The global biosimilar market is expected to witness substantial growth in forecast period, owing to the increasing demand for biosimilar drugs around the world. The Europe region is expected to be most dominant by 2028.
Research Dive in its latest published report estimates that the global biosimilar market will generate $83,836.40 million and exhibit a CAGR of 24.9% from 2021 to 2028.
Market Dynamics
The demand for biosimilar drugs is increasing across the globe due to their cost-effectiveness. Government and government bodies are highly supporting in the development as well as approval of biosimilars. For instance, in July 2021, the US Food & Drug Administration (FDA) approved the biosimilar insulin product for type-1 and type-2 diabetes. All these factors are estimated to propel the growth of the global biosimilar market during the forecast period. Moreover, ongoing research on new biosimilars. The patent expiry of biologics are estimated to create massive growth opportunities for the global market by 2028. The high costs of biosimilars. The complexities in manufacturing are expected hamper. The market growth during the estimated timeframe.
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Impact of COVID-19 Pandemic on the Market
The COVID-19 pandemic has negatively impacted the global biosimilar market growth. This is majorly owing to the disruption in manufacturing capacity and supply chain during the pandemic period. Besides, pharma companies are facing challenges in the development of biosimilar. FDA approvals are reduced for non-COVID therapeutics owing to the pandemic. All these factors have unfavorably impacted the global biosimilar market growth during the period of crisis.
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Key Segment Findings of the Market:
The research report segments the global market into product type, application, and region.
- Based on product type, the monoclonal antibodies type sub-segment is estimated to surpass $29,987.3 million by 2028 and dominate in the global industry over the forecast period. This is mainly due to the large applications of monoclonal antibodies in autoimmune disorders, osteoporosis, treatment of cancer, and growing incidents of insulin dependent diabetes across the globe.
- Based on application, the oncology diseases sub-segment of the global biosimilar market is estimated to generate a revenue of $29,241.4 million by 2028 and is predicted to witness subjugating growth over the forecast period. This is majorly owing to the increasing number of cancer patients and the increasing availability of biosimilars at low costs.
- Based on region, the Europe biosimilar market valued for $5,863.3 million in 2020 and is expected to be most dominant in the global industry over the forecast period. This is mainly due to the increasing prevalence of chronic disorders, the emergence of new players, and the patent expiry of biologic products. In addition, the launch of new biosimilars in the region is predicted to drive the Europe market growth by 2028.
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Prominent Market Players
The key players of the global market include
- Merck Serono (Merck Group)
- Novartis (Sandoz)
- Teva Pharmaceutical Industries Ltd.
- Synthon Pharmaceuticals, Inc.
- Celltrion
- LG Life Sciences
- Biocon
- Genentech (Roche Group)
- Hospira
- Biogen idec, Inc.
These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive in the global market.
For instance, in April 2021, Novartis AG (Sandoz), a global healthcare company, signed an agreement with a leading commercial-stage biopharmaceutical company, Bio-Thera Solutions (China) in order to commercialize BAT1706 biosimilar in the US, Canada, Europe, and other international markets.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model. Compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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SOURCE : Research Dive
