Biosimilars Market Overview
An
integral component of the Biosimilars Market is the emergence of follow-on
biologics. These biologics, which closely resemble existing biologic drugs,
offer additional options for patients and healthcare providers. Follow-on biologics undergo
rigorous testing to demonstrate similarity to the reference product, ensuring
interchangeability and therapeutic equivalence. With their introduction,
follow-on biologics stimulate competition in the biopharmaceutical industry,
driving down prices and promoting innovation. As the demand for cost-effective
biologic therapies continues to grow, the Biosimilars Market stands to benefit
from the availability and acceptance of follow-on biologics, expanding
treatment options and improving patient outcomes.
According
to Market Research Future (MRFR), the biosimilars market insights was
valued at USD 29.7 billion in 2023 and is projected to grow from USD 36.79
Billion in 2024 to USD 161.95 billion by 2032, exhibiting a compound annual
growth rate (CAGR) of 20.35% during the forecast period (2024 - 2032).
How
AI Will Help or Improve Development in the Healthcare Market Industry
Artificial
intelligence (AI) is set to revolutionize the healthcare market industry
by improving efficiency, precision, and accessibility. Key areas of development
include:
1.
Enhanced Diagnostics:
AI-powered algorithms can analyze medical images, detect diseases early, and
improve diagnostic accuracy.
2.
Personalized Treatment: Machine
learning helps tailor treatments based on patient data and genetics, optimizing
care.
3.
Operational Efficiency: AI
streamlines administrative processes, reducing costs and enhancing hospital
management.
4.
Drug Discovery: AI
accelerates drug research, shortening development timelines and identifying new
therapeutic options.
This
ongoing innovation is reshaping healthcare delivery globally.
Biosimilars Market: Latest News and Developments
- The FDA has
approved the first Humira biosimilar. Adalimumab-bwwd (Cyltezo), a Humira
biosimilar, received FDA approval in January 2023 for the treatment of
rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis,
juvenile idiopathic arthritis, Crohn's disease, ulcerative colitis, plaque
psoriasis, and hidradenitis suppurativa.
- Rising use of
biosimilars in the treatment of cancer. A growing number of biosimilars
are being used to treat cancer. The FDA authorised filgrastim-sndz
(Zarxio), pegfilgrastim-jmdb (Onpro), and trastuzumab-dkst (Herzuma) as
three biosimilars for the treatment of cancer in 2022.
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Market Segmentation
Biosimilars
industry can be considered with respect to product, applications, and end
users.
The
products based on which the market has been split into are recombinant
glycosylated proteins, recombinant peptides, and recombinant non-glycosylated
proteins. Recombinant non-glycosylated proteins are the biggest segment in the
global market, thanks to the soaring cases of chronic disorders ranging from
growth hormone deficiency to diabetes. As a result, recombinant
non-glycosylated proteins are therapeutically used as they are readily
available and are cost-effective.
Application-wise,
the biosimilars market caters to chronic diseases, oncology, blood disorders,
autoimmune diseases, infectious diseases, growth hormone deficiency, and more.
Blood disorders have emerged as the top segment, as a result of the rising burden
of the condition worldwide and the increased use of biosimilars by virtue of
their low cost and the overall reduction in the treatment cost.
Major
end users in the global market are hospitals and clinics as well as research
institutes. Hospital and clinics are healthcare settings where treatment
options and skilled professionals are easily available, and therefore, have
emerged as the leading segment in the global industry.
Eminent Vendors
Top
global key players listed by biosimilars market
outlook report include Stada Arzneimittel AG (Germany), Teva
Pharmaceuticals (Israel), Biocon (India), Pfizer (US), Sandoz International
(Germany), Eli Lily & Company (US), Actavis, Inc. (US), Dr. Reddy’s
Laboratories (India), Cipla Ltd (India), Amgen, Inc. (US), Samsung Biologics
(South Korea), Hospira Inc.(US), Mylan, Inc.(US), Celltrion (South Korea), to
mention a few.
Regional Status
Europe,
MEA or Middle East & Africa along with the Americas, APAC or Asia Pacific
are the primary markets for biosimilars.
Europe
has taken the lead in the global market, as the region houses a vast elderly
pool, with close to one fifth of the overall EU population aged more than 65
years. This has given way to several lifestyle-related disorders such as
oncology, autoimmune diseases, diabetes, to name a few. Presumably, the
scenario has raised the demand for biosimilars and can mean higher market
growth over the next few years. In addition to this, numerous blockbuster
biologics are on track to lose patent in the coming years, which should present
lucrative opportunities to the biosimilar manufacturers.
The
North American market displays a bright outlook and can emerge quite lucrative
in the coming years, in view of the surging burden of chronic ailments in
Canada and the United States. The rising spending on research activities by the
healthcare agencies also fuels the market expansion in the region. Favorable
reimbursement landscape in the region, especially in the US, encourages healthy
competition as it results in lower incentives for the players to compete based
on price.
The
APAC market is slated to witness considerable growth, with China, South Korea
and India offering a host of lucrative opportunities for drug development as
well as commercialization. These are generics-driven countries and are known
for frequently launching new and advanced manufacturing platforms, which has
brought down the costs associated with biosimilar production. In the coming few
years, majority of the patent expiries is touted to be in biosimilars, which is
deemed as a profitable aspect by leading manufacturers and can translate into
substantial market growth.
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