The biosimilar market reached a value of US$ 7.7 Billion in 2020. This market is currently being driven by a number of factors such as patent expires of blockbuster biological drugs, lower prices, rising prevalence of chronic diseases, and cost-saving initiatives from governments and third-party payers. Catalyzed by these factors, the market is expected to witness strong growth during the next five years.
Biosimilars, also known as follow-on biologics, refers to a biotherapeutic product which is highly similar to a reference biologic drug. It is produced using living organisms or cells and has a complex molecular structure. When the patent of a biologic drug expires, manufacturers resort to the approval from the regulatory authorities so as to start the production of biosimilars. For being labelled as a biosimilar, a biological drug should be proved similar in terms of quality, safety and efficacy. In comparison with generic drugs, biosimilars are expensive as their production process is more complex and requires higher investment in research and development.
Global Biosimilar Market Drivers/Constraints:
IMARC Group provides an analysis of the key trends in each sub-segment of the global biosimilar market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region, molecule insights, indication insights, and manufacturing insights.
On the basis of molecule, the market has been segmented as Infliximab, Insulin Glargine, Epoetin Alfa, Etanercept, Filgrastim, Somatropin, Rituximab, Follitropin Alfa, etc. Currently, Infliximab dominates the market, holding the largest share.
Based on the indication, autoimmune diseases account for the majority of the total market share. Other major indications include oncology, diabetes, blood disorder, growth deficiency, female infertility, etc.
Based on the type of manufacturing, the market is segregated into in-house manufacturing and contract manufacturing. Amongst these, in-house manufacturing accounts for the majority of the market share.
Region-wise, the market has been segmented into the United States, Germany, France, Italy, Spain, United Kingdom, Japan, India, South Korea and Others.
The competitive landscape of the global biosimilar market has also been analysed. Some of the leading players operating in the market are:
This report provides a deep insight into the global biosimilars market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the biosimilars market in any manner.
The global biosimilar market size was valued at US$ 7.7 Billion in 2020.
According to the estimates by IMARC Group, the global biosimilar market is expected to witness a CAGR of 21.0% from 2021 to 2026.
The rising prevalence of chronic diseases, along with the continuous patent expiry of numerous blockbuster biologic drugs represent some of the key drivers for the global biosimilar market.
The introduction of numerous initiatives by several government agencies for promoting the adoption of biosimilars over branded biologics represents one of key trends in the global biosimilar market.
Sudden outbreak of the COVID-19 pandemic had led to the delayed clinical trials for biosimilars due to the rising focus on the production of effective vaccines against coronavirus infection, thereby negatively impacting the market for biosimilars.
On the basis of the molecule, the market has been bifurcated into Infliximab, Insulin Glargine, Epoetin Alfa, Etanercept, Filgrastim, Somatropin, Rituximab, and Follitropin Alfa. Currently, Infliximab holds the majority of the total market share.
On the basis of the indication, the market has been divided into autoimmune diseases, oncology, diabetes, blood disorder, growth deficiency, and female infertility. Among these, autoimmune diseases represent the largest segment.
On the basis of the manufacturing, the market has been classified into in-house manufacturing and contract manufacturing. Among these, in-house manufacturing exhibits a clear dominance in the market.
Region-wise, the market has been classified into the United States, Germany, France, Italy, Spain, United Kingdom, Japan, India, South Korea, and others, where Italy dominates the global market.
The key companies in the global biosimilar market are Novartis, Pfizer, Teva, Celltrion, Merck & Co, Samsung Bioepis, Eli Lilly, Biocon, Dr. Reddy's Laboratories, Amgen and Boehringer Ingelheim.
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