Global Biosimilars Market
Dublin, Nov. 01, 2022 (GLOBE NEWSWIRE) -- The "Biosimilars Global Market Report 2022: By Product, By Types, By Application" report has been added to ResearchAndMarkets.com's offering.
The global biosimilars market is expected to grow from $15.67 billion in 2021 to $19.10 billion in 2022 at a compound annual growth rate (CAGR) of 21.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $42.30 billion in 2026 at a CAGR of 22%.
The main types of biosimilars are human growth hormone, erythropoietin, monoclonal antibodies, insulin, interferon, granulocyte-colony stimulating factor and others. Erythropoietin is a hormone produced by the kidneys to stimulate the production and maintenance of vital red blood cells. The various products include recombinant non-glycosylated proteins and recombinant glycosylated proteins that are used for the treatment of oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases and others.
North America was the largest region in the biosimilars market in 2021. Middle East is expected to be the largest growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising prevalence of chronic diseases such as arthritis, asthma, and cancer is expected to be a major driver of the biosimilars market. Long working hours, limited physical activity, unhealthy eating and drinking habits contribute to the prevalence of chronic diseases and biosimilars are increasingly used to treat these chronic diseases.
Biosimilars activate the immune system response against cancer cells thus helping the immune system to eliminate the cancer cells from the body. According to a United Nations article, by 2030 the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. The global burden of chronic disease is expected to reach about 60%. Therefore, the rise in the prevalence of chronic diseases is projected to propel the demand for biosimilars, thus driving the biosimilars market.
The lack of awareness about biosimilars among primary care physicians (PCPs) and specialists limits the growth of the biosimilars market. Biosimilars are manufactured from cell lines and offer the same effectiveness as biologics. However, lack of familiarity with biosimilars reduces the likelihood of prescribing the drugs to patients which affects the demand for new biosimilars in the market. For instance, according to the PwC's Health Research Institute, out of 442 clinicians surveyed 55% of clinicians were unfamiliar with biosimilars and 35% were reluctant to prescribe them due to concerns included safety of the follow-on biologic. Thus, the lack of awareness about biosimilars among primary care physicians (PCPs) and specialists restricts the growth of the biosimilars market.
Production of new insulin biosimilars is trending in the biosimilars market. The key players operating in the biosimilars market are investing in creating a biosimilar of insulin. This is also promoting competition among various biosimilar manufacturers. For instance, in 2019, Mylan, a U.S-based pharmaceutical company, in partnership with Biocon, an Indian based biopharmaceutical company launched biosimilar insulin glargine named Semglee. Also, in 2019, Oramed Pharmaceuticals, a Jerusalem based pharmaceutical company developed an oral insulin drug named ORMD-0801 to treat type 2 diabetes. Thus, companies in the biosimilars market are investing in the development of insulin biosimilar to gain profits.
1) By Product: Recombinant Non-glycosylated Proteins; Recombinant Glycosylated Proteins
2) By Types: Human Growth Hormone; Erythropoietin; Monoclonal antibodies; Insulin; Interferon; Granulocyte-Colony Stimulating Factor; Others
3) By Application: Oncology; Chronic and Autoimmune Diseases; Growth Hormone Deficiency; Infectious Diseases; Others
Key Topics Covered:
1. Executive Summary
2. Biosimilars Market Characteristics
3. Biosimilars Market Trends And Strategies
4. Impact Of COVID-19 On Biosimilars
5. Biosimilars Market Size And Growth
6. Biosimilars Market Segmentation
7. Biosimilars Market Regional And Country Analysis
8. Asia-Pacific Biosimilars Market
9. China Biosimilars Market
10. India Biosimilars Market
11. Japan Biosimilars Market
12. Australia Biosimilars Market
13. Indonesia Biosimilars Market
14. South Korea Biosimilars Market
15. Western Europe Biosimilars Market
16. UK Biosimilars Market
17. Germany Biosimilars Market
18. France Biosimilars Market
19. Eastern Europe Biosimilars Market
20. Russia Biosimilars Market
21. North America Biosimilars Market
22. USA Biosimilars Market
23. South America Biosimilars Market
24. Brazil Biosimilars Market
25. Middle East Biosimilars Market
26. Africa Biosimilars Market
27. Biosimilars Market Competitive Landscape And Company Profiles
28. Biosimilars Pipeline Analysis
29. Key Mergers And Acquisitions In The Biosimilars Market
30. Biosimilars Market Future Outlook and Potential Analysis
Dr. Reddy's Laboratories
Elli Lilly and Company
AMEGA Biotech S.A.
Innovent Biologics International
Johnson & Johnson
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