Global Biosimilar Market Size to Reach USD 132.47 Billion in 2032 | Emergen Research

Increasing prevalence of various cancer types, such as lung cancer, blood cancer, and brain tumors, and rising number of biosimilar products receiving regulatory authority clearance are key factors driving Biosimilar market revenue growth

Vancouver, Dec. 05, 2023 (GLOBE NEWSWIRE) — Global Biosimilar Market Poised for Rapid Growth with 17.9% CAGR, Fueled by Rising Cancer Cases and Regulatory Approvals In 2032, the global biosimilar market reached a valuation of USD 132.47 Billion, and experts predict a robust Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period. The surge is attributed to the increasing prevalence of various cancers, such as lung, blood, and brain tumors. Biosimilars, notably playing a pivotal role in cancer treatment, are anticipated to witness a spike in demand, especially as a complementary therapy to chemotherapy.

Key pharmaceutical players, including Novartis, are making strides in biosimilar development. Novartis’ biosimilar Ziextenzo is designed to reduce infection risks in cancer patients undergoing chemotherapy, showcasing the industry’s commitment to advancing patient care. Notably, the Food and Drug Administration (FDA) has given the green light to 40 biosimilars as of December 2022, with an increasing number of these gaining approval and several in advanced pipeline studies.

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While the biosimilar landscape presents immense opportunities, challenges like lack of awareness and high treatment costs persist. The affordability factor makes biosimilars a viable solution, providing similar results at a lower cost compared to reference biologics. Regulatory exclusivity, with an approximately 8-year window, creates opportunities for market players, especially as patents expire for various products.

A noteworthy trend is the steady increase in biosimilar products. Recent approvals, such as Glenmark Pharmaceuticals’ Ryaltris and Samsung Bioepis’ Aybintio, highlight the industry’s commitment to expanding treatment options. Additionally, the market is witnessing a surge in Research & Development (R&D) efforts, with a focus on advanced manufacturing methods and cutting-edge analytics for biosimilar advancement.

The chronic and autoimmune segment claimed the largest revenue share in the global biosimilars market in 2022. Biosimilars, including medications for conditions like ankylosing spondylitis and rheumatoid arthritis, play a crucial role in managing chronic pain associated with arthritis. The segment is expected to maintain its dominance owing to the increasing prevalence of autoimmune diseases.

The oncology segment is poised for moderately fast revenue growth due to the escalating global burden of cancer. With a projected increase in cancer cases to 27.5 million by 2040, the demand for advanced cancer drugs is expected to drive growth in this segment.

Monoclonal antibodies are projected to account for a significantly large revenue share in the global biosimilars market. The precision and specificity of monoclonal antibodies make them a vital tool in various sectors, including medicine, biochemistry, and molecular biology. The insulin segment is expected to witness the fastest revenue growth, driven by the increasing prevalence of diabetes and the approval of interchangeable biosimilars like Semglee.

Retail pharmacies are expected to secure the largest revenue share in the global biosimilars market. Pharmacists play a crucial role in educating patients about biosimilars and navigating financial aspects. The accessibility and cost-effectiveness of biosimilars make them an attractive option for patients.

Europe dominated the global biosimilar market in 2022, accounting for the largest revenue share. The region’s consistent rise in revenue is attributed to an increasing number of approved treatments and robust market penetration. Asia-Pacific is poised for the fastest revenue growth, driven by the region’s rising demand for quality healthcare and the popularity of medical tourism.

In North America, a considerably large revenue share is anticipated, fueled by the rising prevalence of chronic diseases, including cancer.

The global biosimilar market is on an upward trajectory, driven by a combination of factors, including increasing cancer cases, regulatory approvals, and the industry’s commitment to advancing treatment options. As the market evolves, stakeholders are poised to capitalize on emerging opportunities and address challenges to ensure biosimilars contribute significantly to global healthcare accessibility

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Scope of Research

Major Companies and Competitive Landscape

The global biosimilar market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective biosimilar solutions. Some major players included in the global biosimilar market report are:

• Novartis AG
• Orion Pharma AB
• Pfizer Inc.
• Samsung Bioepis.
• Coherus BioSciences, Inc.
• Amgen Inc.
• Eli Lilly and Company
• Takeda Pharmaceutical Company Limited
• Bristol-Myers Squibb Company
• Merck KGaA
• Teva Pharmaceutical Industries Ltd.
• Biocon
• Bayer AG
• AbbVie Inc.
• Allergan
• Dr. Reddy’s Laboratories Ltd.
• Boehringer Ingelheim International GmbH
• Biogen
• Mylan Inc.
• Sandoz Group AG

Strategic Development

• In September 2022, Celltrion USA received US FDA approval for its oncology biosimilar Vegzelma for the treatment of six types of cancer, including metastatic colorectal cancer, recurrent or metastatic non-squamous Non-Small Cell Lung Cancer (nsNSCLC), recurrent glioblastoma, metastatic renal cell carcinoma, persistent, recurrent, or metastatic cervical cancer, and epithelial ovarian. Fallopian tube, or primary peritoneal cancer Vegzelma is Celltrion’s third oncology biosimilar to be approved by the US FDA.
• In September 2021, BYOOVIZ (ranibizumab-nuna), a biosimilar to LUCENTIS (ranibizumab), was approved by the Food and Drug Administration (FDA) for the treatment of neovascular age-related macular degeneration, macular edema following retinal vein occlusion, and myopic choroidal neovascularization. BYOOVIZ was the first ophthalmology biosimilar to be licensed in the U.S

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For the purpose of this report, Emergen Research has segmented the global biosimilar market on the basis of application, industry vertical, end-use industry, and region:

• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Chronic and Autoimmune Diseases
  • Oncology Diseases
  • Blood Disorders
  • Others
• Drug Class Outlook (Revenue, USD Billion; 2019-2032)
  • Monoclonal Antibodies
    1. Infliximab
    2. Rituximab
    3. Trastuzumab
    4. Adalimumab
    5. Others
  • Granulocyte Colony-Stimulating Factor
  • Insulin
  • Erythropoietin
  • Recombinant Human Growth Hormone
  • Etanercept
  • Follitropin
  • Teriparatide
  • Interferons
  • Anticoagulants
  • Others

•      End-use Outlook (Revenue, USD Billion; 2019-2032)
  • Hospitals Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. 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. Turkey
    5. Rest of Middle East & Africa

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