by Remicade, also known as infliximab, is a chimeric monoclonal antibody drug used to treat a variety of autoimmune diseases including rheumatoid arthritis, Crohn’s disease, ulcerative colitis and psoriatic arthritis. Remicade biosimilars provide a cost-effective alternative to the original biologic for patients suffering from chronic inflammatory conditions. Several pharmaceutical companies have launched cheaper biosimilar versions of Remicade that exhibit comparable clinical efficacy.
The global Remicade Biosimilars Market is estimated to be valued at US$ 3007 million in 2023 and is expected to exhibit a CAGR of 3.4% 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 driving the growth of the Remicade biosimilars market is the increasing demand for affordable treatment options. Biologics are generally costly whereas biosimilars provide significant price discounts of 15-35% compared to the reference products. This is enabling greater access to therapy for a larger patient pool globally. Furthermore, many countries have policies promoting the adoption of biosimilars in order to control healthcare expenditure. Expiry of Remicade’s patents in various regions is also creating lucrative market opportunities for biosimilar manufacturers. However, challenges still remain regarding interchangeability and automatic substitution between reference biologics and biosimilars. Ongoing clinical trials are aimed at addressing these regulatory concerns.
Porter’s Analysis
Threat of new entrants: The biosimilars market has high entry barriers and complex manufacturing processes. New companies need significant investments and resources to successfully enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as Remicade biosimilars market is dominated by few global key players. However, buyers can negotiate on price offerings from established biosimilar manufacturers.
Bargaining power of suppliers: A few contract manufacturing organizations that have expertise and capabilities in biologics manufacturing act as key suppliers. Their bargaining power is moderate given the investments required.
Threat of new substitutes: Threat from new substitutes is moderate as biosimilars are already considered substitutes for reference biologics. Approvals and introduction of new drugs act as potential substitutes.
Competitive rivalry: The rivalry in the Remicade biosimilars market is high owing to limited patent protection and global key players competing on price and product differentiation.
Key Takeaways
The Global Remicade Biosimilars Market Growth is expected to witness high over the forecast period.
Europe remains the dominant as well as the fastest growing regional market for Remicade biosimilars. Factors such as rising chronic disease prevalence, favorable regulatory guidelines and early biosimilar approvals are supporting market growth in Europe.
The key players operating in the Remicade biosimilars market are Celltrion Inc., Pfizer Inc., Allergan Plc, Merck & Co., and Mylan N.V. Regional analysis related content comprises Celltrion’s Remsima continues to dominate the European biosimilars market. Pfizer’s biosimilar Inflectra also captured a significant market share since its approval and launch.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
