Biosimilars Market Growth Accelerated by Increasing Demand for Cost-Effective Drugs
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Biosimilar Market |
Biosimilars are biologic
medications designed to be similar to an existing FDA approved reference
biologic product. Biosimilars are meant to provide affordable alternatives to
expensive biologic therapies after biological patents expire. Biosimilars
improve patient access to lifesaving therapies in areas such as oncology,
immunology and hematology. The global biosimilars market is estimated to be
valued at US$ 29.4 Bn in 2023 and is
expected to exhibit a CAGR of 5.9%
over the forecast period 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market Dynamics:
One of the major driver fueling
the growth of the biosimilars market is the increasing patent expiry of
blockbuster biologics. Between 2018 to 2024, biologics such as AbbVie's Humira,
Pfizer's Neupogen, Genentech's Rituxan, and Johnson & Johnson's Remicade
with a combined sales value of over $35 billion will go off-patent, opening the
gateway for biosimilars entry. The emergence of biosimilars also represents
considerable cost savings compared to reference biologics which are highly
priced. According to the European Commission, biosimilars have the potential to
save European healthcare systems nearly €100 billion in 2014-2020 as a result
of lower average medicine prices. This cost saving along with improved access
to treatment are expected to drive the future adoption of biosimilars over the
forecast period.
SWOT Analysis
Strength: Biosimilars are nearly
identical copies of original biologic drugs and provide more treatment options
at lower costs compared to reference biologics. Biosimilars can treat various
chronic diseases by mimicking the pharmacological effects of original
biologics. With established manufacturing processes, biosimilars can gain quick
regulatory approvals.
Weakness: Developing biosimilars
require huge capital investments and specialized research expertise due to
complexity in replicating biologic molecules. Biosimilars may face patent
litigations from reference drug companies which can delay market entry. Limited
substitutability and interchangeability provisions restrict automatic
substitution of biosimilars for prescribed reference biologics in some regions.
Opportunity: Patent expiry of
major biologic drugs provide opportunities to introduce affordable biosimilar
versions, increasing patient access to treatments. Growing prevalence of
chronic diseases worldwide will augment the demand for cost-effective biologics
and biosimilars. Favorable regulatory guidelines and incentive programs in
several countries promote biosimilars usage.
Threats: Unfavorable pricing
policies and limited reimbursement coverage pose challenges in biosimilars
commercialization. Heightened competition from emerging biosimilars players may
erode brands and compress margins. Adverse drug reactions and immunogenicity
issues attributed to biosimilars can harm market reputation and future sales.
Stringent pharmacovigilance requirements increase regulatory compliances cost
burden.
Key Takeaways
The Global
Biosimilars Market Share is expected to witness high growth over the
forecast period of 2023-2030. The market size is estimated to reach US$ 29.4 Bn by 2024, expanding at a CAGR of 5.9% through 2030.
Regional analysis - Europe dominates currently due to an
established regulatory framework and incentive programs supporting biosimilar
approvals and usage. However, the Asia Pacific region is expected to offer
lucrative opportunities with emerging biosimilars industries in China, India
and South Korea. Favorable regulatory guidelines and rising healthcare spending
will accelerate biosimilars market growth in Asia Pacific region during the
forecast period.
Key players - Key players operating in the biosimilars market
include U.S. Environmental Protection Agency (EPA), European Chemicals Agency
(ECHA), Food and Drug Administration (FDA), and Ministry of Health, Labour and
Welfare (MHLW). These regulatory agencies play a critical role in establishing
guidelines and approving biosimilars.
Get More Insights Here
https://techaxen.com/rise-of-surgical-robots-in-healthcare-industry/
https://www.newswirestats.com/biosimilars-market-size-share-growth-outlook-2023/
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