February 21, 2024

The Global Humira Biosimilar Market Driven By Rising Healthcare Costs

The global Humira biosimilar market is segmented based on active pharmaceutical ingredients, formulation, application, distribution channel, and region. Biosimilars are highly effective biologic drugs used to replace biologic drugs whose patents have expired with highly similar versions for the treatment of various chronic inflammatory diseases. AbbVie’s blockbuster drug Humira is losing its market exclusivity with the launch of various biosimilar versions.

The global Humira Biosimilar 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 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major key trends in the humira biosimilar market is the rising prevalence of chronic inflammatory diseases. According to World Health Organization (WHO), chronic inflammatory diseases like rheumatoid arthritis, psoriasis, and inflammatory bowel disease are some of the most burdensome diseases globally in terms of disability and reduced quality of life. The increasing prevalence of these chronic diseases is supporting the growth of biosimilar versions of adalimumab (Humira). For instance, as per the Arthritis Foundation, around 54 million adults and 300,000 children were suffering from arthritis in the United States in 2018.

 

Porter’s Analysis

Threat of new entrants: Low biologics manufacturing capability and capital requirements pose barriers for new entrants in the Humira biosimilar market.

Bargaining power of buyers: Large sized buyers such as hospitals leverage their scale to negotiate lower prices in the Humira biosimilar market.

Bargaining power of suppliers: Limited number of suppliers for active pharmaceutical ingredients utilized in biosimilars limits their bargaining power.

Threat of new substitutes: Innovation in disease modifying anti-rheumatic drugs presents potential substitution threats in the Humira biosimilar market.

Competitive rivalry: Fierce competition among large generics makers and presence of niche biosimilar specialists intensify rivalry.

Key Takeaways

The Global Humira Biosimilar Market Demand is expected to witness high growth.

North America dominates the regional market currently due to established healthcare infrastructure andstreamlined regulatory pathways. However, Asia Pacific market is projected to grow at fastest pace during the forecast period with increase in healthcare spending in countries like China and India.

Key players operating in the Humira biosimilar 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. Companies are focused on expanding their product portfolio and facilitating easy availability of biosimilars across various countries.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it