Wilmington, Delaware, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research released a report, titled, “Biosimilars Market by Type (Erythropoietin, Human growth hormone, Monoclonal antibodies, Granulocyte-Colony Stimulating Factor, Insulin, and Others), by Application (Chronic and autoimmune diseases, Oncology diseases, Blood disorders, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global biosimilars industry is expected to gain $143.6 billion by 2031, having witnessed a value of $15.9 billion in 2021, with a compound annual growth rate (CAGR) of 24.7% during the forecast timeframe.
Prime Factors Influencing Market Growth:
The growth of the global biosimilars market is driven by the incidence of various types of cancers, including lung, blood, and brain tumors, which has increased dramatically, and a rise in the prevalence of autoimmune conditions consisting of ankylosing spondylitis and rheumatoid arthritis. However, the complexity of the manufacturing process and the increased costs of biological medicine impede the growth of the market. On the contrary, supportive government policies and new product launches in the biosimilar industry create new opportunities for market growth in the coming years.
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The oncology diseases segment to maintain its lion's share during the forecast timeframe-
By application, the oncology diseases segment held the largest share in 2021, accounting for more than two-fifths of the global biosimilars market revenue, and is predicted to maintain its lion's share during the forecast timeframe. The same segment would also portray the highest CAGR of 26.0% from 2021 to 2031. As the incidence of cancer increases, the demand for cost-efficient cancer treatments is growing significantly.
The monoclonal antibodies segment to maintain its leadership status throughout the forecast period -
By type, the monoclonal antibodies segment held the largest share in 2021, contributing to more than one-fourth of the global biosimilars market revenue, and is expected to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 26.7% from 2022 to 2031. This is because of an increase in research and development (R&D) concerns to develop new biosimilars and growth in the use of immunotherapy (monoclonal antibodies) for cancer treatment.
Recent Developments in the Biosimilars Market
- In September 2023, Biogen Inc, received U.S. Food and Drug Administration (FDA) approval for its TOFIDENCE (tocilizumab-bavi) intravenous formulation, a biosimilar monoclonal antibody referencing ACTEMRA.
- In August 2023, Sandoz received U.S. Food and Drug Administration (FDA) approval for its biosimilar Tyruko (natalizumab-sztn), developed by Polpharma Biologics
- In May 2023, Celltrion Healthcare received U.S. Food and Drug Administration (FDA) approval for its adalimumab-aaty (Yuflyma; Celltrion USA), a high concentration and citrate-free formulation of adalimumab (Humira; Abbvie) biosimilar.
- In December 2022, Fresenius Kabi, received U.S. FDA approval for its biosimilar Idacio (adalimumab)
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Europe region to maintain its dominance by 2031-
By region, Europe held the highest market share in 2021, holding nearly two-fifths of the global biosimilars market revenue, and is anticipated to maintain its dominance throughout the forecast period. The same region would also display the highest CAGR of 25.9% by 2031. This is due to a rise in cancer cases and an increase in the number of biosimilar launches in the region.
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Industry Leading Players: -
- Dr. Reddy’s Laboratories
- Biocon Ltd.
- Merck & Co. Inc.
- Kashiv Bio Sciences
- Eli Lilly and Company
- Intas Pharmaceutical Ltd.
- Teva Pharmaceutical Industries Limited
- Dr. Reddy’s Laboratories
- Pfizer Inc.
- Amgen Inc.
- Biocon Ltd.
- Reliance Life Sciences
The report offers a comprehensive overview of the leading players in the global biosimilars market. These players have employed various strategies, including the launch of new products, geographical expansion, partnerships, collaborations, and agreements, to expand their market presence and remain dominant in various regions. The report represents the top segments, product portfolio, business performance, and strategic actions of market participants to emphasize the competitive landscapes.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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