The “Global Biosimilars Market Size, Trends and Growth Opportunity, By Product, By Indication, By Region and Forecast to 2027.” report has been added to ResearchAndMarkets.com’s offering.
The Global Biosimilars Market was valued at USD 15.6 billion in 2021 and is anticipated to reach at USD 47.4 billion by 2027 at a CAGR of 6.35% from 2022-2027.
Companies Mentioned
- Novartis AG
- Pfizer Inc.
- Dr. Reddy’s Laboratories Ltd.
- Amgen Inc.
- Eli Lilly and Company
- LG Life Sciences
- Synthon Pharmaceuticals Inc.
- Merck Serono
- TevaPharmaceutical Industries Ltd.
- Celltrion
A biological medication that closely resembles another biological medication (referred to as the reference medication) that has already gained U.S. Food and Drug Administration approval (FDA). Both reference pharmaceuticals and biosimilar drugs are obtained from living things, however they may be produced in somewhat different methods and with slightly different materials.
A biological drug must be proven to be equally safe, equally effective, and equally effective in the same manner as its reference drug in order to be labelled a biosimilar drug.
Additionally, it must be used in the same manner, at the same dosage, and for the same ailment as the reference medication. The FDA must approve biosimilar medications, which may be less expensive than the reference medications. Biosimilars are generic variations of biologics whose patents have expired.
Market Drivers
The patent expiration of well-known biologics is anticipated to have a significant impact on the global market for biosimilars. The market for biosimilar monoclonal antibodies is expanding due to their widespread usage in the treatment of cancer and rheumatoid arthritis, respectively.
The prevalence of chronic diseases is rising, which will be boosting the global market. Due to its low cost, biosimilar medications are gaining popularity on a global scale.
The demand for biosimilars is anticipated to increase throughout the forecast period due to an increase in the number of cancer patients, chronic illness cases, and geriatric population. The effectiveness of the biosimilar pharmaceuticals in specifically attacking sick cells while sparing healthy cells is greatly increasing the uptake of the drugs throughout the world.
A good indicator for the producers of biosimilar drugs is the growing government initiatives to promote the use of various biosimilar medications by implementing beneficial regulatory reforms. Compared to innovator biologics, the development costs of biosimilars are cheaper.
The price of biosimilars is reduced by lower R&D expenses. Because of manufacturer pricing rivalry, cheaper biosimilars frequently result in a decrease in the cost of reference biologics. In the upcoming years, it is anticipated that demand for biosimilar medications would rise due to their notable cost-to-benefit ratio.
Market Restraints
The main constraints that potentially limit market expansion are the challenges associated with the production of biosimilar medicines and the significant capital investments required. Additionally, a lack of public awareness of the availability of biosimilars, particularly in developing and underdeveloped nations, is one of the major factors that could restrain market expansion during the projection period.
The capacity to control variability during the manufacturing process, where the final products are similar to their biological products, is another important challenge in the production of biosimilars. Manufacturing biosimilars should conform to established quality standards for both safety and efficacy.
To prove that the manufacturing process has no bearing on the product’s efficacy or safety and that there is no difference between the biosimilar and the biologic medication, regulatory agencies may ask for more preclinical and/or clinical evidence.
Market Segmentation
By Product
Recombinant Glycosylated Proteins
- Monoclonal Antibodies
- Erythropoietin
- Others
Recombinant Non-glycosylated Proteins
- Insulin
- Granulocyte Colony Stimulating Factor
- Recombinant Human Growth Factor
- Interferons
Recombinant Peptides
By Indication
- Chronic Diseases
- Oncology
- Autoimmune Diseases
- Infectious Diseases
- Blood Disorders
- Growth Hormone Deficiency
- Others.
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa.
For more information about this report visit https://www.researchandmarkets.com/r/zcqnvr
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets