderately coming down since the beginning of 2022. Hence, market players faced several challenges as disruptions in the supply chain were observed. However, workforce and supplies are expected to resume normal in the second half of 2022 which will further fuel Cannabis Testing industry coming back on track. In addition, the study by Vantage Market Research, also deep dives into the after-effects of the COVID-19 pandemic on the subsidiary units of the Biosimilars industry. The impact of COVID-19 on the market demand is considered while estimating the present and future market size and growth trends of the Biosimilars industry for all the regions and countries primarily based on the aforementioned data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Key Strategies Undertaken by Companies to Tackle COVID-19 Pandemic
3. Quarterly Market Revenue Forecast by Asia Pacific 2021 & 2022
4. Long Term Dynamics
5. Short Term Dynamics

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The report on Biosimilars Market highlights:

• Evaluation of the market
• Premium Insights
• COVID Impact Analysis
• Competitive Landscape
• Global and Regional Dynamics
• Historic Data, Estimates and Forecast
• Company Profiles
  

Regional Analysis:

Europe Dominated the Global Biosimilars Market

Europe dominated the Global Biosimilars Market and will continue to dominate during the forecast period. This dominance is attributable to impending patent expiry of biologic products, the rising prevalence of chronic disorders, launch of new biosimilars, coupled with the growth of new players as well as early entry into the market. In addition, regulatory authorities have been instrumental in the adoption of biosimilars by making suitable and favorable changes towards the approval of biosimilar drugs. Biosimilar drugs are regulated by establishing a solid framework for approval in Europe and shaping biosimilar development throughout the world. Currently, biosimilars are an important part of the effective biological therapies available in Europe.

On the other hand, the Biosimilars are becoming especially popular in North America. The growing popularity of biosimilars in North America and the presence of several market players in this region are investing heavily in the research and development activities of biosimilars, which is expected to fuel the growth of the market in this region.

Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on “Biosimilars Market by Product Class (Monoclonal Antibodies, Recombinant Hormones, Immunomodulators, Anti-Inflammatory Agents), by Application (Blood Disorders, Growth Hormonal Deficiency, Chronic and Autoimmune Disorders, Oncology), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”

Recent Developments:

1. In July, 2021: The US Food and Drug Administration (FDA) has agreed for the first interchangeable biosimilar product for the treatment of diabetes with the approval of insulin glargine-yfgn (Semglee) to enhance glycemic control in adults and pediatric patients with type 1 diabetes and in adults with type 2 diabetes, according to the FDA.

2. In January, 2022: India's premier biopharmaceutical company Biocon is developing a pipeline of 20 biosimilar drugs or similar but not identical copy of biologic medicines, to tap the huge opportunity in the future.

Key Questions Answered by Vantage Market Research:

• Which region will grow with highest CAGR in the near future?
• Which are the top seven players and their weakness and strength?
• What will be the future innovation in the forecast of six years?
• Which application and product accounts the largest share of the global market during the forecast period?
• What are the growth drivers, opportunities, restraints and challenges of the industry?
• What will be the CAGR and size of the Biosimilars Market for the base year and forecast period 2022-2028?

This market titled “Biosimilars Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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