PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182887
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182887
Biosimilars Market size was valued at USD 31,107.6 Million in 2021, expanding at a CAGR of 16.9% from 2022 to 2028.
The drugs known as biosimilars are derived from live organisms, though they can be produced in a variety of methods and using relatively different materials. Biosimilars are fundamentally different from generic medicines due to the complexity and high expense of their development as well as their molecular size and structure.
The rising elderly population and the rising incidence of chronic diseases, coupled with the quicker regulatory approval procedure are supporting the biosimilar market growth. The cost of biosimilars is more than 20% lower than its branded counterparts. As a result, patients can obtain highly effective treatments while also saving money. When compared to innovative biologics, biosimilars have cheaper Expenses. Because research expenses are lower, biosimilars are less expensive.
Reduced-priced biosimilars frequently cause the costs of reference biologics to rise due to manufacturer pricing rivalry. In the upcoming years, demand for biosimilar medicines is likely to rise because of their high cost-to-benefit ratio. The growing use of these medications throughout the world could lower direct spending on biologics. To acquire a competitive edge in the development, production, or sale of their products, numerous pharmaceutical companies are pursuing strategic partnerships, collaborations, and acquisitions. The partnerships want to give patients access to high-quality, affordable medicines.
Pharmaceutical companies specializing in the development of biosimilars face a substantial challenge. Additionally, according to a study titled "Impact of COVID-19 on Cancer Care: A Global Collaborative Study" that was released in September 2020, almost 90% of cancer care facilities encountered difficulties providing standard cancer care due to a variety of factors, including preventive measures, a lack of personal protective equipment, and staff shortages brought on by COVID-19.
The Global Biosimilars Market is segmented based on Product, Application, and Region.
Based on the product, the market is segmented into oncology, blood disorders, growth hormonal deficiency, chronic and autoimmune disorders, and others. During the projection period, the oncology segment is likely to witness strong revenue CAGR growth. As they add competition to the drug development process, biosimilars have a number of potential advantages in the treatment of cancer. Patients who must pay for the original products benefit greatly from the use of biosimilars in terms of financial savings. The term "biologics" refers to a broad range of goods, including vaccines, hormones, anti-allergy drugs, and blood and blood components. Oncology holds a sizeable portion of the market due to the introduction of new chemical and biological carcinogens that are raising the incidence of cancer. As a result of advancements in medical technology, doctors may now successfully cure patients who were diagnosed at a later stage and return them to normalcy. Cancer, however, spreads throughout the body as it progresses, reducing the range of available treatments. The cost of treatment for many cancer patients is reduced by the use of biosimilars, making it more accessible and affordable.
Regionally, the Asia Pacific region is expected to grow at the highest CAGR over the forecast period due to the presence of various emerging players in the region. The increasing geriatric population in Asia-Pacific is associated with a high healthcare expenditure burden, and the market segment demands cost-effective options (i.e. biosimilars), which can augment market development. An increasing number of cancer patients in this region and the lack of medical infrastructure especially for cancer patients are creating opportunities for private manufacturers.
In May 2022, Amneal Pharmaceuticals, Inc. received approval from the US Food and Drug Administration ("FDA") for a Biologics License Application ("BLA") for pegfilgrastim-pbbk, a biosimilar to Neulasta. The product will be sold under the brand name FYLNETRA.
The scope of this report covers the market by its major segments, which include as follows: