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Written by Business News » Updated on: November 19th, 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 trends, size, share 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 Expiration:
Patent expirations are one of the most significant factors driving the market growth. Biologic drugs, which are complex molecules derived from living cells, have been pivotal in treating various severe diseases. These biologics, often referred to as blockbuster drugs, come with substantial patents that grant exclusive manufacturing and marketing rights to the patent holders. As these patents expire, the proprietary hold on these lucrative drugs diminishes, paving the way for biosimilar manufacturers to enter the market. The expiry of patents on major biologics has created a lucrative opportunity for biosimilar manufacturers. The competition introduced by biosimilars significantly reduces the costs of these therapies, benefiting healthcare systems and patients.
Cost-Effectiveness:
Cost-effectiveness is a cornerstone of biosimilar market growth. Biologic drugs, while revolutionary in treating complex diseases such as cancer, rheumatoid arthritis, and diabetes, are highly expensive. The high cost of biologics often limits patient access and places a significant financial burden on healthcare systems worldwide. Biosimilars, being highly similar to their reference biologics, present a viable solution to this economic challenge. By offering similar efficacy and safety profiles at a reduced cost, biosimilars help to alleviate the financial pressures on healthcare providers and insurers. This cost advantage is crucial in regions with constrained healthcare budgets, where the adoption of biosimilars can lead to substantial savings and reallocation of resources towards other essential health services.
Increasing Prevalence of Chronic Diseases:
The elevating prevalence of chronic diseases is another major factor propelling the growth of the biosimilar market. Chronic ailments such as cancer, diabetes, autoimmune disorders, and cardiovascular diseases (CVDs) are on the rise globally, driven by factors like increasing geriatric populations, sedentary lifestyles, and dietary changes. These diseases often require long-term treatment, frequently involving biologic therapies known for their effectiveness in managing complex conditions. However, the high cost of biologic drugs can be prohibitive for many patients and healthcare systems. Biosimilars provide a more affordable alternative, enabling broader access to essential treatments for chronic diseases.
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Biosimilar Market Report Segmentation:
By Molecule:
Infliximab holds the majority of the market share due to its established efficacy in treating a wide range of inflammatory conditions, making it a highly sought-after biosimilar.
By Indication:
Auto-immune diseases accounted for the largest market share, as they are highly prevalent and often require biologic therapies, leading to significant demand for biosimilars in this category.
By Manufacturing Type:
In-house manufacturing represented the largest segment because it allows companies to maintain strict quality control and reduce production costs.
Regional Insights:
Europe's dominance in the market is attributed to its regulatory environment, strong healthcare infrastructure, and early adoption of biosimilars.
Global Biosimilar Market Trends:
The expanding geriatric population globally, which is more likely to suffer from chronic diseases, thereby boosting the demand for cost-effective biologic treatments like biosimilars, is driving the market growth. Additionally, the implementation of favorable government policies, including faster approval processes and incentives to support the adoption of biosimilars, is fueling the market growth. Besides this, recent advances in biotechnology and manufacturing processes, which are making it easier and more cost-effective to produce biosimilars, are fostering the market growth. Furthermore, the growing awareness and acceptance of biosimilars among healthcare professionals and patients are acting as another growth-inducing factor.
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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