Biosimilars Market

Biosimilars Market Is Estimated To Witness High Growth Owing To Increasing Demand and Patent Expirations

by

The Biosimilars market is estimated to be valued at USD 21.8 billion in 2023 and is expected to exhibit a CAGR of 15.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Biosimilars market refers to biologic drugs that are highly similar to already approved biological products. These drugs are used to treat various chronic diseases, such as cancer, autoimmune disorders, and diabetes. The market offers cost-effective alternatives to expensive biologics, making them more accessible to patients globally. Biosimilars are gaining popularity due to their high efficacy and lower costs compared to the reference products. Increased investments in research and development activities, coupled with the expiration of patents on several biologics, are driving market growth.

Market Dynamics:
The Biosimilars market is driven by two major factors. Firstly, the increasing demand for cost-effective therapies acts as a major driver for market growth. Biosimilars provide an affordable alternative to expensive biologic drugs, making them more accessible to a larger patient population. Secondly, the expiration of patents on several biologics creates opportunities for biosimilar manufacturers to enter the market and offer cheaper versions of the reference products. This factor has led to a significant increase in the number of biosimilars being approved and launched globally. As a result, the market is witnessing high growth potential and is anticipated to continue its upward trajectory in the coming years.

Segment Analysis:

The biosimilars market can be segmented based on product type, application, and region. In terms of product type, monoclonal antibodies dominate the market. This is due to their wide application in the treatment of cancer, autoimmune diseases, and infectious diseases. Monoclonal antibodies have higher efficacy and specificity, which make them more preferable over other product types. Additionally, the growing prevalence of chronic diseases such as cancer and autoimmune diseases is driving the demand for monoclonal antibodies.

PEST Analysis:

Political: The biosimilars market is influenced by government regulations and policies regarding the approval and pricing of biosimilars. Governments are implementing initiatives to promote the use of biosimilars in order to reduce healthcare costs and increase access to affordable treatments.

Economic: The increasing cost of healthcare and the growing burden of chronic diseases are driving the demand for cost-effective treatment options like biosimilars. Biosimilars are generally priced at a lower cost compared to the reference biologic products, making them more affordable for patients and healthcare systems.

Social: The increasing awareness about biosimilars among healthcare professionals and patients is contributing to the market growth. Moreover, biosimilars are seen as a promising solution in providing treatment access to patients in developing countries where expensive biologic drugs might be unaffordable.

Technological: Advancements in biotechnology and manufacturing processes have led to the development of high-quality biosimilars with similar efficacy and safety profiles as the reference biologics. These technological advancements have boosted the confidence of healthcare professionals and patients in using biosimilars.

Key Takeaways:

The Global Biosimilars Market Size is expected to witness high growth, exhibiting a CAGR of 15.9% over the forecast period. This growth can be attributed to the increasing prevalence of chronic diseases and the need for cost-effective treatment options.

In terms of regional analysis, North America is the fastest-growing and dominating region in the biosimilars market. This can be attributed to the presence of a well-established healthcare infrastructure, favorable government policies, and increasing acceptance of biosimilars.

Key players operating in the biosimilars market include Novartis AG, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., Celltrion Healthcare Co., Ltd., Biocon Limited, Amgen, Inc., Dr. Reddy’s Laboratories, and Sanofi S.A. These players are focusing on strategic collaborations, product launches, and geographical expansion to strengthen their market position and gain a competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
+ posts

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.