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Written by Business News » Updated on: July 30th, 2024
IMARC Group, a leading market research company, has recently released a report titled “Biosimilar Market Report by Molecule (Infliximab, Insulin Glargine, Epoetin Alfa, Etanercept, Filgrastim, Somatropin, Rituximab, Follitropin Alfa, Adalimumab, Pegfilgrastim, Trastuzumab, Bevacizumab, and Others), Indication (Auto-Immune Diseases, Blood Disorders, Diabetes, Oncology, Growth Deficiency, Female Infertility, and Others), Manufacturing Type (In-house Manufacturing, Contract Manufacturing), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the biosimilar market share, size, trends and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global biosimilar market size reached US$ 21.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 164.5 Billion by 2032, exhibiting a growth rate (CAGR) of 25.1% during 2024-2032.
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Factors Affecting the Growth of the Biosimilar Industry:
Patent Expirations of Biologic Drugs:
Patent expirations of biologic drugs are a major catalyst driving the growth of the biosimilar market. Biologics are complex molecules derived from living cells and are used in the treatment of a variety of chronic and serious conditions, such as cancer, autoimmune diseases, and diabetes. These biologics often enjoy market exclusivity for an extended period due to the high costs and time involved in their development. However, once their patents expire, biosimilar manufacturers can enter the market. This expiration creates opportunities for biosimilar producers to develop near-identical versions of these biologics at a lower cost, leveraging the extensive clinical data available from the original products. Additionally, the entry of biosimilars disrupts the market dominance of original biologics, fostering competition and driving down prices.
Cost-Effectiveness:
Cost-effectiveness is a critical driver of the biosimilar market, providing substantial economic benefits to healthcare systems and patients. Biosimilars offer a more affordable alternative to high-cost biologic drugs, which are often expensive due to their complex development and production processes. The reduced cost of biosimilars results from less extensive clinical trials and the ability to bypass some of the initial research and development (R&D) expenditures that the original biologic incurred. This affordability is crucial in the face of rising healthcare costs globally, enabling more sustainable healthcare spending. Additionally, health insurers and government healthcare programs also benefit from the cost savings associated with biosimilars, which can translate into broader formulary inclusions and lower overall drug expenditure.
Increasing Prevalence of Chronic Diseases:
The rising prevalence of chronic diseases is a significant factor driving the growth of the biosimilar market. Chronic diseases such as cancer, diabetes, rheumatoid arthritis, and cardiovascular diseases are on the rise globally due to factors like increasing geriatric populations, lifestyle changes, and heightened incidence of risk factors such as obesity and smoking. These conditions often require long-term and sometimes lifelong treatment, leading to a substantial demand for effective therapies. In this context, biosimilars provide a cost-effective alternative, maintaining the same efficacy and safety profiles as their reference biologics but at a lower price point. Besides this, the introduction of biosimilars into the market is particularly impactful in managing chronic diseases, where long-term medication use is common.
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Biosimilar Market Report Segmentation:
By Molecule:
Infliximab holds the majority of the market share due to its extensive use in treating multiple chronic conditions such as rheumatoid arthritis, Crohn's disease, and ulcerative colitis, coupled with its established efficacy and safety profile.
By Indication:
Auto-immune diseases accounted for the largest market share owing to the high prevalence of conditions like rheumatoid arthritis and psoriasis, which require long-term biologic therapies that biosimilars can effectively address.
By Manufacturing Type:
In-house manufacturing represented the largest segment because it allows companies to maintain strict quality control, protect intellectual property, and reduce production costs.
Regional Insights:
Europe’s dominance in the market is attributed to favorable regulatory frameworks, high acceptance of biosimilars among healthcare providers, and substantial cost-saving measures adopted by healthcare systems.
Global Biosimilar Market Trends:
The rising geriatric population, which increases the demand for effective treatments for age-related conditions, many of which are treated with biologics and biosimilars, is fostering the market growth. Besides this, the recent advances in biotechnology and more efficient manufacturing processes, which are making the development and production of biosimilars more feasible, are propelling the market growth. Additionally, the heightened acceptance and confidence in biosimilars among healthcare providers is contributing to the market growth. Furthermore, the introduction of streamlined regulatory pathways for biosimilar approval in various regions, which encourages market entry, is driving the market growth.
Top Companies Operated in Biosimilar Industry:
Key Highlights of the Report:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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