Biosimilars Market Size To Surpass US$ 66.2B By 2030

According to Precedence Research, the global biosimilars market size is expected to surpass around US$ 66.2 billion by 2030 and is expanding growth at a CAGR of 17.5% from 2021 to 2030.

Ottawa, ON (GLOBE NEWSWIRE) - The global biosimilars market size was reached at US$ 13.2 billion in 2020. The rising prevalence of diseases and the effective treatment of these chronic diseases at affordable costs are the two major drivers of the global biosimilars market. The biosimilar drugs are very efficient at targeting specific infected cells without damaging the normal cells, which is significantly boosting the adoption of the biosimilar drugs among the global population. The rising government initiatives to drive the adoption of various biosimilar drugs by incorporating favorable changes to the regulations is a positive sign for the manufacturers of the biosimilar drugs.

For instance, Europe approved more than 60 biosimilar brands. Europe is a mature market for the biosimilar drugs. The rising adoption and popularity of the biosimilars in the North America and Asia Pacific is estimated to provide lucrative growth opportunities for the market players to expand in the upcoming future. Further, the rising investments by the market players in the research and development activities are expected to provide new growth avenues in the forthcoming years.

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Europe was the dominating market that accounted for over 50% of the market share in 2020. EMA played an important role in augmenting the adoption of the biosimilar drugs in the region. Moreover, the increased disposable income, higher adoption rate of advanced technologies, and increased awareness regarding the biosimilars among the population has spurred the growth of the market in Europe. Further, the presence of numerous players in the region and various developmental strategies adopted by them played a crucial role in the market development.

Scope of the Biosimilars Market

North America region is estimated to be the most opportunistic market during the forecast period. North America is characterized by the increased demand for the advanced and innovative healthcare products, increased consumer expenditure on healthcare, and active participation of the regulatory authorities to overlook the matters related to the preclinical trials and product launches in the market. FDA in US has recently approved around 20 biosimilar products. The rising popularity of the biosimilar drugs among the patients in the US is expected to propel the demand for the biosimilars in North America.

The rising burden of various chronic diseases such as cardiovascular diseases, diabetes, cancer, and kidney failure amongst the global population is boosting the growth of the biosimilars market. The biosimilars provide treatment to various chronic diseases at affordable costs and hence it is gaining popularity among the global consumers.The rising prevalence of diabetes is another major driver that may boost the demand for the biosimilar drugs. According to the World Health Organization, diabetes is the major reason behind the blindness, kidney failure, stroke, and heart attacks. The availability of affordable biosimilar drugs for the treatment of such serious diseases is boosting the market growth.

The complexities related to the manufacturing of the biosimilar drugs and huge capital investments are the major drawbacks that can restrict market growth. Moreover, lack of awareness regarding the availability of biosimilars among the population especially in the developing and underdeveloped regions are the potential factors that may hamper the market growth during the forecast period.

Based on the product, the monoclonal antibodies segment was the dominant segment in 2020. The extensive usage of monoclonal antibodies in the treatment of variousdiseases such as cancer, rheumatoid arthritis, cardiovascular diseases, and multiple sclerosis. This segment accounts for over 25% of the market share. The higher effectiveness of the monoclonal antibodies in the treatment of the cancer and diabetes is expected to drive the segment growth further in the upcoming years.

Based on the application, the oncology segment dominated the market in 2020. According to the International Agency for Research on Cancer, around 19.3 million new cancer cases and around 10 million cancer related deaths were reported in the year 2020, across the globe. Prevalence of breast cancer in the female population is surging, accounting for around 11.7% of the new cancer cases followed by the lungs cancer that accounted for 11.4% and colorectal cancer accounted for 10.0% in 2020. Hence, the growing demand for the biosimilar drugs for the treatment of cancer is boosting the segment growth.

In 2020, Pfizer obtained the FDA approval for its Nyvepria, which is used for lowering the infection incidences.In May 2020, Fresenius Kabi acquired approval for its MSB11455, a pegfilgrastim biosimilar, from both the FDA and EMA. Drug approval is a major strategy adopted by the market players. The various other developmental strategies like acquisition, partnerships, mergers, and government policies fosters market growth and offers lucrative growth opportunities to the market players.

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Segments Covered in the Report

By Product

• Monoclonal Antibodies
• Glucagon
• Insulin
• Erythropoietin
• Interferon
• Calcitonin
• Others

By Application

• Oncology
• Growth Hormonal Deficiency
• Blood Disorders
• Chronic & Autoimmune Disorders
• Others

By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

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