November 3, 2024
Biosimilar Humira

Humira Biosimilars Market to Exhibit High Growth Due to Increased Affordability and Accessibility

The humira biosimilars market has significantly grown in recent years owing to the various advantages it provides over the reference biologic drugs. Biosimilars offer comparable quality, safety and efficacy to their reference biologics at a reduced cost. This makes treatment more affordable and accessible to a larger population base.

The global humira biosimilars market is estimated to be valued at US$ 889.46 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.

Humira biosimilars are monoclonal antibodies used for the treatment of various chronic inflammatory diseases such as rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis and inflammatory bowel disease. They provide an economical alternative to the reference biologic Humira without compromising on quality. This enables more patients to avail effective treatment who were earlier deprived due to high costs. The availability of affordable biosimilars is helping in improving patient adherence and healthcare outcomes.

Key Takeaways
Key players operating in The Humira Biosimilars Market are Nestlé S.A., Groupe Danone, Abbott Nutrition, Mead Johnson Nutrition, The Kraft Heinz Company, Meiji Holdings Co. Ltd., Beingmate Baby & Child food Co. Ltd., Synutra International Inc., Pfizer Inc., and FrieslandCampina. N.V.

The key opportunities in the market include expanding into new indications, geographic expansion into emerging markets and collaborating with healthcare providers to improve patient access. Major companies are focusing on collaborations and mergers & acquisitions for technology and portfolio enhancement.

Globally, the uptake of biosimilars is increasing mainly in developed regions of North America and Europe due to favorable regulations and payor systems. However, Asian countries also represent high growth opportunities owing to their large patient population and focus on developing biosimilar guidelines. Partnerships with local players will help global companies strengthen their presence across various countries.

Market Drivers
Increased affordability and accessibility due to lower costs compared to reference biologics is a major factor driving the demand for humira biosimilars. As biosimilars enter the market after patent expiration of innovator biologics, they capture a significant market share and generate higher return on investments for companies. This encourages further R&D and launches.

PEST Analysis
Political: Patent expiry of Humira and changes in regulations related to biosimilars will increase competition and drive growth.
Economic: Improved healthcare budgets and rising healthcare expenditure in developing nations will boost market size.
Social: Increasing incidence of autoimmune diseases and growing acceptance of biosimilars among patients and physicians will support demand.
Technological: Advancements in manufacturing processes and analytical techniques are allowing better characterization of biosimilars, improving their price-efficacy ratio.

The geographical regions where the Humira biosimilar market is concentrated in terms of value are North America and Europe. Stringent regulatory pathways and early patent expiries have enabled robust market penetration in these regions. However, with evolving guidelines and improving healthcare infrastructure, Asia Pacific is projected to be the fastest growing regional market from 2024 to 2030. Countries like India, China and South Korea are likely to offer lucrative opportunities due to their large population bases and increasing disease burden.

The Humira biosimilar market in the United States currently accounts for the largest share of the global market size. However, Europe is expected to surpass the US and emerge as the leader during the forecast period. This can be attributed to favourable government initiatives to encourage biosimilar uptake in countries like Germany, France and the UK. Additionally, the presence of several global manufactures and established distribution networks give Europe an edge over other regions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina
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Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

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