The Humira Biosimilar Market is estimated to be valued at US$ 772.1 million in 2023 and is expected to exhibit a CAGR of 25.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Humira Biosimilar market refers to the market for generic versions of Humira, a widely used medication for treating autoimmune diseases such as rheumatoid arthritis, psoriasis, Crohn's disease, and ulcerative colitis. These biosimilars are highly similar to Humira in terms of quality, safety, and efficacy. They offer a more cost-effective alternative to the original branded product, making treatment more accessible to a larger patient population.
Market Dynamics:
The growth of the Humira Biosimilar market is primarily driven by two factors. Firstly, the growing prevalence of autoimmune diseases worldwide has created a significant demand for effective treatment options. Humira biosimilars offer a more affordable alternative, making the treatment accessible to a larger patient population.
Secondly, the impending patent expiry of Humira is also a key driver for market growth. As the patent protection ends, it opens up opportunities for the development and commercialization of biosimilar versions, leading to increased competition and cost savings in the market.
These drivers are expected to propel the market's growth over the forecast period, providing patients with an affordable and effective treatment option for autoimmune diseases.
SWOT Analysis:
Strengths: Humira biosimilars have the advantage of providing a more cost-effective alternative to the original Humira drug, allowing for increased affordability and accessibility to patients. Additionally, with the expiry of the Humira patent, there will be a competitive landscape, leading to market growth and innovation in the biosimilar market. The increasing prevalence of autoimmune diseases, for which Humira is prescribed, is also a strength, as it creates a growing demand for biosimilars.
Weaknesses: One weakness of the Humira biosimilar market is the complexity and time-consuming process of gaining regulatory approval. This can be a barrier for smaller players trying to enter the market. Another weakness is the potential for intellectual property disputes and litigation between the key players and the original Humira manufacturer, which can delay market entry for biosimilars.
Opportunities: The first opportunity in the Humira biosimilar market is the growing trend towards personalized medicine and targeted therapies, which can create a demand for more specific biosimilars. Another opportunity lies in expanding market presence in emerging economies, where the prevalence of autoimmune diseases is increasing and access to affordable biosimilars is needed.
Threats: One of the threats in the Humira biosimilar market is the competition from other biosimilar manufacturers, as more companies enter the market and offer alternative products. Another threat is the potential for regulatory changes or new regulations that could impact the approval process and market entry for biosimilars.
Key Takeaways:
The global humira biosimilar market is expected to witness high growth, exhibiting a CAGR of 25.9% over the forecast period of 2023-2030, due to the increasing prevalence of autoimmune diseases and the expiration of the Humira patent. The fastest-growing and dominating region in the market is North America, primarily driven by the high adoption rate of biosimilars and the presence of key players in the region.
Key players operating in the humira biosimilar market include Amgen Inc., Samsung Bioepis Co., Ltd., Sandoz International GmbH (Novartis AG), Mylan N.V., Boehringer Ingelheim International GmbH, Pfizer Inc., Fresenius Kabi AG, Coherus BioSciences, Inc., Biogen Inc., AbbVie Inc., Celltrion Inc., Amneal Pharmaceuticals, Inc., Lupin Pharmaceuticals, Inc., Merck & Co., Inc., and Viatris Inc. These key players are actively involved in research and development activities, strategic collaborations, and acquisitions to strengthen their market position and expand their product portfolio in the humira biosimilar market.
Read More:
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian