Biosimilars Market to be Worth $76.2 Billion by 2030 - Grand View Research, Inc.

SAN FRANCISCO, July 25, 2023 /PRNewswire/ -- The global biosimilars market size is expected to reach USD 76.2 billion by 2030, registering a CAGR of 15.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of this market can be attributed to their cost effectiveness for both patients & manufacturers and the increasing prevalence of chronic & non-communicable diseases, such as cancer and anemia. According to the World Health Organization estimates, 40% of children below five years of age, and 30% of women between the age group of 15 and 49 years are suffering from anemia. Moreover, biosimilar drugs offer almost similar results and are considered a more affordable alternative to their reference biologics.

Key Industry Insights & Findings from the report:

• Based on product, the recombinant non-glycosylated proteins segment accounted for the largest revenue share of 54.9% in 2022 due to a rise in the regulatory approvals for biosimilars from different governments.
• On the other hand, the recombinant glycosylated proteins segment is expected to grow at the fastest CAGR of 14.9% during the forecast period as the patents of several lifesaving biologics are expected to expire soon.
• The chronic and autoimmune disorders application segment accounted for the largest revenue share in 2022owing to the rising prevalence of these diseases.
• The oncology segment is expected to register the fastest CAGR of 17.0% during the forecast period due to the increasing prevalence of cancer and upcoming patent expiration for important biologics.
• In 2022, North America dominated the market with a share of 40.4% owing to the presence of several key players. On the other hand, Asia Pacific is anticipated to be the fastest-growing region at a CAGR of 18.4% over the forecast period due to new product launches and increasing healthcare expenditure.

Read full market research report, "Biosimilars Market Size, Share & Trends Analysis By Product (Recombinant Glycosylated Proteins, Recombinant Non-Glycosylated Proteins), By Application (Rheumatoid Arthritis, Oncology), By Region And Segment Forecasts 2023 - 2030", published by Grand View Research.

Biosimilars Market Growth & Trends

Since they are almost similar, the producers of biologics also have to lower their prices to compete with biosimilars, which reduce the cost of the overall treatment. For instance, a report published by Biosimilars Forum in April 2021 suggests that increasing competition from biosimilars has resulted in lowering the prices of biologics by an average of 56% to up to 150%. Furthermore, biologics have patents to protect them from competing with biosimilars. These patents restrict the production of biosimilars for a period of 8 to 20 years depending on the regulations in different countries. However, patents of many lifesaving biologics are expected to expire during the forecast period, which can boost growth.

According to an article by Congressional Budget Office published in April 2021, the U.S. Food and Drugs Administration (FDA) had approved 29 biosimilar drugs by 2020, and some of them were yet to be introduced in the market. Furthermore, an article by Generics and Biosimilars Initiative suggests, the entry of Amgen's biosimilar Soliris was delayed till 2025. The outbreak of the COVID-19 pandemic had a negative impact on the global market. Since the supply chains of different products including pharmaceuticals were disrupted and most of the sources were dedicated to fighting COVID-19, the production of biosimilars experienced a shortage of raw materials.

For instance, according to a report published by Johns Hopkins Bloomberg School of Public Health, as a result of the lockdown, a shortage was observed in the supply of Active Pharmaceutical Ingredient (API), which is an important raw material used in producing drugs. These shortages directly affected the production and supply of biosimilars and other drugs during the pandemic. However, due to the increasing demand, several market players are significantly investing in the research & development of biosimilars, which can further add to the market growth. For instance, a key player offering advanced biotechnology solutions, Amgen Inc., has invested USD 2 billion in the development of 10 biosimilar medicines.

Biosimilars Market Report Scope

 

Biosimilars Market Segmentation 

Grand View Research has segmented the global biosimilars market based on product, application, and region

Biosimilars Market - Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Recombinant Non-glycosylated Proteins
• Recombinant Glycosylated Proteins

Biosimilars Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Oncology
• Blood Disorders
• Growth Hormonal Deficiency
• Rheumatoid Arthritis
• Chronic and Autoimmune Disorders
• Others

Biosimilars Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Norway
• Sweden
• Denmark
• Asia Pacific
• Japan
• China
• India
• Thailand
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• Saudi Arabia
• South Africa
• UAE
• Kuwait

List of Key Players of Biosimilars Market

• Amgen Inc.
• F Hoffman-La Roche Ltd.
• Sandoz International GmbH
• Dr. Reddy's Laboratories Ltd.
• Teva Pharmaceutical Industries Ltd.
• Pfizer Inc.
• Samsung Biopis
• Biocon
• Viatris Inc.
• Celltrion Healthcare Co.,Ltd.
• AbbVie Inc.

Check out more market research studies published by Grand View Research:

• Asia Pacific Biopharma Excipients Market - The Asia Pacific biopharma excipients market size is poised to reach USD 791.4 million by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.63% during the forecast period. Patent expiry of blockbuster biologics such as Erbitux, Rituxan, Herceptin, Avastin, Aranesp, and Enbrel by 2030 is encouraging investments in biosimilars R&D by biopharma players. Soaring need for novel additives for development of biologics such as those enhancing lyophilization performance to improve stability of biologics is anticipated to boost the demand for excipients.
• Ankylosing Spondylitis Market - The global ankylosing spondylitis market size is expected to reach USD 7.9 billion by 2027 registering a CAGR of 8.3%, according to a new report by Grand View Research, Inc. Presence of a strong product pipeline is likely to accelerate market growth. For instance, the positive phase-2b results of UCB S.A. pipeline product, Bimekizumab, makes it a potential drug candidate to be launched in the market over the forecast period.
• Erectile Dysfunction Drugs Market - The global erectile dysfunction drugs market size is expected to reach USD 4.8 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 8.5% from 2022 to 2030. The increasing prevalence of erectile dysfunction is expected to contribute to market growth. According to the European Association of Urology, the overall prevalence of ED was found to be around 52% in the European male population aged 40-70 years in 2020. In addition, according to the Boston University School of Medicine, approximately 22.0% of 40 years aged male population and 49.0% by age of 70 years are affected by erectile dysfunction. Thus, the increasing geriatric population is anticipated to increase the prevalence of ED over the forecast period and is expected to create lucrative growth opportunities in the market.

Browse through Grand View Research's Pharmaceuticals Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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