PUBLISHER: The Business Research Company | PRODUCT CODE: 1409253
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409253
“Biologic & Biosimilar RA Drugs Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on biologic & biosimilar ra drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for biologic & biosimilar ra drugs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The biologic & biosimilar ra drugs 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.
Biologics and biosimilars belong to a drug category derived from living organisms such as cells, microorganisms, and other living entities. Biosimilars are specifically designed to closely resemble an already approved biological drug. These medications are primarily used to treat rheumatoid arthritis (RA), a chronic inflammatory disorder.
The primary origins of RA drugs derived from biologics and biosimilars include microbial sources, involving bacteria, yeast, and fungi, along with mammalian and other sources. These medications are utilized to address a spectrum of diseases including oncology, immunological, cardiovascular, and hematological disorders. They are manufactured both through outsourced and in-house methods and are made available to patients through prescription and over-the-counter (OTC) channels, including hospital pharmacies, retail outlets, and online pharmacies.
The biologic & biosimilar RA drugs market research report is one of a series of new reports from The Business Research Company that provides biologic & biosimilar RA drugs market statistics, including biologic & biosimilar RA drugs industry global market size, regional shares, competitors with biologic & biosimilar RA drugs market share, detailed biologic & biosimilar RA drugs market segments, market trends, and opportunities, and any further data you may need to thrive in the biologic & biosimilar RA drugs industry. This biologic & biosimilar RA drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The biologic & biosimilar ra drugs market size has grown strongly in recent years. It will grow from $13.44 billion in 2023 to $14.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The historical growth can be attributed to the acceptance rates within the market, the outcomes of clinical trials, shifts in market share, long-term results for patients, and the strategies employed for pricing.
The biologic & biosimilar ra drugs market size is expected to see strong growth in the next few years. It will grow to $18.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be linked to the rising development of biologic drugs, intensified market competition, evolving healthcare policies, shifting patient preferences, and continued clinical research and development. Key trends in the forecast period encompass heightened competition in the biosimilar market, the emergence of personalized medicine and precision therapy, advancements in drug delivery systems, emphasis on safety and efficacy, and a shift towards patient-centric healthcare.
The expansion of the aging demographic and a surge in rheumatoid arthritis (RA) cases are propelling growth in the market for biologics and biosimilar RA drugs. The term 'older population' denotes individuals aged 60 years or older. RA, an autoimmune ailment affecting joints due to the immune system attacking healthy cells, is more prevalent among the elderly, given the weakening of the immune system with age. Biologics and biosimilar RA drugs exhibit enhanced efficacy compared to conventional medications in treating RA. Notably, the World Health Organization (WHO) reported that the global population aged 60 and above was approximately 1 billion in 2020, projected to reach 1.4 billion by 2030 and 2.1 billion by 2050. In the United States, the Centers for Disease Control and Prevention anticipates a rise in arthritis cases to 78.4 million by 2040, with 34.6 million individuals experiencing arthritis-related activity limitations. The confluence of a growing geriatric population and an increasing prevalence of RA is a driving force behind the biologics and biosimilars RA drugs market.
Anticipated growth in healthcare spending is poised to drive the expansion of the biologic and biosimilar RA drug market. Healthcare spending encompasses the total financial outlay by individuals, governments, and organizations on medical goods and services, encompassing expenses related to health condition prevention, treatment, and management. Biologic and biosimilar RA drugs play a pivotal role in optimizing the management of rheumatoid arthritis by providing specialized and often costly treatments in a cost-effective manner. For instance, projections by the Canada-based Institute for Health Information (CIHI) indicate that total health spending in Canada is expected to reach $344 billion in 2023, amounting to $8,740 per Canadian. This represents a 2.8% growth in 2023, following a 1.5% increase in 2022. The escalating healthcare spending landscape is a key driver for the biologic and biosimilar RA drug market.
A prominent trend contributing to popularity is the introduction of new innovations in the biologic and biosimilar RA drugs market. Major industry players are concentrating on the development of biosimilar treatments, exemplified by advancements such as Dual Concentration Biosimilar Options, offering cost-effective alternatives. Noteworthy is the collaboration between Organon, a US-based healthcare company, and Samsung Bioepis, a South Korea-based biopharmaceutical company. In July 2023, they launched HADLIMA, a biosimilar of Humira (adalimumab), in the US. HADLIMA, available in both high and low concentrations, aims to improve accessibility and affordability for patients with autoimmune diseases. Priced at an 85% discount to Humira, HADLIMA includes an autoinjector endorsed by the Arthritis Foundation and a patient support program called 'HADLIMA For You,' providing educational resources and co-pay support. Indicated for various conditions including rheumatoid arthritis and Crohn's disease, HADLIMA, with its dual concentration options, ensures seamless continuity of care for patients.
Leading companies in the biologic and biosimilar RA drugs market are securing approvals for groundbreaking biologics, including injectable medications, to enhance their offerings for the treatment of polymyalgia rheumatica. Injectable medications, typically administered in liquid form using a needle and syringe, are gaining prominence in expanding treatment options. For instance, in February 2023, Regeneron Pharmaceuticals, Inc., a US-based biotechnology company, and Sanofi, a France-based healthcare and pharmaceutical company, obtained FDA approval for Kevzara (sarilumab) to address polymyalgia rheumatica (PMR) in adults with an inadequate response to corticosteroids or those unable to tolerate corticosteroid taper. The approval stems from positive outcomes in the SAPHYR Phase 3 trial, where Kevzara demonstrated a significant 28% sustained remission rate compared to the placebo's 10% at 52 weeks. Originally approved for rheumatoid arthritis, Kevzara stands out as the first and only biologic treatment for PMR, providing relief from its debilitating symptoms.
In November 2022, Biocon, an India-based biopharmaceutical company, completed the acquisition of Viatris' global biosimilars business for $3 billion. This acquisition serves to bring patients, consumers, and payors closer to Biocon Biologics, offering direct commercial capabilities and supporting infrastructure across various emerging and advanced markets. Viatris, a US-based pharmaceutical company, specializes in manufacturing biosimilars for treating rheumatoid arthritis and other diseases. The acquisition positions Biocon Biologics to strengthen its presence and expand its reach in the biosimilars business, further solidifying its standing in the competitive landscape.
Major companies operating in the biologic & biosimilar ra drugs market report are Samsung BioLogics Co. Ltd., Amgen Inc., Novo Nordisk A/S, AbbVie Inc., Johnson & Johnson Services Inc., Pfizer Inc., Merck & Co. Inc., Eli Lilly and Company, Novartis AG, Bayer AG, F. Hoffmann-La Roche Ltd., AstraZeneca PLC., Teva Pharmaceutical Industries Ltd., Fresenius Se & Co. KGaA, Stada Arzneimittel AG, Boehringer Ingelheim Pharmaceuticals Inc., Gedeon Richter Plc., La Roche Ltd., Regeneron Pharmaceuticals Inc., Bristol-Myers Squibb Company, Dr. Reddy's Laboratories Ltd., Biogen Inc., Genentech Inc., GlaxoSmithKline plc, Mylan N.V., Sandoz International GmbH, Amneal Pharmaceuticals LLC, Apotex Inc., Biocon Ltd., Coherus BioSciences Inc. .
North America was the largest region in the biologic & biosimilar RA drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the biologic & biosimilar RA drugs market report during the forecast period. The regions covered in the biologic & biosimilar ra drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the biologic & biosimilar ra drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The biologics and biosimilars RA drugs market consists of sales of branded and generic biologics and biosimilar RA drugs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.