Biosimilars market size to increase by USD 42.22 billion | Market driven by the notable price advantage of biosimilars compared to biologics – Technavio

NEW YORK, Oct. 24, 2023 /PRNewswire/ — The Biosimilars Market size is forecast to grow by USD 42.22 billion between 2022 and 2027, and the growth momentum will be accelerating at a CAGR of 23% during the forecast period. The market growth is significantly driven by the notable price advantage of biosimilars compared to biologics. The high expense of biologics restricts patient access and contributes to higher healthcare costs. Biosimilars, which are authorized copies of biologics, are priced approximately 20%-25% lower than the original products. This cost reduction can be attributed to several factors. Firstly, biosimilars require fewer clinical trials compared to the original biologics, resulting in lower development costs. Typically, clinical trials are conducted using the original biologic as a reference. Additionally, biosimilars do not incur marketing costs or post-marketing research and development expenses, further contributing to their lower cost. Advances in genetic engineering and decreased scale-up costs for manufacturing recombinant proteins have made it more feasible to produce biosimilars at reduced expenses. Moreover, if the approval process for biosimilars can be streamlined and made more cost-effective, it would further reduce the overall cost of these products.

Europe will account for 46% of market growth during the forecast period. Europe approved sixteen biosimilars of seven different biologic products in 2020, thus expanding the biosimilar market into new therapeutic areas and newer classes of biologics for which no biosimilars have been previously approved in the EU. In many EU countries, including Germany and Sweden, biosimilar substitution is allowed for specific groups of biosimilars manufactured by the same pharmaceutical company. France is among the first EU country to establish a law for biosimilar substitution in treatment-naive patients or to continue a treatment already initiated with the same biosimilar. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) –Download A PDF Sample Report

Company Profiles

The biosimilars market report includes information on the key products and recent developments of leading vendors, including:

AbbVie Inc.: The company offers biosimilars under the brand Humira.Amgen Inc.: The company offers biosimilar services such as extrapolation and clinical trials.Biocon Ltd.: The company offers biosimilars such as Insulin Glargine, Rh-insulin, and Insulin Glargine Disposable Pen.Biogen Inc.: The company offers biosimilars for Ophthalmology and Immunology.To gain access to more vendor profiles available with Technavio, buy the report!

Market Dynamics

The market is driven by factors such as the price advantage of biosimilars over biologics, the patent expiry of major biologics, and government initiatives to increase the use of biosimilar medicines. However, the access barriers for biosimilars are hindering market growth.

Trends

A significant factor contributing to the growth of the biosimilar market is the regulatory landscape regarding therapeutic interchangeability across different countries. In the United States, for a biosimilar to be substituted at the pharmacy level, it must obtain approval as interchangeable from the US FDA. However, the regulatory approval process for biosimilars tends to be sluggish in the US. The US FDA states that when a pharmacist receives a prescription for a brand name drug or biological product, they may, or if a purchaser requests a lower-cost generic or interchangeable biological product, they must dispense a lower-cost product that is generically equivalent or interchangeable if it is available at the pharmacy. The marketing of biosimilars in the US is subject to stringent FDA regulations, which impose restrictions.

Challenges

The primary obstacle hindering the growth of the biosimilar market is the presence of market access barriers. Biosimilars face various challenges in order to compete with biologics and gain entry into the market. One of the foremost challenges is the intricate manufacturing process associated with biosimilars. It is crucial to maintain the uniformity of the product, yet variations are likely to arise even between two batches of the same product. The manufacturing of biosimilars or biologics involves a complex production process, presenting a significant hurdle for new companies to overcome.

Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others. Request a Sample

Market Segmentation

By product type, the market is segmented into monoclonal antibodies, insulin, human growth hormone, and others. The monoclonal antibodies segment accounted for the largest share of the market in 2022.By application, the market is segmented into oncology and hematology, endocrinology, immunology, and nephrology.By geography, the market is segmented into Europe, North America, Asia, and the Rest of the World (ROW). Europe held the largest share of the market in 2022.

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What are the key data covered in this biosimilars market report?

