by Biosimilars are biopharmaceutical drugs administered to patients to address chronic diseases and medical conditions. They are manufactured using biotechnology methods, replicate the pharmacological effects of an original Biologics but have minor differences in inactive components. Biosimilars help lower healthcare costs by providing affordable treatment options without compromising quality and efficacy. The global biosimilars market has witnessed rising demand due to expiry of patents for blockbuster Biologics. The need for cost-effective alternatives to treat critical illnesses and diseases has driven uptake of Biosimilars containing the same active biological drugs as reference biologics for a fraction of their cost.
The global Biosimilars Market is estimated to be valued at US$ 29.4 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the biosimilars market is partnerships and collaborations between pharmaceutical companies. Large established players are collaborating with smaller biotech companies to enhance capabilities and accelerate biosimilar product development. For instance, Amgen partnered with Allergan to commercialize Amjevita (biosimilar to Humira) in the U.S., gaining access to Allergan’s experienced salesforce. Further, regulatory agencies such as FDA and EMA are strengthening guidelines for biosimilar approval pathways to facilitate faster market access and increase competition. The agencies are providing incentives and a well-defined pathway to approve interchangeable biosimilars aimed at expanding patient access. This trend is anticipated to positively impact the biosimilars market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The Biosimilars market requires high R&D investments and regulatory clearances which pose significant barriers for new entrants.
Bargaining power of buyers: The presence of large pharmaceutical companies as buyers in the market provides them with higher bargaining power over suppliers.
Bargaining power of suppliers: Leading research organizations and contract manufacturing organizations supplying to the Biosimilars market possess moderate bargaining power due to their specialized expertise.
Threat of new substitutes: Biosimilars face competition from patented biologics but prove to be a more economical substitute.
Competitive rivalry: The Biosimilars market witnesses strong competition due to the presence of global key players.
Key Takeaways
The Global Biosimilars Market Size is expected to witness high growth. The global Biosimilars Market is estimated to be valued at US$ 29.4 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis related content comprises The North American region currently dominates the Biosimilars market owing to advanced healthcare infrastructure and supportive regulations. However, Asia Pacific is anticipated to be the fastest growing market over the forecast period driven by rising healthcare expenditure in China and India.
Key players related content comprises Key players operating in the Biosimilars market are U.S. Environmental Protection Agency (EPA), European Chemicals Agency (ECHA), Food and Drug Administration (FDA). The market is highly consolidated with a few global leaders holding major shares. Strategic collaborations and product launches have been key growth strategies adopted by prominent players to strengthen their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
