Dublin, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The "Biosimilars Market Size, Share, Trends, By Product Type, By Disease Type, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Biosimilars Market size is expected to reach USD 88.12 Billion in 2030 and register a revenue CAGR of 21.3% over the forecast period, according to the latest report. The ever-growing prevalence of chronic diseases is the primary driver for the biosimilars market.
The continuous increase in the number of patients with chronic diseases and the unavailability of effective treatments are compelling healthcare providers to look for better therapeutic options. The high cost associated with the treatment of chronic diseases is another major factor that is promoting the adoption of biosimilars. The high cost of research and development (R&D) activities is one of the key restraints for the growth of the biosimilars market.
Chronic diseases are defined as conditions that last one year or more and require ongoing medical attention to manage the symptoms and/or reduce the progression of the disease. These diseases are typically managed through a combination of medication, lifestyle changes, and regular monitoring by healthcare professionals. The most common chronic diseases include diabetes, heart disease, stroke, cancer, and arthritis.
Biosimilars are an important and growing segment of the pharmaceutical market. These drugs are highly similar to, and have been shown to be as safe and effective as, existing biologic drugs. Biosimilars can offer patients and payers significant cost savings while still providing high-quality care. The biosimilars market is expected to grow significantly in the coming years. This growth will be driven by a number of factors, including the expiration of patents on some of the world's best-selling drugs, an aging population, and the increasing prevalence of chronic diseases.
Some Key Highlights from the Report
Among product type segment, recombinant glycosylated proteins segment accounted for largest market revenue share in 2021 due to its increasing applications in various chronic diseases such as diabetes, cancer, and rheumatoid arthritis.
Among disease indication segment, oncology indication segment is projected to grow at fastest rate over the forecast period owing to the large number of ongoing clinical trials for biosimilar monoclonal antibodies and other protein therapeutics used in the treatment of breast cancer, colorectal cancer, and other types of cancers.
Among end user segment, hospitals segment accounted for largest market revenue share in 2021 owing to the increasing number of patients opting for biosimilar therapeutics and the presence of skilled healthcare professionals.
In December 2021, Arnivas Inc. and Pfizer Inc. announced that they received the U.S. Food and Drug Administration (FDA)'s approval for their biosimilar of Janssen Biotech, Inc.'s blockbuster anti-TNF biologic Remicade (infliximab). The FDA had earlier issued a complete response letter to Arnivas and Pfizer in October 2020. This was in response to the companies' Biologic License Application (BLA) seeking approval for their biosimilar referencing Remicade.
This is a major development in the biosimilars market as it opens up competition for Janssen Biotech's Remicade, which has been the market leader in the anti-TNF space. The approval of Arnivas and Pfizer's biosimilar also comes at a time when there is increasing pressure on pricing of biologics, including Remicade.
The North America region is expected to hold the largest share in the biosimilars market owing to the presence of some of the major players in this region. The region is also home to a large number of patient population suffering from chronic diseases.
Product Type Outlook (Revenue, USD Million; 2019-2030)
Recombinant Non-Glycosylated Proteins
Recombinant Glycosylated Proteins
Disease Type Outlook (Revenue, USD Million; 2019-2030)
Regional Outlook (Revenue, USD Million; 2019-2030)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Biosimilars Market Segmentation & Impact Analysis
Chapter 5. Biosimilars Market by Product Type Insights & Trends
Chapter 6. Biosimilars Market by Disease Type Insights & Trends
Chapter 7. Biosimilars Market Regional Outlook
Chapter 8. Competitive Landscape
Chapter 9. Company Profiles
Dr. Reddy's Laboratories Ltd.
Teva Pharmaceuticals Industries Ltd.
F. Hoffmann-La Roche Ltd.
Biogen Idec Inc
For more information about this report visit https://www.researchandmarkets.com/r/52ahh9
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