Biosimilars Market to Surpass Valuation of US $ 85 Bn by 2031: Notes TMR Study

  • Demand for recombinant non-glycosylation proteins in biosimilars market rising on back of need for advanced and affordable treatments for chronic diseases worldwide; application of cutting-edge technologies to expand avenues

  • Patent expiry of several important biological drugs to spur revenue potential in biosimilar production; Europe emerged as a remarkably lucrative market and will continue to witness profitable opportunities

ALBANY, NY, June 13, 2022 / PRNewswire / – The market value of the biosimilars is steadily growing due to their growing acceptance worldwide in managing chronic and life-threatening diseases. Advancements in biotechnology have enabled pharmaceutical companies to capture revenues from a growing number of product approvals, especially in oncology. A study by TMR has projected the global biosimilars market valuation to advance at CAGR of 15.5% during 2022–2031.

(PRNewsfoto / Transparency Market Research)

Healthcare professionals are showing an increased interest in prescribing biosimilars on the back of their leaning on increasing access to biological therapies for their patients, thereby spurring product sales of biosimilars market. Biosimilars have proved to be pivotal in reducing healthcare costs in managing a wide spectrum of chronic diseases, reiterate the key insights on the biosimilars market. Together with wider access to treatments, the cost factor will be crucial in steering the shift from biologics to biosimilars, which stridently will boost market share for biosimilars.

A favorable regulatory landscape especially in relation to regular updates in product-specific guidelines especially in Europe has pivoted the rapid evolution of the biosimilars market. These trends are catalyzing product penetration. Of note, biosimilar monoclonal antibodies are being extensively used in the treatment of cancer and rheumatoid arthritis, thus generating profitable opportunities in the biosimilars market.

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Key Findings of Biosimilars Market Study

  • Biosimilar Companies to Capture Substantial Revenues from Cancer Care: Biosimilar producers are geared toward tapping into the vast revenue potential in oncology drugs. The high cost of biologics has hindered the access to therapies in cancer management. Need for novel immunotherapy drugs has stridently spurred the development of biosimilars for oncology, observed the TMR study on the biosimilars market.

  • Need for Lowering Costs in Chronic Diseases Management Pivots Enormous Market Prospects for Pharmaceutical Companies: The prospect of biosimilars for a wide spectrum of chronic diseases has grown. In part, this has been due to remarkable safety and efficacy of these in their management. The demand for biosimilar drugs is likely to rise in diabetes, hypertension, respiratory diseases, obesity, arthritis, gastrointestinal diseases. The unmet need for these due to high cost will catalyze the sales of products in the biosimilars market.

  • Producers to Benefit from Investments in Recombinant Non-Glycosylation Proteins: The TMR study has found that growing number of companies in the biosimilars market are witnessing an incredible value-grab opportunity in recombinant non-glycosylation proteins. As a result, R&D funding on these are expected to grow rapidly during the forecast period.

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Biosimilars Market: Key Drivers

  • Leading pharmaceutical companies are leveraging the evidence from clinical data to support their claims about efficacy, side effect risk profile, and quality of products, which continues to occupy a key role in expansion of the biosimilars market.

  • Growing number of originator biologics going off patent or losing data exclusivity and market exclusivity is likely to nudge the healthcare professionals and patients to switch from biologics to biosimilar in the coming years. The factor will increasingly define the contours of the biosimilars market development.

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Biosimilars Market: Regional Growth Dynamics

Europe held a major substantial share of the global biosimilars market in 2021. Enormous revenue streams in the regional market have been fueled by robust licensing pathways and rise in spending on biosimilar medicines. Significant number of approved to date have also worked in favor of pharmaceutical companies looking to benefit from their investments in the Europe biosimilars market. A large number of approved biosimilars to various active substances in the EU will continue to propel lucrative growth for players in the Europe biosimilars market.

Biosimilars Market: Key Players

Some of the key industry players are Apotex Inc., STADA Arzneimittel AG, Amgen, Inc., Celltrion Inc., Teva Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Biocon, Intas Pharmaceuticals Ltd., and Pfizer, Inc.

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Biosimilars Market Segmentation

Regions Covered

  • North America

  • Latin America

  • Europe

  • Latin America

  • Middle East & Africa

Countries

  • US

  • Canada

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • China

  • India

  • Japan

  • Australia & New Zealand

  • Brazil

  • Mexico

  • GCC Countries

  • South Africa

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