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| Global Biosimilars Market Size |
Biosimilars are biopharmaceutical drugs that are similar to an already approved
biological drug, known as reference biologic drug or brand-name biologic.
Biosimilars help reduce healthcare costs as they can be priced lower than
reference biologics. Biosimilars have large-molecule structures that are
similar but not identical to approved biological drugs, exhibiting lesser side
effects.
The global
Biosimilars Market is estimated to be valued at US$ 29.4 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing demand for cost-effective drugs is one of the key trends driving
the growth of the biosimilars market. Due to the high costs associated with
branded biologics, biosimilars provide an economical alternative with
significant cost savings. For example, in the United States, biosimilars have
had savings of up to 30% of the reference product's price. This has prompted
healthcare systems worldwide to accept biosimilars to reduce drug prices while
providing similar therapeutic efficacy. Manufacturers are increasing their
production of biosimilars to meet the growing demand from cost-conscious
patients and healthcare systems.
Segment
Analysis
The biosimilars market is dominated by the monoclonal antibody segment due to
rising prevalence of chronic diseases such as cancer and autoimmune disorders.
Monoclonal antibodies such as bevacizumab, trastuzumab and rituximab have lost
patent protection in several regions and biosimilar versions of these drugs are
being increasingly adopted due to their cost effectiveness.
Key Takeaways
Global
Biosimilars Market Size is expected to witness high growth over the
forecast period 2023 to 2030 supported by patent expiry of major biologics and
emergence of new players.
The region
of Europe currently dominates the market attributed to supportive regulatory
environment and early adoption.
Key players
such as Sandoz, Pfizer, Celltrion and Samsung Bioepis are focusing on expanding
product portfolios as well as regional footprint in high potential markets of
Asia Pacific and Latin America.
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