The growth of the global biosimilar monoclonal antibody market is driven by increase in prevalence of chronic diseases globally, increase in the number of product approvals and increase in the number of patent expirations.
PORTLAND, Ore., Sept. 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Biosimilar Monoclonal Antibody Market by Type (Adalimumab, Bevacizumab, Infliximab, Rituximab, Trastuzumab and Others), Indication (Oncology, Autoimmune Diseases and Others) and End User (Hospitals, Cancer Treatment Centers and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global biosimilar monoclonal antibody market was valued for $8.7 billion in 2022 and is estimated to reach $64.6 billion by 2032, exhibiting a CAGR of 22.2% from 2023 to 2032.
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Biosimilar antibodies are used for many research applications. Monoclonal antibodies are highly effective in treating a wide range of diseases, including cancer, autoimmune disorders, and inflammatory conditions.
Prime determinants of growth
Increase in prevalence of chronic diseases globally, rise in number of product approvals for biosimilar monoclonal antibodies, and increase in the number of patent expirations are the factors that drive the growth of the global biosimilar monoclonal antibody market. However, intellectual property and legal challenges between originator and biosimilar manufacturers is hampering the biosimilar monoclonal antibody market growth. On the contrary, the growing opportunities in emerging markets and increase in the number of pipeline biosimilar drugs are expected to offer remunerative opportunities for expansion of the biosimilar monoclonal antibody market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $8.7 billion |
Market Size in 2032 | $64.6 billion |
CAGR | 22.2 % |
No. of Pages in Report | 293 |
Segments covered | Type, Indication, End User, and Region |
Drivers | Increase in prevalence of chronic diseases Rise in number of product approvals for biosimilar monoclonal Increase in the number of patent expirations |
Opportunities | Growing opportunities in emerging markets Increase in the number of pipeline biosimilar drugs |
Restraint | Intellectual property and legal challenges between originator and |
What is the Impact of Recession 2023 on Biosimilar Monoclonal Antibody Market?
- The ongoing global recession had a notable impact on the biosimilar monoclonal antibody market. Reduced funding and financial constraints in sectors such as pharmaceuticals and biotechnology, have influenced the dynamics of the biosimilar monoclonal antibody market.
- Companies, including both, established players and emerging biotech firms, are expected to experience limitations in their research and development budgets, potentially affecting the pace of biosimilar development programs.
- However, despite these challenges, the demand for more cost-effective treatment options, such as biosimilar monoclonal antibodies, is anticipated to rise, owing to increase in prevalence of chronic diseases and increase in the number of regulatory approvals.
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The infliximab segment to maintain its leadership status throughout the forecast period
Based on type, infliximab segment accounted for the largest share in terms of revenue in 2022, accounting for more than one-fourth of the global biosimilar monoclonal antibody market revenue. This is attributed to factors such as expiration of patent for infliximab enabling the introduction of biosimilar versions, offering comparable efficacy and cost-effectiveness. On the other hand, adalimumab segment is expected to witness highest CAGR of 24.0% during the forecast period. This is attributed to adalimumab's wide range of therapeutic applications in treating autoimmune diseases such as rheumatoid arthritis, psoriasis, and Crohn's disease, resulting in high demand for cost-effective options, which biosimilar versions offer. In addition, regulatory approvals, increase in physician confidence in prescribing biosimilar adalimumab owing to robust clinical data and rigorous comparability studies, and favorable reimbursement policies in certain regions have collectively propelled the adoption of biosimilar adalimumab, thus contributing to its substantial market growth.
The oncology segment is anticipated maintain its leadership status throughout the forecast period
Based on indication, the oncology segment accounted for the largest share in 2022, accounting for more than half global biosimilar monoclonal antibody market revenue and is expected to register highest CAGR of 22.5% during forecast period, owing to rise in demand for cost-effective potent cancer therapies. Biosimilar monoclonal antibodies offer similar efficacy and safety profiles to original products while being more affordable, driven by patent expirations, supportive regulatory pathways, and growing confidence in their clinical outcomes.
The hospitals segment to maintain its lead position during the forecast period
Based on end user, the hospital segment accounted for the largest share in 2022, accounting for more than half global biosimilar monoclonal antibody market revenue and is expected to register the highest CAGR of 22.5% during forecast period. This is attributed to increase in adoption of biosimilar mAbs within hospital settings, driven by factors such as cost-effectiveness, expanding patient population and rise in demand for targeted therapies. In addition, hospitals offer better insurance coverage, specialized medical expertise, well equipped infrastructure for complex chronic disease treatments, and wide availability of biosimilar mAbs, thereby fueling the segment growth.
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North America to maintain its dominance by 2032
Based on region, North America accounted for the largest share in, accounting for nearly half global biosimilar monoclonal antibody market revenue owing to factors such as increase in number of regulatory approvals, robust healthcare infrastructure enabling efficient distribution and adoption of biosimilars, strong physician acceptance and patient access, favorable reimbursement policies, advanced research and development manufacturing capabilities, and proactive efforts to raise awareness and education about biosimilar mAbs. However, the Asia-Pacific is anticipated to witness highest CAGR of 23.7% during the forecast period. This is attributed to increase in demand for cost-effective treatments owing to increase in the number of people suffering from chronic diseases , presence of a large and aging population susceptible to chronic diseases, growing investments in biopharmaceutical research and manufacturing capabilities, and collaborations between local and international pharmaceutical companies, which all collectively foster a favorable environment for the adoption and expansion of biosimilar mAbs in the Asia-Pacific market.
Leading Market Players:
- Pfizer Inc.
- Amgen Inc.
- Novartis AG
- Coherus Biosciences, Inc.
- Teva Pharmaceutical Industries Limited
- Shanghai Henlius Biotech, Inc.
- BIOCAD
- Biocon
- Celltrion Healthcare Co., Ltd.
- Biogen
The report provides a detailed analysis of these key players of the global biosimilar monoclonal antibody market. These players have adopted different strategies such as collaboration, product launch, agreement, clinical trial approval, acquisition, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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