The Global Biosimilars Market to Register Growth at a Massive CAGR of 21.54% During the Forecast Period (2022–2027) | DelveInsight

New York, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) — The Global Biosimilars Market to Register Growth at a Massive CAGR of 21.54% During the Forecast Period (2022–2027) | DelveInsight

The biosimilars market is anticipated to surge in the coming years owing to the escalating burden of various chronic diseases such as arthritis, cancer, diabetes, among others worldwide, and the patent expiry of many successful biologics, and others.

DelveInsight’s Biosimilars Market Insights report provides the current and forecast market, forthcoming device innovation, individual leading companies’ market shares, challenges, biosimilars market drivers, barriers, and trends, and key biosimilars companies in the market. 

Key Takeaways from the Biosimilars Market Report

• As per DelveInsight estimates, North America is anticipated to dominate the global biosimilars market during the forecast period.  
• Notable biosimilars companies include Pfizer Inc., Dr. Reddy’s Laboratories Ltd., Amgen, Inc., Eli Lilly and Company, Novartis AG, Bioeq AG, Fresenius SE & Co. KGaA, STADA Arzneimittel AG, Gedeon Richter PLC, Celltrion Healthcare Co., Ltd., Samsung Bioepis. (Samsung Biologics), Coherus BioSciences, Viatris Inc., Shanghai Henlius Biotech, Inc., Biocon Limited, Biocad, mAbxience, Fujifilm Kyowa Kirin Biologics Co., Ltd., Alvotech, Sanofi,  Senju Pharmaceutical Co., Ltd., and others and several others are currently operating in the biosimilars market.
• On February 02, 2022, Samsung Bioepis Co. Ltd. received that Health Canada has approved ONTRUZANT® (also known as SB3), a biosimilar referencing Herceptin®i (Trastuzumab), for the treatment of adults with Early Breast Cancer (EBC), Metastatic Breast Cancer (MBC) and metastatic gastric cancer (MGC).
• In September 2021, Senju Pharmaceutical Co., Ltd. received approval to market the ophthalmic VEGF inhibitor “Ranibizumab BS intravitreal injection kit 10 mg/mL ‘Senju’” in Japan.
• In June 2021, Teva Pharmaceutical Industries Ltd. and Bioeq AG (“Bioeq”) entered into a strategic partnership for the exclusive commercialization of Bioeq’s FYB201, a biosimilar candidate to Lucentis® (ranibizumab) in Europe, Canada, Israel, and New Zealand.
• In March 2021, Cipla Limiteds’  subsidiary, Cipla Gulf, expanded its partnership with Alvotech to market and distribute four biosimilar medicines in Australia and New Zealand. As part of this strategic alliance, Cipla Gulf will be responsible for the commercialization of patented biosimilars of the biologic medicine brands, Aflibercept (Eylea®), Ustekinumab (Stelara), Denosumab (Prolia, Xgeva®), and Golimumab (Simponi®) developed and manufactured by Alvotech.
• Thus, owing to such developments in the market, there will be rapid growth observed in the biosimilars market during the forecast period.

To read more about the latest highlights related to the biosimilars market, get a snapshot of the key highlights entailed in the Biosimilars Market Report

Biosimilars Overview

Biosimilars, as defined by the FDA, are biologics with no clinically significant differences that are very similar to a biologic that has already received FDA approval. Biosimilars offer the same potential therapeutic benefits as by the original biologic, and they are typically produced using the same kinds of natural resources as the reference product. Biosimilars are equally safe and effective as the original biologic.

The market for biosimilars is likely to grow as more popular and successful biologic drugs lose their patent protection both now and in the coming years. This is because when the patents on biologics expire, a market for biosimilars, less expensive biologic substitutes, opens up. 

Learn more about the current biosimilars on the market @Biosimilars in US Market

Biosimilars Market Insights

Geographically, the global biosimilars market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. North America currently dominates the global market for biosimilars in terms of revenue share, and it is anticipated that it will continue to do so throughout the forecasted period. This dominance is caused by the increasing number of people in the area who suffer from various chronic disorders.

Additionally, the expansion of biosimilars during the study period would be aided by an increase in the region’s approval of various biosimilars. For example, on February 2, 2022, Samsung Bioepis Co. Ltd. announced that Health Canada had approved ONTRUZANT® (also known as SB3), a biosimilar referencing Herceptin® (Trastuzumab), for the treatment of adults with early breast cancer (EBC), metastatic breast cancer (MBC), and metastatic gastric cancer (MGC). Therefore, the approval of biosimilars will likely increase the biosimilars market in the region.

Moreover, the biosimilars market also has future potential in the APAC region. This is a result of the presence of significant regional players in the area, including Biocon Limited, Dr. Reddy’s Laboratories Ltd., and Fujifilm Kyowa Kirin Biologics Co., Ltd. Additionally, increasing biosimilar approvals in various APAC nations will support the regional biosimilars market in the coming years.

To know more about why North America is leading the market growth in the global biosimilars market, get a snapshot of the Biosimilars Market Trends

Biosimilars Market Dynamics

The increasing demand for affordable biosimilar drugs among patients, rising R&D expenditures and product introductions, government initiatives to promote the use of biosimilars, and the patent expiration of several popular biologics are all expected to contribute to the biosimilars market growth.

