Global Biosimilar Market to Reach USD 105.1 Billion by 2032, Aided by the Cost Effectiveness of the Product

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.

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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 (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) 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, AMGen Inc., Teva Pharmaceutical Industries Ltd., Samsung Bioepis, and Biocon 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.

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