Biosimilars refer to a generic product with the same active ingredients as the original drug, with no significant differences in dosage, dosage form, route of administration, safety and effectiveness, quality, therapeutic effect, and indication. It has substantial economic and social benefits such as reducing medical expenditures, improving access to medicines, and improving medical services.
The global biosimilar market expected to exceed the market growth at a substantial CAGR in the forecast period from 2020-2027. Driven by pharmaceutical companies, the global biosimilar market is in a fast-growing stage. The growth rate of biosimilars is much higher than that of first research biosimilars; thus, the market size will continue to maintain a rapid growth trend. The rising treatment penetration, cost-effectiveness, and faster approval of biosimilars are deriving market growth.
Furthermore, the increase in the world’s total population, aging population, rising health awareness, and the change in the spectrum of diseases have made humans pay more and more attention to life and health. Continuous improvement of medical security systems, along with growing urbanization across various countries, is promoting the demand for biosimilars.
Additionally, the expansion of the biosimilar market due to the expiry of patent medicines is the major driving forces for the growth of global pharmaceutical spending. Biosimilar drugs have the same active ingredients, dosage forms, routes of administration, and therapeutic effects as the original drugs, but the prices of biosimilars are relatively low, thus have significant economic and social benefits, which lead to reduced medical expenditures, improving drug accessibility, and medical service levels.
The demand for biosimilars continues to increase; the penetration rate of biopharmaceutical treatments has proliferated. Due to the advantages of better efficacy and lower side effects, biosimilars are rapidly growing in the field of immunological diseases and tumor treatment.
Biosimilars are cost-effective as they replace the original drugs, and they continue to expand new market space. The cost of research and development of biosimilar drugs is only 1/4 of the original pill, and there is ample space for the price reduction. The research and development of innovative research biomedicine takes an average of 6-15 years and costs about 350-800 million US dollars. The development of biosimilars takes an average of 6-10 years and costs the US $ 120-200 million. Thus, biosimilar drugs have distinct price advantages, and further replacement of original research drugs is an inevitable trend in the future.
Based on the product, the global biosimilars market segmented into Insulin, Interferon, Etanercept, Infliximab, Rituximab, Glucagon, Calcitonin. The interferon segment has dominated the market of global biosimilars. With the advent of an aging society and people’s pursuit of chronic disease treatment and health, the demand for preventive medication such as vaccines and other biological products will be favorable. The burden of chronic diseases is rising, and the annual growth of anti-tumor drugs, diabetic drugs, arthritis drugs, antiviral drugs, vaccines, and other fields will be higher than the average growth level of the world drug market.
Based on the manufacturing, the global biosimilars market bifurcated into In-house, Contract. The in-house segment has bolstered the market share for the global Green biosimilars market. In-house production of biosimilars will helps in reducing the costs of overheads, delivery, and shipment. Also, in-house manufacturing will allow flexibility in operations and provide financial support with small manufactures of the biosimilar. A contract with the research development will help in saving money from overheads. Moreover, it will also improve accessibility and monitor every step of production.
Based on the indication, the global biosimilars market segmented into Oncology, Chronic Disease, Blood Disorder, Autoimmune Disease. The oncology segment will propel the market demand for the global biosimilar market. In the wake of the reduction of cost and fuel, the development of new treatment in the patient will help in fueling the demand for the global biosimilars market. As biosimilars are not a generic drug, it is highly similar to the active biological ingredients, but are less expensive. Thus, oncology will help in fueling the demand for the global biosimilars market.
Based on geography, the global biosimilars market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The European region has dominated the demand for biosimilars in the global market. Owing to rising chronic diseases, the geriatric population will surge the need for the biosimilars market in the forecast period from 2020-2o27. Moreover, Asia Pacific will also emerge in the biosimilar market as with increasing disposable income, the government is investing in more and more research development for developing low-cost therapeutics and treatments to reduce the cases of breast cancer, and other chronic diseases.
Companies such Pfizer, Sandoz, Biocon, Biogen, Fresenius Kabi AG, Boehringer Ingelheim, Merck KgaA, Mylan, Eli Lilly, Teva Pharmaceutical, Dr. Reddy’s Laboratories, Amgen, Celltrion, Samsung Biologics, Amega Biotech, mAbxience, Probiomed, Apotex, Chong Kun Dang, JCR Pharmaceuticals, Gan & Lee Pharmaceuticals, Gedeon Richter, Biocad, Coherus Bioscience, and Stada Arzneimittel AG and others are key players in the global biosimilars market.