CAGR of the market during the forecast period.Detailed information on factors that will drive the growth of the market between 2023 and 2027Precise estimation of the biosimilars market size and contribution of the market in focus to the parent market.Accurate predictions about upcoming trends and changes in consumer behavior.Growth of the market industry across Europe, North America, Asia, and Rest of World (ROW).Thorough analysis of the market’s competitive landscape and detailed information about vendors.Comprehensive analysis of factors that will challenge the growth of biosimilars market vendors.

Related Reports:

The biologic therapeutics market is estimated to grow at a CAGR of 11.34% between 2022 and 2027. The size of the market is forecast to increase by USD 286.12 billion. This report extensively covers market segmentation by application (cancer, infectious diseases, autoimmune diseases, and others), product (antibody therapeutics, vaccines, cell therapy, gene therapy, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). The introduction of biosimilars is notably driving the biologic therapeutics market growth. The HER2 (human epidermal growth factor receptor 2) inhibitors market share is expected to increase by USD 8.00 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.95%. Furthermore, this report extensively covers HER2 (human epidermal growth factor receptor 2) inhibitors market segmentation by product (monotherapy and combination therapy) and geography (North America, Europe, Asia, and Rest of World (ROW)). The high prevalence of breast cancer and gastric cancer is one of the key drivers supporting the HER2 (human epidermal growth factor receptor 2) inhibitors market growth. 

1 Executive Summary

1.1 Market overview Exhibit 01: Executive Summary – Chart on Market OverviewExhibit 02: Executive Summary – Data Table on Market OverviewExhibit 03: Executive Summary – Chart on Global Market CharacteristicsExhibit 04: Executive Summary – Chart on Market by GeographyExhibit 05: Executive Summary – Chart on Market Segmentation by Product TypeExhibit 06: Executive Summary – Chart on Market Segmentation by ApplicationExhibit 07: Executive Summary – Chart on Incremental GrowthExhibit 08: Executive Summary – Data Table on Incremental GrowthExhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem Exhibit 10: Parent marketExhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition Exhibit 12: Offerings of vendors included in the market definition3.2 Market segment analysis Exhibit 13: Market segments3.3 Market size 20223.4 Market outlook: Forecast for 2022-2027 Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD million)Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD million)Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global biosimilars market 2017 – 2021 Exhibit 18: Historic Market Size – Data Table on Global biosimilars market 2017 – 2021 (USD million)4.2 Product Segment Analysis 2017 – 2021 Exhibit 19: Historic Market Size – Product Segment 2017 – 2021 (USD million)4.3 Application Segment Analysis 2017 – 2021Exhibit 20: Historic Market Size – Application Segment 2017 – 2021 (USD million)4.4 Geography Segment Analysis 2017 – 2021 Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD million)4.5 Country Segment Analysis 2017 – 2021 Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD million)

5 Five Forces Analysis

5.1 Five forces summary Exhibit 23: Five forces analysis – Comparison between 2022 and 20275.2 Bargaining power of buyers Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 20275.3 Bargaining power of suppliers Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 20275.4 Threat of new entrants Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 20275.5 Threat of substitutes Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 20275.6 Threat of rivalry Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 20275.7 Market condition Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Product Type

6.1 Market segments Exhibit 30: Chart on Product Type – Market share 2022-2027 (%)Exhibit 31: Data Table on Product Type – Market share 2022-2027 (%)6.2 Comparison by Product Type Exhibit 32: Chart on Comparison by Product TypeExhibit 33: Data Table on Comparison by Product Type6.3 Monoclonal antibodies – Market size and forecast 2022-2027 Exhibit 34: Chart on Monoclonal antibodies – Market size and forecast 2022-2027 (USD million)Exhibit 35: Data Table on Monoclonal antibodies – Market size and forecast 2022-2027 (USD million)Exhibit 36: Chart on Monoclonal antibodies – Year-over-year growth 2022-2027 (%)Exhibit 37: Data Table on Monoclonal antibodies – Year-over-year growth 2022-2027 (%)6.4 Insulin – Market size and forecast 2022-2027Exhibit 38: Chart on Insulin – Market size and forecast 2022-2027 (USD million)Exhibit 39: Data Table on Insulin – Market size and forecast 2022-2027 (USD million)Exhibit 40: Chart on Insulin – Year-over-year growth 2022-2027 (%)Exhibit 41: Data Table on Insulin – Year-over-year growth 2022-2027 (%)6.5 Human growth hormone – Market size and forecast 2022-2027Exhibit 42: Chart on Human growth hormone – Market size and forecast 2022-2027 (USD million)Exhibit 43: Data Table on Human growth hormone – Market size and forecast 2022-2027 (USD million)Exhibit 44: Chart on Human growth hormone – Year-over-year growth 2022-2027 (%)Exhibit 45: Data Table on Human growth hormone – Year-over-year growth 2022-2027 (%)6.6 Others – Market size and forecast 2022-2027Exhibit 46: Chart on Others – Market size and forecast 2022-2027 (USD million)Exhibit 47: Data Table on Others – Market size and forecast 2022-2027 (USD million)Exhibit 48: Chart on Others – Year-over-year growth 2022-2027 (%)Exhibit 49: Data Table on Others – Year-over-year growth 2022-2027 (%)6.7 Market opportunity by Product Type Exhibit 50: Market opportunity by Product Type (USD million)

