The Global Biosimilar Market Anticipated to Generate a Revenue of $83,836.40 Million, Growing at a CAGR of 24.90% from 2021 to 2028Download Sample Reports Overview
The global biosimilar market is estimated to be valued at $83,836.40 million by 2028, surging from $14,477.30 million in 2020, at a noteworthy CAGR of 24.90%.
Impact Analysis of COVID-19 on the Biosimilar Market
The global market for biosimilar is estimated to experience a negative growth amid the COVID-19 pandemic. Disruptions in supply chain and limited manufacturing facilities across the globe have hit the supply chain and it is impacting the businesses and workers engaged in it. Moreover, delaying in approval of US Food and Drug Administration (FDA) for biosimilars and clinical trials during the COVID-19 situation are some of the elements that are hindering the market growth. Also, most of the biosimilar drugs are under the pipeline of slow pace of R&D, negatively affecting the global market.
Global Biosimilar Market Analysis
The enormous growth of the global biosimilar market is mainly attributed to increasing prevalence of chronic diseases such as diabetes and cancer. Also, drugs of chronic diseases are very costly; therefore, the demand for affordable biosimilars has increased and thereby driving the growth of the biosimilar market. Furthermore, increasing research and development activities in the biosimilar industry are some of the factors are fueling the market growth.
High investment cost associated with biosimilars along with their complexities are some of the aspects that may create a negative impact on the market during the forecast period.
The increasing demand for biosimilars because of patent expiry of several branded biologic drugs in the upcoming years is one of the factors that brings new opportunities in the market. Therefore, the need for biosimilars has increased which will provide tremendous opportunities for manufacturers of biosimilars in the near future. These are some of the elements that may further lead to lucrative market opportunities in the market in the upcoming years.
Global Biosimilar Market, Segmentation
The global biosimilar market is segmented based on product type, application, and region.
The type segment is further classified into monoclonal antibodies, recombinant hormones, immunomodulators, anti-inflammatory agents, and others. Among these, the monoclonal antibodies type sub-segment is anticipated to have the fastest growth as well as dominant share and surpass $29,987.30 million by 2028, with an increase from $4,889.80 million in 2020.
The market growth can be attributed to growing demand for monoclonal antibodies for treatment of chronic diseases such as rheumatoid arthritis, cancer, and autoimmune disease. Growing population with chronic diseases is creating a positive impact on the sub-segment throughout the forecast period.
The application segment is further divided into oncology diseases, blood disorders, chronic & autoimmune diseases, growth hormone deficiencies, and others. The oncology diseases sub-segment is anticipated to be the dominating as well as fastest growing sub-segment in the global market and register a revenue of $29,241.40 million during the analysis timeframe. The growth of oncology diseases sub-segment is attributed to the availability of biosimilars in very low prices in the field of oncology and mainly it makes cancer treatment more accessible and affordable. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The biosimilar market for the Europe region is projected to witness dominant share. This market generated a revenue of $5,863.30 million in 2020 and is further projected to reach up to $34,121.40 million by 2028.
The demand for biosimilar is surging in the Europe region specifically because of factors such as increasing launch of new biosimilars and advancements in technologies. Also, increasing population with chronic diseases might fuel the market growth.
Key Players in the Global Biosimilar Market
Some of the leading global biosimilar market players are
- Merck Serono (Merck Group),
- Teva Pharmaceutical Industries Ltd.
- Novartis (Sandoz)
- Synthon Pharmaceuticals, Inc.
- LG Life Sciences
- Genentech (Roche Group)
- Biogen idec, Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Biosimilar Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of high availability of different biosimilar products.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Biosimilar development requires high investment and faces difficulty in getting FDA approval.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: There are no substitutes available.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global biosimilar are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.