by Remicade biosimilars are newly developed biopharmaceuticals which are equivalent to original drug Remicade in terms of quality, safety, efficacy and adverse effects. Remicade biosimilars offer cost effective alternatives for the treatment of chronic inflammatory diseases such as rheumatoid arthritis, Crohn’s diseases and ulcerative colitis. Growing preference for biosimilars over reference drugs due to their lower cost is boosting the demand and adoption of Remicade biosimilars.
The global Remicade Biosimilars Market is estimated to be valued at US$ 3464.39 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Biosimilars offer cost savings of 30-50% over the reference drugs. This is encouraging biopharmaceutical manufacturers to develop high quality biosimilars and physicians to prescribe them over reference biologics. Additionally, expiring patents of reference biologics is opening lucrative opportunities for biosimilar manufacturers to enter the market. For instance, the patent of Remicade expired in major global markets in 2014 which accelerated the approval and launch of multiple Remicade biosimilars. The entry of low cost biosimilars is promoting treatment access and improving health outcomes of patients suffering from chronic inflammatory disorders.
SWOT Analysis
Strength: Remicade biosimilars provide an affordable treatment option for patients suffering from chronic conditions like rheumatoid arthritis and Crohn’s disease. Their lower costs make therapy more accessible to a larger patient population.
Weakness: Biosimilars may face barriers to uptake due to physicians’ preference for branded drugs and patients’ reluctance to switch. Lack of long-term safety and efficacy data compared to originator Remicade can also limit their adoption initially.
Opportunity: The expiry of Remicade’s patents in major markets presents a large commercial opportunity for biosimilar makers. Strong demand for affordable biologics from budget-constrained healthcare systems will boost their market penetration going forward.
Threats: Aggressive pricing by originator Janssen could discourage uptake of competing biosimilars. Additional regulatory requirements or labeling changes for extrapolation to new indications may slow market evolution.
Key Takeaways
The Global Remicade Biosimilars Market Size is expected to witness high growth over the forecast period owing to the expiry of patented Remicade drug and launch of affordable alternative treatment options. The global Remicade Biosimilars Market is estimated to be valued at US$ 3464.39 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.
Europe currently dominates the market driven by supportive regulations and reimbursement policies supporting biosimilar usage in countries like Germany, UK and France. The region’s universal healthcare systems also seek to curb drug expenditure by promoting biosimilar adoption. North America is expected to emerge as the second largest and fastest growing regional market for Remicade biosimilars during the forecast period. This growth will be fueled by patent expirations in key markets like the US and the launch of competing biosimilar drugs by major pharma companies.
Key players operating in the Remicade biosimilars market are Henkel AG & Co. KGaA, Chemtronics, Electrolube, Dow Corning Corporation, 3M Company, Dymax Corporation, KYZEN Corporation, Master Bond Inc., Techspray, Chase Corporation, ACC Silicones Ltd., LORD Corporation, Shin-Etsu Chemical Co., Ltd., Avery Dennison Corporation, and MG Chemicals.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