7 Market Segmentation by Application

7.1 Market segments Exhibit 51: Chart on Application – Market share 2022-2027 (%)Exhibit 52: Data Table on Application – Market share 2022-2027 (%)7.2 Comparison by Application Exhibit 53: Chart on Comparison by ApplicationExhibit 54: Data Table on Comparison by Application7.3 Oncology and hematology – Market size and forecast 2022-2027 Exhibit 55: Chart on Oncology and hematology – Market size and forecast 2022-2027 (USD million)Exhibit 56: Data Table on Oncology and hematology – Market size and forecast 2022-2027 (USD million)Exhibit 57: Chart on Oncology and hematology – Year-over-year growth 2022-2027 (%)Exhibit 58: Data Table on Oncology and hematology – Year-over-year growth 2022-2027 (%)7.4 Endocrinology – Market size and forecast 2022-2027Exhibit 59: Chart on Endocrinology – Market size and forecast 2022-2027 (USD million)Exhibit 60: Data Table on Endocrinology – Market size and forecast 2022-2027 (USD million)Exhibit 61: Chart on Endocrinology – Year-over-year growth 2022-2027 (%)Exhibit 62: Data Table on Endocrinology – Year-over-year growth 2022-2027 (%)7.5 Immunology – Market size and forecast 2022-2027Exhibit 63: Chart on Immunology – Market size and forecast 2022-2027 (USD million)Exhibit 64: Data Table on Immunology – Market size and forecast 2022-2027 (USD million)Exhibit 65: Chart on Immunology – Year-over-year growth 2022-2027 (%)Exhibit 66: Data Table on Immunology – Year-over-year growth 2022-2027 (%)7.6 Nephrology – Market size and forecast 2022-2027Exhibit 67: Chart on Nephrology – Market size and forecast 2022-2027 (USD million)Exhibit 68: Data Table on Nephrology – Market size and forecast 2022-2027 (USD million)Exhibit 69: Chart on Nephrology – Year-over-year growth 2022-2027 (%)Exhibit 70: Data Table on Nephrology – Year-over-year growth 2022-2027 (%)7.7 Market opportunity by Application Exhibit 71: Market opportunity by Application (USD million)

