The global biosimilar market size reached US$ 16.8 Billion in 2022. 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 reach US$ 77.1 Billion by 2028, exhibiting a growth rate (CAGR) of 25.9% during 2023-2028.
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 Industry Drivers/Constraints:
Over the years, the patents of several blockbuster biologic drugs have expired and a number of blockbuster drugs are further expected to lose patent protection in the coming years. This is expected to provide tremendous opportunities for biosimilar manufacturers in the near future.
Cost-saving initiatives undertaken by governments and third-party payers have encouraged the use of biosimilars over branded biologics, thereby propelling the demand of biosimilars.
Some of the other factors bolstering the demand for biosimilars include cost-effectiveness, rising prevalence of chronic diseases (such as autoimmune diseases and cancer) and growing geriatric population.
There are some factors hampering the biosimilars market growth. This includes negative perception from physicians, patent extensions, lower price differential compared to small-molecule generics, etc.
2. What is the expected growth rate of the global biosimilar market during 2023-2028?
3. What are the key factors driving the global biosimilar market?
4. What has been the impact of COVID-19 on the global biosimilar market?
5. What is the breakup of the global biosimilar market based on the molecule?
6. What is the breakup of the global biosimilar market based on the indication?
7. What is the breakup of the global biosimilar market based on the manufacturing type?
8. What are the key regions in the global biosimilar market?
9. Who are the key companies/players in the global biosimilar market?
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 Industry Drivers/Constraints:
Over the years, the patents of several blockbuster biologic drugs have expired and a number of blockbuster drugs are further expected to lose patent protection in the coming years. This is expected to provide tremendous opportunities for biosimilar manufacturers in the near future.
Cost-saving initiatives undertaken by governments and third-party payers have encouraged the use of biosimilars over branded biologics, thereby propelling the demand of biosimilars.
Some of the other factors bolstering the demand for biosimilars include cost-effectiveness, rising prevalence of chronic diseases (such as autoimmune diseases and cancer) and growing geriatric population.
There are some factors hampering the biosimilars market growth. This includes negative perception from physicians, patent extensions, lower price differential compared to small-molecule generics, etc.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global biosimilar market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on molecule, indication and manufacturing type.Molecule insights:
- Infliximab
- Insulin Glargine
- Epoetin Alfa
- Etanercept
- Filgrastim
- Somatropin
- Rituximab
- Follitropin Alfa
- Adalimumab
- Pegfilgrastim
- Trastuzumab
- Bevacizumab
- Others
Indication Insights:
- Auto-Immune Diseases
- Blood Disorder
- Diabetes
- Oncology
- Growth Deficiency
- Female Infertility
- Others
Manufacturing Type Insights:
- In-house Manufacturing
- Contract Manufacturing
Regional Insights:
Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Rest of Europe
- United States
- Japan
- India
- South Korea
- Others
Competitive Landscape:
The competitive landscape of the global biosimilar market has also been analysed. Some of the leading players operating in the market are:- Sandoz International GmbH
- Pfizer Inc.
- Teva Pharmaceutical Industries Limited
- Celltrion Inc.
- Biocon Limited
- Samsung Biologics
- Amgen, Inc.
- Dr. Reddy's Laboratories Limited
- Stada Arzneimittel Ag
Key Questions Answered in This Report
1. What was the size of the global biosimilar market in 2022?2. What is the expected growth rate of the global biosimilar market during 2023-2028?
3. What are the key factors driving the global biosimilar market?
4. What has been the impact of COVID-19 on the global biosimilar market?
5. What is the breakup of the global biosimilar market based on the molecule?
6. What is the breakup of the global biosimilar market based on the indication?
7. What is the breakup of the global biosimilar market based on the manufacturing type?
8. What are the key regions in the global biosimilar market?
9. Who are the key companies/players in the global biosimilar market?
Table of Contents
1 Preface3 Executive Summary
2 Scope and Methodology
4 Biosimilar Market - Introduction
5 Why are Biosimilars So Lucrative?
6 Biosimilar Research, Development and Manufacturing
7 Global Biosimilar Market
8 Market Breakup by Molecule
9 Market Breakup by Manufacturing Type
10 Market Breakup by Indication
11 Market Breakup by Region
12 Requirements for Setting Up a Biosimilar Manufacturing Plant
13 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Sandoz International GmbH
- Pfizer Inc.
- Teva Pharmaceutical Industries Limited
- Celltrion Inc.
- Biocon Limited
- Samsung Biologics
- Amgen Inc.
- Dr. Reddy's Laboratories Limited and Stada Arzneimittel Ag
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 148 |
Published | May 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 16.8 Billion |
Forecasted Market Value ( USD | $ 77.1 Billion |
Compound Annual Growth Rate | 28.9% |
Regions Covered | Global |
No. of Companies Mentioned | 8 |