Global Biosimilars Market

Biosimilars Market Size, Share, Growth Analysis, By Indication(Oncology, Inflammatory & Autoimmune Disorders, Chronic Diseases, Blood Disorders, Growth Hormones Deficiency, Others), Drug Type(Monocional Antibodies, Insulin, rhGH, Anticoagulants, Others), and Region - Industry Forecast 2024-2031


Report ID: SQMIG35H2167 | Region: Global | Published Date: June, 2024
Pages: 165 | Tables: 70 | Figures: 75

Biosimilars Market Competitive Landscape

Companies in the global biosimilar market could contribute money to mergers and acquisitions, product launches, changes in technology, and R&D projects. Major corporations may also spend money on new product development and marketing in the next few years. The market's greatest share belonged to Amgen Inc. It created a market for the breakthrough medicine "Mvasi," and the increased countrywide prescription rate is the primary driver of the firm's supremacy in 2021.

Biosimilars Market Top Players Company Profiles

  • Pfizer Inc. (US) 
  • Amgen Inc. (US) 
  • Samsung Bioepis (South Korea) 
  • Novartis AG (Switzerland) 
  • Celltrion Inc. (South Korea) 
  • Viatris Inc. (US) 
  • Coherus BioSciences (US) 
  • Biogen (US) 
  • Mylan (US) 
  • Teva Pharmaceutical (Israel) 
  • Eli Lilly (US) 
  • Merck & Co (US) 
  • Biocon (India) 
  • FHoffman-La Roche Ltd. (Switzerland) 
  • Dr. Reddy’s Laboratories (India) 
  • Sandoz International GmbH (Germany) 
  • AbbVie Inc (US) 
  • Fresenius Kabi (Germany) 
  • Formycon (Germany) 
  • Alvotech (Iceland)

Biosimilars Market Recent Development

  • In June 2023, Samsung Bioepis and Biogen Inc. announced the launch of BYOOVIZ (ranibizumab-nuna) in the US. The biosimilar referencing LUCENTIS (ranibizumab) is priced 40% lower than its biologic. It offers affordable and effective treatment to rental disorder patients. BYOOVIZ is also the first ophthalmology biosimilar launched in the US, which is aimed at enhancing the accessibility of anti-VEGF treatments. 

  • In February 2023, Pfizer Inc. announced that its supplemental application for the interchangeability of ABRILADA (adalimumab-afzb) with Humira (adalimumab) was accepted for review by the FDA. The interchangeability designation would enable ABRILADA to support the growing use of biosimilars while broadening the accessibility to quality and affordable treatment for chronic inflammatory issues. 

  • In February 2022, Biocon Biologics has agreed to acquire Viatris' biosimilars business, a global franchise focused on oncology, immunology, and endocrinology, with the goal of strengthening its position through its portfolio and future pipeline biosimilar drugs.

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FAQs

Global Biosimilars Market size was valued at around USD 23.45 billion in 2022 and is expected to rise from USD 27.30 billion in 2023 to reach a value of USD 92 Billion by 2031, at a CAGR of 16.4% over the forecast period (2024-2031). 

Companies in the global biosimilar market could contribute money to mergers and acquisitions, product launches, changes in technology, and R&D projects. Major corporations may also spend money on new product development and marketing in the next few years. The market's greatest share belonged to Amgen Inc. It created a market for the breakthrough medicine "Mvasi," and the increased countrywide prescription rate is the primary driver of the firm's supremacy in 2021. 'Pfizer Inc. (US) ', 'Amgen Inc. (US) ', 'Samsung Bioepis (South Korea) ', 'Novartis AG (Switzerland) ', 'Celltrion Inc. (South Korea) ', 'Viatris Inc. (US) ', 'Coherus BioSciences (US) ', 'Biogen (US) ', 'Mylan (US) ', 'Teva Pharmaceutical (Israel) ', 'Eli Lilly (US) ', 'Merck & Co (US) ', 'Biocon (India) ', 'FHoffman-La Roche Ltd. (Switzerland) ', 'Dr. Reddy’s Laboratories (India) ', 'Sandoz International GmbH (Germany) ', 'AbbVie Inc (US) ', 'Fresenius Kabi (Germany) ', 'Formycon (Germany) ', 'Alvotech (Iceland)'

Biosimilars is playing a key role by being affordable in comparison of original biological drugs. Therefore, this makes biosimilars appealing option for healthcare systems to reach out as many patients as possible with important therapies with low cost. Reducing these costs results in availability of the treatment as most of the biosimilars cost around 15-30% below their patent brand counterparts. As a result, low rates allow doctors redistribute funds effectively and making treatments available. 

Catalysing Global Biosimilars Growth: Innovating Affordability and Efficiency: If patients are the main winners, then lower biosimilar prices will have a big impact on the demand for biosimilars worldwide. The most recent trend among manufacturers in emerging biosimilar marketplaces is the innovation's notable cost reductions. Over the course of the forecast period, this will continue to be a typical tendency, which will eventually drive the growth of the global biosimilars market. Furthermore, biosimilar manufacturers would most likely experiment with different manufacturing quantities or volumes. The capacity to create value by manufacturing numerous biosimilar medications at one location may prove advantageous for biosimilar makers throughout the anticipated period.

In 2022, the North America region is expected to dominate the biosimilars market. It is also expected that North America will continue to grow significantly in the biosimilars market in the forthcoming years. This expansion is attributed to the rising incidence of chronic diseases like cancer as well as increased funding in research and development by industry players. The presence of numerous key market competitors such as Novartis, Pfizer Inc., Biogen as well as Coherus Biosciences Inc. also contribute significantly towards the growth of the market. These firms are improving and diversifying their products, thus enabling the market to grow faster. Moreover, continued favourable regulation, and a growing trend in physician appreciation of biosimilars also plays a significant role in the domination of North America for this market. 

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Global Biosimilars Market

Report ID: SQMIG35H2167

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