Biosimilars Market Size to Cross USD 85 Bn Valuation by 2031 | Transparency Market Research

Wilmington, Delaware, United States, April 19, 2023 (GLOBE NEWSWIRE) — The global biosimilars market stood at USD 20.4 Bn in 2021 and is expected to surpass USD 85 Bn by 2031, expanding at a CAGR of 15.5% during the forecast period between 2022 and 2031.

Globally, a number of pharmaceutical firms are working to produce biosimilars. The global market for biosimilars is likely to grow at a rapid pace in the next few years. Large number of biopharmaceutical medications are likely to lose patents in the near future. As a result, lower healthcare expenses and modifications in the government’s regulatory framework are anticipated to propel the global industry.

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Market Snapshot:

Monoclonal antibodies are being used to treat COVID-19, which has rekindled commercial interest. Manufacturers are stepping up their research abilities to create better immunotherapy medications. Occurrence of adverse effects in cancer patients could be lowered by these medications.

The global market is likely to benefit from increase in provision of insurance coverage for biosimilars. A biologic medical product that is thought to be extremely similar to a biologic that has previously received approval is referred to as a biosimilar. The criteria used to certify these biosimilars include their effectiveness, safety, and quality, as well as the exact same pharmaceutical quality standards that apply to other biologic drugs.

Patent expiration of popular biologics is anticipated to offer business opportunities in the global biosimilars market. Increase in biosimilar sales and approvals has resulted in a large drop in the sales of biologics with stable or rising market demand.

Global burden of chronic illnesses has increased. Aging populations and people’s changing lifestyles are the major contributors to the rise in incidence of chronic illnesses. Some of the chronic ailments include cancer, rheumatoid arthritis, obesity, oral illnesses, respiratory illnesses, stroke, hypertension, and diabetes. However, the treatment of cancer and rheumatoid arthritis with biosimilar monoclonal antibodies is becoming increasingly popular.

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Key Findings of Market Report

• Based on product, the recombinant non-glycosylated proteins segment accounted for significant market share in 2021. Recombinant non-glycosylated proteins known as biosimilars are necessary for the management of chronic illnesses, which are becoming more common. Changing government regulations as well as growing government attention toward approval of biosimilars are expected to drive the segment from 2022 to 2031.
• In terms of indication, the oncology segment dominated the global market in 2021. The segment is expected to be driven by rise in incidence of cancer and increase in research projects on biosimilars across the globe. In the past few decades, the commercialization of biologics has increased as a result of developments in biomedical technology. As a result, cancer treatment has gotten better. In light of the costly nature of cancer treatment, the invention of a biosimilar medicine with equal clinical effectiveness has reduced treatment costs and increased access to care. Consequently, the oncology segment is anticipated to hold a sizeable share of the market.

Global Biosimilars Market: Growth Drivers

• Over 70% of cancer-related fatalities occur in middle- and low-income countries, making it the second-largest cause of death worldwide. Age-related surge in cancer incidence is likely to be driven by greater likelihood of developing particular malignancies as people age. Development of biosimilar medications for treating chronic illnesses is anticipated to drive the global market in the near future.

Biosimilars Market: Regional Landscape

• Europe accounted for more than 45% of the global industry in 2021. In the European Union (EU), over 60 biosimilars have already been given the go-ahead, and numerous others are currently undergoing evaluation. Thus, the biosimilars market in Europe is likely to expand rapidly in the near future.

Global Biosimilars Market: Key Players

• Sandoz International GmbH (A Novartis Division)
• Intas Pharmaceuticals Ltd.
• STADA Arzneimittel AG
• Dr. Reddy’s Laboratories Ltd.
• Pfizer, Inc.
• Teva Pharmaceutical Industries Ltd.

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Biosimilars Market: Segmentation

Product

• Recombinant Glycosylated Proteins
• Recombinant Non-glycosylated Proteins
• Recombinant Peptides

Indication

• Chronic Diseases
• Oncology
• Autoimmune Diseases
• Infectious Diseases
• Blood Disorders
• Growth Hormone Deficiency
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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