The global Biosimilars Market is estimated to be valued at US$ 29.4 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biosimilars are biologics that are highly similar to an approved biological drug known as the reference biologic product. Biosimilars offer advantages like more affordable treatment alternatives and provide significant cost-savings opportunities for healthcare systems and patients. Biosimilars are approved only after rigorous comparative analytical, preclinical, and clinical testing has been conducted to demonstrate that a biosimilar is as safe and effective as the original biologic drug. Biosimilars are developed through state-of-the-art manufacturing processes which closely monitor minute changes to ensure the highest quality standards.
Market Key Trends:
Adoption of advanced manufacturing technologies like continuous manufacturing, digital technology, and automation is becoming a key trend in the biosimilars market. Automation is enabling better control and monitoring of biosimilars manufacturing processes to maximize efficiency. It helps reduce human errors and variability. Technologies like Internet of Things (IoT), artificial intelligence, big data analytics and digital connectivity are being incorporated in biosimilar drug development and manufacturing. This is helping improve process optimization, yield and quality control. Automation is also making biologic drug development and commercialization more cost-effective. Rising focus on automation is expected to accelerate the growth of the global biosimilars market during the forecast period.
Porter’s Analysis
Threat of new entrants: The biosimilars market requires huge capital investments and regulatory hurdles related to intense clinical trials pose a significant barrier for new entrants.
Bargaining power of buyers: Due to large concentration of pharmaceutical companies operating in the market, the bargaining power of buyers remains moderate.
Bargaining power of suppliers: A few raw material suppliers along with patents held by innovator companies increase suppliers' bargaining power in the market.
Threat of new substitutes: Alternatives such as generic medicines offer competitive threat as substitutes. However, more stringent regulations for biosimilars limit threat from substitutes.
Competitive rivalry: Intense competition exists among existing players to commercialize biosimilars of blockbuster biologics facing patent expiries. Market leaders aim to sustain leadership through continuous R&D.
Key Takeaways
The Global Biosimilars Market Demand is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing expiry of biologics patents. The market size for 2023 is estimated at US$ 29.4 Bn.
Regional analysis
North America dominates the global biosimilars market currently due to favorable regulations and healthcare reforms in the US. Asia Pacific is anticipated to register the fastest growth over the forecast period driven by rising prevalence of chronic diseases and increasing awareness about biosimilars in China and India.
Key players
Key players operating in the biosimilars market are Eli Lilly and Company, Merck & Co. Inc., Teva Pharmaceutical Industries Limited, Kashiv Bio Sciences, Intas Pharmaceutical Ltd, Dr. Reddy’s Laboratories, Biocon Ltd, Pfizer Inc., Amgen Inc. Major players focus on developing pipeline candidates via strategic collaborations and investing in novel drug delivery technologies to gain competitive edge in the market.
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