8 Customer Landscape

8.1 Customer landscape overview Exhibit 72: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation Exhibit 73: Chart on Market share by geography 2022-2027 (%)Exhibit 74: Data Table on Market share by geography 2022-2027 (%)9.2 Geographic comparison Exhibit 75: Chart on Geographic comparisonExhibit 76: Data Table on Geographic comparison9.3 Europe – Market size and forecast 2022-2027Exhibit 77: Chart on Europe – Market size and forecast 2022-2027 (USD million)Exhibit 78: Data Table on Europe – Market size and forecast 2022-2027 (USD million)Exhibit 79: Chart on Europe – Year-over-year growth 2022-2027 (%)Exhibit 80: Data Table on Europe – Year-over-year growth 2022-2027 (%)9.4 North America – Market size and forecast 2022-2027Exhibit 81: Chart on North America – Market size and forecast 2022-2027 (USD million)Exhibit 82: Data Table on North America – Market size and forecast 2022-2027 (USD million)Exhibit 83: Chart on North America – Year-over-year growth 2022-2027 (%)Exhibit 84: Data Table on North America – Year-over-year growth 2022-2027 (%)9.5 Asia – Market size and forecast 2022-2027Exhibit 85: Chart on Asia – Market size and forecast 2022-2027 (USD million)Exhibit 86: Data Table on Asia – Market size and forecast 2022-2027 (USD million)Exhibit 87: Chart on Asia – Year-over-year growth 2022-2027 (%)Exhibit 88: Data Table on Asia – Year-over-year growth 2022-2027 (%)9.6 Rest of World (ROW) – Market size and forecast 2022-2027Exhibit 89: Chart on Rest of World (ROW) – Market size and forecast 2022-2027 (USD million)Exhibit 90: Data Table on Rest of World (ROW) – Market size and forecast 2022-2027 (USD million)Exhibit 91: Chart on Rest of World (ROW) – Year-over-year growth 2022-2027 (%)Exhibit 92: Data Table on Rest of World (ROW) – Year-over-year growth 2022-2027 (%)9.7 Germany – Market size and forecast 2022-2027Exhibit 93: Chart on Germany – Market size and forecast 2022-2027 (USD million)Exhibit 94: Data Table on Germany – Market size and forecast 2022-2027 (USD million)Exhibit 95: Chart on Germany – Year-over-year growth 2022-2027 (%)Exhibit 96: Data Table on Germany – Year-over-year growth 2022-2027 (%)9.8 US – Market size and forecast 2022-2027Exhibit 97: Chart on US – Market size and forecast 2022-2027 (USD million)Exhibit 98: Data Table on US – Market size and forecast 2022-2027 (USD million)Exhibit 99: Chart on US – Year-over-year growth 2022-2027 (%)Exhibit 100: Data Table on US – Year-over-year growth 2022-2027 (%)9.9 UK – Market size and forecast 2022-2027Exhibit 101: Chart on UK – Market size and forecast 2022-2027 (USD million)Exhibit 102: Data Table on UK – Market size and forecast 2022-2027 (USD million)Exhibit 103: Chart on UK – Year-over-year growth 2022-2027 (%)Exhibit 104: Data Table on UK – Year-over-year growth 2022-2027 (%)9.10 China – Market size and forecast 2022-2027Exhibit 105: Chart on China – Market size and forecast 2022-2027 (USD million)Exhibit 106: Data Table on China – Market size and forecast 2022-2027 (USD million)Exhibit 107: Chart on China – Year-over-year growth 2022-2027 (%)Exhibit 108: Data Table on China – Year-over-year growth 2022-2027 (%)9.11 Republic of Korea – Market size and forecast 2022-2027Exhibit 109: Chart on Republic of Korea – Market size and forecast 2022-2027 (USD million)Exhibit 110: Data Table on Republic of Korea – Market size and forecast 2022-2027 (USD million)Exhibit 111: Chart on Republic of Korea – Year-over-year growth 2022-2027 (%)Exhibit 112: Data Table on Republic of Korea – Year-over-year growth 2022-2027 (%)9.12 Market opportunity by geography Exhibit 113: Market opportunity by geography (USD million)

10 Drivers, Challenges, and Trends

10.1 Market drivers10.2 Market challenges10.3 Impact of drivers and challenges Exhibit 114: Impact of drivers and challenges in 2022 and 202710.4 Market trends

