Biosimilars Market Size To Reach $ 88.12 BN In 2030 | Rise In Tumor Cases Worldwide, Increasing Investment In R&D & Production For Cost Effective Biosimilar Drugs To Reduce Health Expenditure Are Expected To Drive The Market Growth, Reports and Data

NEW YORK, March 2, 2022 /PRNewswire/ -- The global biosimilars market size is expected to reach USD 88.12 Billion in 2030 and register a revenue CAGR of 21.3% over the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth of biosimilars is due to various factors, such as increasing demand for biosimilar drugs due to their cost-effectiveness. However, stringent government regulations are expected to hamper market revenue growth.

The number of patients suffering from different types of cancers is rising significantly each year worldwide. Molecular profiling and other advanced diagnostic techniques are changing the way many cancers are identified and treated. The past decade has seen a shift in the concept of cancer therapy. New immunotherapy medications target immune cells, thereby inducing the immune system to eradicate tumor cells. Because of molecular profiling, biologics can offer personalized treatment that often improves clinical outcomes, extends survival, and restores patients' quality of life in a way that chemotherapy cannot. However, these medications can be expensive, thus creating a barrier to their access. Biosimilar medication is increasingly available to reduce this barrier, and this drives market growth.

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Each biosimilar drug is highly similar to its FDA-approved reference biologic in terms of efficacy, safety, and quality without being identical to it. Although biosimilars are created slightly differently, the clinical setting, treatment approach, and dose used should be identical to their reference drugs. As of May 2021, 39 biosimilars of filgrastim, bevacizumab, trastuzumab, pegfilgrastim and rituximab have been approved in the EU, and 14 oncology biosimilars have been approved by the FDA for use in the United States. The manufacturers of these drugs are Celltrion Inc., Amgen Inc., Pfizer Inc. and many more. Introduction of lower priced biosimilar agents into the therapeutic armamentarium has the potential to ease the burden on healthcare expenditure and facilitate better access to effective cancer treatments. Oncology biosimilars have shown comparable efficacy and safety based on clinical evidence and physicochemical quality data as well as in real-world settings. As more biosimilars become available, clinical data generated in the real-world setting has accumulated, providing further reassurance which is expected to drive the market revenue growth.

Some Key Highlights from the Report

• Biosimilars is a biologic medicine that is highly similar in quality, efficacy and safety to an existing biologic reference product. Lower price biosimilars may also help save costs for the healthcare system. According to estimates, USD 250 Billion may be saved between 2014 and 2024 in the US if 11 biosimilars were to enter the market. Biosimilars could potentially play an important role in increasing patient access to biologic therapies, which is expected to drive the market revenue growth.
• In December 2020, Celltrion announced that it had completed the acquisition of select primary care assets from Takeda Pharmaceuticals Company Limited in Asia Pacific, thus making efforts to strengthen its R&D capability global small molecule pharmaceuticals business. The deal was signed for USD 278 million to secure 18 small molecule pharmaceutical product brand patents, trademarks, permits and sales rights in 9 Asia Pacific countries including South Korea. Increased global sales capacity to build continuous growth momentum in the Asia Pacific market would also be one of the benefits of this acquisition and a stepping stone for Celltrion group to be an integrated global biopharmaceutical firm.

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• Biosimilar markets in Asia Pacific region are expected to register faster revenue CAGR during the forecast period due to presence of various emerging players in the region. Presence of a large pool of population in the region is associated with high healthcare expenditure burden, which in turn demands low-cost alternatives such as biosimilars. Rise in number of cancer patients in this region and lack of medical infrastructure especially for cancer, are driving an opportunity for the private players in this region to engage themselves and invest with the help of government support and provide cost effective medicines to patients for their treatment. This is expected to drive the market revenue growth in the region during the forecast period.
• In November 2021, Pfizer Inc., announced successful completion of its acquisition of Trillium Therapeutics, a clinical stage immune-oncology company developing innovative therapies for the treatment of cancer. Trillium becomes part of Pfizer, it brings an impressive portfolio that includes biologics that are designed to enhance the ability of patients' innate immune system to detect and destroy cancer cells.
• Companies profiled in the global market report include Pfizer Inc., Dr. Reddy's laboratories Ltd., Novartis AG., Amgen Inc., Biocon Ltd., Samsung Biologics., Celltrion, Teva Pharmaceuticals Industries Ltd., F. Hoffmann-La Roche Ltd., Biogen Idec Inc.

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For the purpose of this report, Reports and Data has segmented the Biosimilars Market based on product type, disease type and region:

Product Type Outlook (Revenue, USD Million; 2019–2030)

• Recombinant Non-Glycosylated Proteins
• Recombinant Glycosylated Proteins
• Recombinant Peptides
• Others

Disease Type Outlook (Revenue, USD Million; 2019–2030)

• Oncology
• Blood Disorders
• Chronic Disease
• Infectious Disease
• Others

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Regional Outlook (Revenue, USD Million; 2019–2030)

• North America
1. U.S.
2. Canada
3. Mexico
• Europe
1. Germany
2. U.K.
3. France
4. Italy
5. Spain
6. Sweden
7. BENELUX
8. Rest of Europe
• Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
• Latin America
1. Brazil
2. Rest of LATAM
• Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Israel
5. Rest of MEA

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