Biosimilars Market to Witness Healthy Growth with Relatively Higher Demand for Biosimilars Applications

Biosimilars Market to Witness Healthy Growth with Relatively Higher Demand for Biosimilars Applications

The global biosimilars market size is expected to grow from USD 55.02 billion by 2027 from USD 11.8 billion in 2020, at a CAGR of 24.7 %. This industry is experiencing significant growth due to the rising incidence of chronic diseases and the increasing demand for biosimilars due to their cost-effectiveness. As biosimilars are widely used in prevention and treatment of a range of chronic diseases, such as diabetes, cancers, CVDs, autoimmune diseases, rheumatoid arthritis, kidney failure, growth hormone deficiency, haematological diseases, and infectious diseases, the demand for biosimilars is likely to gather momentum within the next few years. Growing geriatric population is another major factor identified to primarily drive the market for biosimilars.

Moreover, they are increasingly gaining preference over conventional biologics, attributed to relatively lesser costs compared to that of their parent biological drugs. Various government and private bodies are increasingly promoting the usage of biosimilars over conventional biologics and synthetic drug products. This will remain a major factor propelling the market for biosimilars. High costs of existing biological drugs and rapidly growing pharmaceutical realm will collectively foster the market for biosimilars.

However, high manufacturing costs and complexity may remain longstanding roadblocks to mainstream production of biosimilars. Moreover, availability of affordable generic drugs in market may also hamper the sales of biosimilars. The most prominent restraint for manufacturers is to establish the bio similarity through extensive analytical characterization.

Prior to approval, each biosimilar can undergo scrutiny by respective regulatory bodies in order to prove the similarity in terms of safety and efficacy. On the other side, consistent price reductions and the resultant price-competitiveness in the market will be the toughest challenges to the commercialization of biosimilars during the forecast period.

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Discounted biosimilar prices will continue to hold a major impact on the overall biosimilar sales, as patients will remain the key beneficiaries. Innovators price dropping with heavy discounts is a recent, ongoing trend among the manufacturers based in progressing biosimilar markets. This will be a popular trend throughout the forecast period as well, eventually spurring the global biosimilars market growth.

Furthermore, biosimilar manufacturers are likely to trial multiple production volumes or production on different scales. The potential profitability of manufacturing multiple biosimilar products in the same facility can also be a favourable growth opportunity for biosimilar manufacturing companies during the forecast period. A number of leading manufacturers are focusing on strategic collaborations. In addition, a large number of players are increasingly outsourcing the production of biosimilar products. Both these trends will favor the market over the next few years.

The prominent players operating in biosimilars market include Pfizer (US), Sandoz (Germany), Biocon (India), Biogen (US), Fresenius Kabi AG (Germany), Boehringer Ingelheim (Germany), Merck KgaA (Germany), Mylan (US), Eli Lilly (US), Teva Pharmaceutical (Israel), Dr. Reddy’s Laboratories (India), Amgen (US), Celltrion (South Korea), Samsung Biologics (South Korea), Amega Biotech (Argentina), mAbxience (Switzerland), Probiomed (Mexico), Apotex (Canada), Chong Kun Dang (South Korea), JCR Pharmaceuticals (Japan), Gan & Lee Pharmaceuticals (China), Gedeon Richter (Hungary), Biocad (Russia), Coherus Bioscience (US), and Stada Arzneimittel AG (Germany).

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North America accounted for the largest share, accounting for approximately 30% of the global market, in 2017. The North American segment of the market studied is majorly driven by the presence of many large research laboratories, such as Sandoz, Amgen, Teva Pharmaceutical, and others. According to a recent report, more than 40 biosimilars are under development, including approximately 20 biosimilars ready to be released into the market, and a significant number of biosimilars are in the pipeline. Owing to the immense economic developments and booming biotechnology companies in the region, Asia-Pacific is also expected to record robust growth over the forecast period. Furthermore, factors such as high demand for the low-cost therapeutics and treatments, high prevelance and incidence of various chronic diseases, increase in R&D expenditures by the market players in the emerging economies such as India, South Korea and China are also propelling the growth of biosimilars market in Asia Pacific region.

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