New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Rapid growth of the pharmaceutical realm and higher prices of existing biological drugs are likely to foster attractive growth avenues in the biosimilars market. Biosimilars market is expected to reach US$ 100.5 Bn by the year 2032 as compared to the value of US$ 30.1 Bn at present. The market is slated to witness a CAGR of 14.1% between 2022 and 2032
Biosimilars are known for various economic and clinical benefits, which are poised to take the entire healthcare vertical by storm in the near future. RND Corporation has also certified that increasing frequency of these drugs worldwide is likely of increasing direct spending regarding biologics by close to US$ 54 Bn by the year 2026.
At the same time, easy availability of generic drugs is likely to restrain the biosimilars market in the forecast period.
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Key Takeaways from Biosimilars Market
- Europe holds the largest market share due to impending expiry of patents pertaining to biologic products with new biosimilars being launched.
- North America stands second on this count.
- The Asia-Pacific is expected to grow at the fastest pace in the biosimilars market.
- Diabetes autoimmune holds more than 40% of the market share.
- Online pharmacies are expected to dominate in the upcoming period, especially in the post-Covid era.
“Biosimilars’ cost-effectiveness renders them one of the preferred choices to treat several rare and chronic diseases at the global level.” says an analyst belonging to Persistence Market Research
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Market Competition
Persistence Market Research has mentioned about the key developments in biosimilars market. They include partnerships, agreements, collaborations, and likewise.
- Biocon Ltd. (Biocon Biologics, in particular), inked a partnership with Viatris, Inc. to table SEMGLEE (the very first interchangeable biosimilar – insulin glargine-yfgn injection) for treating diabetes. This biosimilar received approval from the US FDA in July 2021.
- Novartis AG (Sandoz), in April 2021, inked an agreement with China-based Bio-Thera Solutions for commercializing BAT1706, i.e. proposed bevacizumab biosimilar all across the US, Canada, Europe, and various other markets worldwide.
- Coherus Biosciences, Inc., in December 2021, did receive approval from the US FDA for “YUSIMRY” for treating psoriatic arthritis, psoriasis, rheumatoid arthritis, ankylosing spondylitis, juvenile idiopathic arthritis, ulcerative colitis, and Crohn’s disease.
- Viatris Inc., in collaboration with Biocon Biologics, announced launching Abevmy in Canada last May. This bevacizumab drug comes across as a biosimilar to Avastin. It is about to be approved by Health Canada to enable oncology indications.
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What does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the biosimilars market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
The research study is based on the type of product (recombinant glycosylated proteins and recombinant non-glycosylated proteins), by application (hematology, growth hormone deficiency, oncology, diabetes autoimmune, disease, and likewise), and distribution channel (online pharmacies, hospital pharmacies, and retail pharmacies).
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Rapid growth of the pharmaceutical realm and higher prices of existing biological drugs are likely to foster attractive growth avenues in the biosimilars market.