11 Vendor Landscape

11.1 Overview11.2 Vendor landscape Exhibit 115: Overview on Criticality of inputs and Factors of differentiation11.3 Landscape disruption Exhibit 116: Overview on factors of disruption11.4 Industry risks Exhibit 117: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered Exhibit 118: Vendors covered12.2 Market positioning of vendors Exhibit 119: Matrix on vendor position and classification12.3 AbbVie Inc. Exhibit 120: AbbVie Inc. – OverviewExhibit 121: AbbVie Inc. – Product / ServiceExhibit 122: AbbVie Inc. – Key offerings12.4 Amgen Inc. Exhibit 123: Amgen Inc. – OverviewExhibit 124: Amgen Inc. – Product / ServiceExhibit 125: Amgen Inc. – Key offerings12.5 Biocon Ltd. Exhibit 126: Biocon Ltd. – OverviewExhibit 127: Biocon Ltd. – Business segmentsExhibit 128: Biocon Ltd. – Key offeringsExhibit 129: Biocon Ltd. – Segment focus12.6 Biogen Inc. Exhibit 130: Biogen Inc. – OverviewExhibit 131: Biogen Inc. – Product / ServiceExhibit 132: Biogen Inc. – Key offerings12.7 Boehringer Ingelheim International GmbHExhibit 133: Boehringer Ingelheim International GmbH – OverviewExhibit 134: Boehringer Ingelheim International GmbH – Business segmentsExhibit 135: Boehringer Ingelheim International GmbH – Key newsExhibit 136: Boehringer Ingelheim International GmbH – Key offeringsExhibit 137: Boehringer Ingelheim International GmbH – Segment focus12.8 Celltrion Healthcare Co. Ltd. Exhibit 138: Celltrion Healthcare Co. Ltd. – OverviewExhibit 139: Celltrion Healthcare Co. Ltd. – Product / ServiceExhibit 140: Celltrion Healthcare Co. Ltd. – Key offerings12.9 Dr Reddys Laboratories Ltd. Exhibit 141: Dr Reddys Laboratories Ltd. – OverviewExhibit 142: Dr Reddys Laboratories Ltd. – Business segmentsExhibit 143: Dr Reddys Laboratories Ltd. – Key offeringsExhibit 144: Dr Reddys Laboratories Ltd. – Segment focus12.10 F. Hoffmann La Roche Ltd. Exhibit 145: F. Hoffmann La Roche Ltd. – OverviewExhibit 146: F. Hoffmann La Roche Ltd. – Business segmentsExhibit 147: F. Hoffmann La Roche Ltd. – Key newsExhibit 148: F. Hoffmann La Roche Ltd. – Key offeringsExhibit 149: F. Hoffmann La Roche Ltd. – Segment focus12.11 Fresenius SE and Co. KGaA Exhibit 150: Fresenius SE and Co. KGaA – OverviewExhibit 151: Fresenius SE and Co. KGaA – Business segmentsExhibit 152: Fresenius SE and Co. KGaA – Key newsExhibit 153: Fresenius SE and Co. KGaA – Key offeringsExhibit 154: Fresenius SE and Co. KGaA – Segment focus12.12 Gedeon Richter Plc Exhibit 155: Gedeon Richter Plc – OverviewExhibit 156: Gedeon Richter Plc – Business segmentsExhibit 157: Gedeon Richter Plc – Key newsExhibit 158: Gedeon Richter Plc – Key offeringsExhibit 159: Gedeon Richter Plc – Segment focus12.13 Halozyme Therapeutics Inc Exhibit 160: Halozyme Therapeutics Inc – OverviewExhibit 161: Halozyme Therapeutics Inc – Product / ServiceExhibit 162: Halozyme Therapeutics Inc – Key offerings12.14 Intas Pharmaceuticals Ltd. Exhibit 163: Intas Pharmaceuticals Ltd. – OverviewExhibit 164: Intas Pharmaceuticals Ltd. – Product / ServiceExhibit 165: Intas Pharmaceuticals Ltd. – Key offerings12.15 Mabion S.A. Exhibit 166: Mabion S.A. – OverviewExhibit 167: Mabion S.A. – Product / ServiceExhibit 168: Mabion S.A. – Key offerings12.16 Novartis AG Exhibit 169: Novartis AG – OverviewExhibit 170: Novartis AG – Business segmentsExhibit 171: Novartis AG – Key offeringsExhibit 172: Novartis AG – Segment focus12.17 Viatris Inc. Exhibit 173: Viatris Inc. – OverviewExhibit 174: Viatris Inc. – Business segmentsExhibit 175: Viatris Inc. – Key offeringsExhibit 176: Viatris Inc. – Segment focus

13 Appendix

13.1 Scope of the report13.2 Inclusions and exclusions checklist Exhibit 177: Inclusions checklistExhibit 178: Exclusions checklist13.3 Currency conversion rates for USUSD Exhibit 179: Currency conversion rates for USUSD13.4 Research methodology Exhibit 180: Research methodologyExhibit 181: Validation techniques employed for market sizingExhibit 182: Information sources13.5 List of abbreviations Exhibit 183: List of abbreviations

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