According to the new market research report "Biosimilars Market by Product (Monoclonal antibodies (infliximab, rituximab, trastuzumab), Insulin, Interferon, Etanercept, Glucagon, Calcitonin), Indication (Oncology, Chronic Disease, Blood Disorder, Autoimmune Disease), Region - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 44.7 billion by 2026 from USD 15.6 billion in 2021, at a CAGR of 23.5% during the forecast period of 2021 to 2026.
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The Market growth is largely driven by the rising incidence of chronic diseases and increasing demand of biosimilars for their cost-effectiveness. Regulatory approvals and other regulations favouring biosimilars adoption in different countries is also a major driving factor in the biosimilars market. However, the complexities in the development and manufacturing of biosimilars and resistance from reference biologic manufacturers is expected to restrain the growth of this market during the forecast period.
The monoclonal antibodies segment accounted for the largest share of the product segment in the biosimilars market in 2020.
Based on the product, the market is segmented into monoclonal antibodies, insulin, granulocyte colony-stimulating factor, erythropoietin, recombinant human growth hormone, etanercept, follitropin, teriparatide, interferons, enoxaparin sodium, glucagon and calcitonin. The monoclonal antibodies product segment accounted for the largest share of around 27.5%. This segment is estimated to grow at the highest CAGR during the forecast period. Monoclonal antibodies and Insulin are seen to be the leading segments with respect to the growth rate during the forecast period as a result of wide applications of monoclonal antibodies in the treatment of cancer, autoimmune disorders and osteoporosis, and rising incidents of insulin dependent diabetes globally and increasing demand for cost-effective treatment options.
The oncology segment accounted for the largest share of the indication segment in the biosimilars market in 2020
Based on the indication, the market is segmented into oncology, inflammatory and autoimmune diseases; chronic diseases, blood disorders; growth hormone deficiency; infectious diseases and other indications (infertility, hypoglycemia, myocardial infarction, postmenopausal osteoporosis, chronic kidney failure, and ophthalmic diseases). Oncology accounted for the largest share of the market in 2020. Cancer is a major burden on healthcare systems across the globe. The availability of biosimilars in the field of oncology has lowered prices and made cancer treatment more affordable and accessible. Combined with the rising incidences of cancer, the demand for biosimilars used in oncologic treatments is projected to register the highest CAGR during the forecast period.
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The Asia Pacific region is the fastest-growing region of the biosimilars market in 2020.
Based on the region, the market is broadly segmented into Europe, the Asia Pacific, North America, Latin America and Middle East and Africa. Europe is the largest regional market for biosimilars, with an estimated share of around 38% in 2020; the Asia Pacific is the second-largest regional market with a share of around 30%. Growth in these markets is primarily driven by several factors, such as the impending patent expiry of biologic products and the launch of new biosimilars, the rising incidence of chronic disorders, the emergence of new players and early entry into the market. However, the Asia Pacific market is projected to register the highest growth during the forecast period due to the presence of many emerging players, less-stringent regulations, and increasing cooperation among leading and regional players for development, manufacture and commercialization of biosimilars.
Key players in the biosimilars market include Novartis AG (Switzerland), Pfizer, Inc. (US), Dr. Reddy's Laboratories Ltd. (India), Amgen, Inc. (US) and Eli Lilly and Company (US).
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