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Market Research Report
Product code
1091440
Biosimilars Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change |
Biosimilars Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change |
Published: June 17, 2022
The Business Research Company
Content info: 263 Pages
Delivery time: 2-3 business days
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“Biosimilars Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change” from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global biosimilars market as it emerges from the COVID-19 shut down.
Where is the largest and fastest growing market for biosimilars? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? “The biosimilars market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider biosimilars market; and compares it with other markets.
This report describes and evaluates the global biosimilars market. It covers three five-year periods: 2015-2020, the historic period, and the forecast periods: 2020-2025 and 2025-2030. The report evaluates the market across each region as well as the major economies within each region.
The global biosimilars market reached a value of nearly $9,792.0 million in 2020, having increased at a compound annual growth rate (CAGR) of 43.5% since 2015. The market is expected to grow from $9,792.0 million in 2020 to $22,213.7 million in 2025 at a rate of 17.8%. The market is then expected to grow at a CAGR of 17.5% from 2025 and reach $49,786.4 million in 2030.
Growth in the historic period in the biosimilars market resulted from increase in cancer prevalence, strong economic growth in emerging markets, increase in pharmaceutical R&D expenditure, increased healthcare expenditure, government initiatives, strong pipeline of drugs, low cost of biosimilars, increase in patent expiration. The market was restrained by pricing pressures from regulators, challenges due to regulatory changes, low healthcare access, lack of awareness on biosimilars among primary care physicians and specialists and reimbursement challenges.
Going forward, increasing prevalence of cancer, increasing demand for prophylaxis granulocyte colony-stimulating factor (G-CSF), rise in healthcare expenditure, high potential of emerging economies, technology advances, high penetration of the biosimilar drugs, rising aging population, and increase in healthcare access will drive the growth in the vaccines market. Factors that could hinder the growth of the market in the future include high costs of drugs, high cost of drug development with threat of failure, and coronavirus pandemic.
The biosimilars market is segmented by type into monoclonal antibodies, insulin, erythropoietin, granulocyte-colony stimulating factor, other hormones and others. The monoclonal antibodies segment was the largest segment of the biosimilars market segmented by type, accounting for 35.9% of the total in 2020. Going forward, the erythropoietin segment is expected to be the fastest growing segment in the biosimilars market segmented by type, at a CAGR of 26.5% during 2020-2025.
The biosimilars market is also segmented by application into oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and other applications. The chronic and autoimmune diseases segment was the largest segment of the biosimilars market segmented by application, accounting for 47.1% of the total in 2020. Going forward, the infectious diseases segment is expected to be the fastest growing segment in the biosimilars market segmented by application, at a CAGR of 24.6% during 2020-2025.
Western Europe was the largest region in the biosimilars market, accounting for 71.06% of the total in 2020. It was followed by the North America, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the biosimilars market will be Middle East and Africa where growth will be at CAGRs of 131.8% and 119.7% respectively during 2020-2025. These will be followed by South America and Eastern Europe, where the markets are expected to register CAGRs of 117.7% and 106.4% respectively during 2020-2025.
The biosimilars market is particularly prone to disruption from the coronavirus outbreak, as patients with cancer are more susceptible to viral infections, especially after chemotherapy, stem cell transplants, or surgeries. COVID-19 has caused clinical trial delays for biosimilars, and has resulted in low usage of biosimilars. For instance, Amgen's reference product Neulasta® (the original syringe form) have been steadily losing market share since the covid-19 outbreak, Coherus Bioscience's Udenyca® has been steadily gaining marketshare, utilization of Neulasta's OnPro® on-body injector has been relatively steady and the other biosimilar products (Fulphila® and Ziextenzo®) have not yet gathered momentum .Due to worldwide lockdown, production is also being halted which is causing supply chain issues.
The biosimilars market is highly consolidated with a small number of global players dominating the market. The key players in the market are focusing on expanding their operational and business presence in the biosimilars market through development of advanced technologies, strategic collaborations and acquisition and new product launch to meet the global demand. The top ten competitors in the market made up to 73.53% of the total market in 2020.
The top opportunities in the biosimilars market segmented by type will arise in monoclonal antibodies segment, which will gain $7,305.0 million of global annual sales by 2025. The top opportunities in the biosimilars market segmented by application will arise in oncology segment, which will gain $5,922.2 million of global annual sales by 2025. The biosimilars market size will gain the most in the USA at $5,575.5 million.
Market-trend-based strategies for the vaccines includes investing extensively in R&D activities for the development of effective and innovative drugs, efforts towards the production of biosimilars for neutropenia treatment to improve revenues and product offerings, M&A growth strategies to expand the customer base and their geographic markets, revised and less stringent regulations in practice, and establishing strategic partnerships with the large players to expand their research and developments activities in new drug developments.
To take advantage of the opportunities, the business research company recommends the biosimilar companies to focus on robust research and development, on strategic partnerships for new product development, focus on biosimilars in the treatment of neutropenia, expand in emerging markets and in developed markets with high biosimilar adoption, set up authorized distributors and sales representatives, expand in countries offering research incentives, scale up through merger and acquisition activity, provide competitively priced offerings in low-income countries, direct marketing, focus on increasing awareness, targeting hospitals and pharmacies to spread awareness, focus on cancer patients and on the aging population.