However, the complex manufacturing processes and high cost of involvement are likely to limit the biosimilars market growth.

Additionally, the unprecedented COVID-19 pandemic has significantly impacted the biologics market. This is due to the fact that the pandemic presented a significant challenge to pharmaceutical companies working to develop biosimilars. Moreover, it is anticipated that the pandemic’s reduction in the approval of non-COVID drugs and therapeutics will slow the process of product approval and launch, which will halt biosimilars market expansion. The majority of clinical trials were delayed to reduce the risk of infection transmission among participants and to address the pandemic situation, which also slowed down the pipeline products’ research and development activities.

Furthermore, the implementation of logistical limitations throughout the world caused disruptions in the supply chains for raw materials and other items, which had an effect on the production of biosimilars. The biosimilar market is anticipated to return to normal in the post-pandemic period as all the facilities are anticipated to function normally due to the introduction of vaccines and mass vaccination campaigns in various parts of the world.

Get a sneak peek at the biosimilars market dynamics @Biosimilars Market Dynamics Analysis

Biosimilars Market Segmentation

• Market Segmentation By Product Class: Monoclonal Antibodies, Recombinant Hormone/Proteins, Anti-Inflammatory Agents, Immunomodulators, and Others 
• Market Segmentation By Manufacturing Type: In-House and Outsourced/Contract
• Market Segmentation By Application: Autoimmune Diseases, Blood Disorders, Oncology, Infectious Diseases, and Others
• Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
• Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View

Which MedTech key players in the biosimilars market are set to emerge as the trendsetter explore @Biosimilars Companies

Table of Contents 

Interested in knowing the biosimilars market by 2027? Click to get a snapshot of the Biosimilar Drugs

Related Reports

Biologics Market

Biologics Market Insight, Competitive Landscape, and Market Forecast – 2027 report delivers an in-depth understanding of market trends, market drivers, market barriers, and key biologics companies, including GlaxoSmithKline, Eli Lilly & Company, F. Hoffmann-La Roche Ltd, AbbVie Inc., Amgen Inc, Sanofi, Merck & Co., among others.

Rituximab Biosimilars Insights 

Rituximab Biosimilar Insight – 2022 report provides comprehensive insights about the pipeline landscape, pipeline and marketed drug profiles, including clinical and non-clinical stage products, and the key rituximab companies, including Celltrion, Sandoz, Innovet Biologics, Amgen, among others.

Adalimumab Biosimilar Insights

Adalimumab Biosimilar Insight – 2022 report provides comprehensive insights about the pipeline landscape, pipeline and marketed drug profiles, including clinical and non-clinical stage products, and the key adalimumab companies, including BioXpress Therapeutics, ISU Abxis, Zydus Cadila, Tanvex Biopharma, PlantPraxis, Gene Techno Science, among others.

Bevacizumab Biosimilar Insights

Bevacizumab Biosimilar Insight – 2022 report provides comprehensive insights about the pipeline landscape, pipeline and marketed drug profiles, including clinical and non-clinical stage products, and the key bevacizumab companies, including Amgen, Zydus, Genor Biopharma, Prestige BioPharma, among others.

Infliximab Biosimilar Insights

Infliximab Biosimilar Insight – 2022 report provides comprehensive insights about the pipeline landscape, pipeline and marketed drug profiles, including clinical and non-clinical stage products, and the key infliximab companies, including Celltrion, Pfizer, Merck, Celltrion, among others.

Ranibizumab Biosimilar Insights

Ranibizumab Biosimilar Insight – 2022 report provides comprehensive insights about the pipeline landscape, pipeline and marketed drug profiles, including clinical and non-clinical stage products, and the key ranibizumab companies, including  Intas Pharmaceuticals, Reliance Life Sciences, Senju Pharmaceutical, Lupin, Samsung Bioepis, among others.

Other Trending Reports

Goitre Market |  Thymus Cancer Market | US Healthcare Outlook Report | Venous Stenosis Market | Negative Pressure Wound Therapy Systems Market | Global Kinase Inhibitor in Autoimmune Diseases Market | Metrorrhagia Market | Dysfunctional Uterine Bleeding Market | Hypereosinophilic Syndrome Market | Age-related Vision Dysfunction Market | Dental Lasers Market | CRISPR Therapies Pipeline Insight | Cell And Gene Therapy For Multiple Myeloma Market | Drug Hypersensitivity Market | Dysthymia Market | Persistent Depressive Disorder Market | Cancer Vaccines Market | Severe Acute Respiratory Syndrome (SARS) Coronavirus Infection Market | Substance use disorder Market | Idiopathic Thrombocytopenic Purpura Market | Spinal Fusion Devices Market | Atherectomy Devices Market | Prosthetic Heart Valve Market | Cardiac Monitoring System Market | Chemotherapy-induced nausea and vomiting (CINV) Market | Diabetes Market | Ocular Melanoma Market | Breast Pumps Market | Stereotactic Surgery Devices Market  Atopic Dermatitis Market | Concussions Market | Osteoporosis Market | Myelofibrosis (MF) Market | Cancer Cachexia (CC) Market

Related Healthcare Blogs

Biosimilars Approved and Launched in 2021

Biosimilar Market Growth

Biosimilar Market Trends

About DelveInsight

DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports Pharma companies by providing comprehensive end-to-end solutions to improve their performance.