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Global Biosimilar Market to Reach USD 28 Billion by 2026, Aided by the Cost Effectiveness of the Product

According to a new report by EMR titled, 'Global Biosimilar Market Report and Forecast 2021-2026', the global market for biosimilar reached a value of almost USD 5.3 billion in 2020. The market is further expected to grow at a CAGR of 32% in the forecast period of 2021-2026 to reach a value of almost USD 28 billion by 2026.

The global market for biosimilar is being driven by the rising geriatric population worldwide. Infliximab is the leading molecule segment, which holds the majority of the market share of biosimilar. In addition to this, autoimmune diseases are the most common chronic disease, which is further enhancing the market for biosimilar. The market growth has been primarily driven by the launch of new products and an increasing diagnosis of particular pathologies. The market for biosimilar is being further propelled due to the product offering a cost-effective alternative to stakeholders like physicians and patients, along with ensuring a better access to medication for the patients. The growing R&D activities in the industry is further propelling the market growth.

Pfizer Inc. (NYSE: PFE), a key player in the biosimilar industry, announced in November 2020 that the FDA had approved the company’s ABRILADA™(adalimumab-afzb) as a biosimilar to Humira® (adalimumab). This biosimilar will aid in the treatment of rheumatoid arthritis, psoriatic arthritis, juvenile idiopathic arthritis, adult Crohn's disease, ankylosing spondylitis, ulcerative colitis, and plaque psoriasis. Such approvals are expected to further expand the market growth.

Market Analysis by Molecule, Type of Manufacturing, Indication, and Region:

  • The biosimilar industry, on the basis of molecule, is divided into infliximab, insulin glargine, epoetin alfa, etanercept, filgrastim, somatropin, rituximab, and follitropin alfa.
  • By type of manufacturing, the industry is segmented into in-house manufacturing and contract manufacturing. 
  • On the basis of indication, the market is divided into auto-immune diseases, blood disorder, diabetes, oncology, growth deficiency, and female infertility.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global biosimilar industry is being driven by the rising product demand over the past few years due to the overall reduction in treatment costs of different chronic diseases, including cancers, growth hormone deficiency, kidney failure, autoimmune diseases, diabetes, infectious diseases, rheumatoid arthritis, haematological disorders, diabetes, CVDs, etc.
  • The expiration of several blockbuster biologic drugs’ patents is expected to provide lucrative opportunities to the biosimilar manufacturers, thus, aiding the market growth.
  • Moreover, governments and third-party payers are encouraging the use of biosimilars instead of branded biologics as it is cost-effective, thereby, fuelling the market growth.
  • Rising geriatric population is further helping the biosimilar industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for biosimilar for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the molecules, types of manufacturing, indications, and regional markets of biosimilar. 
  • It gives an in-depth look at the regional price trends in the global market for biosimilar.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Pfizer Inc., Celltrion Inc., Novartis AG, Merck Sharp & Dohme Corp., Eli Lilly and Company., Samsung Bioepis, and Accord-UK Ltd., among others are the key players in the global biosimilar market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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