Cancer Segment to Grow at Faster CAGR During 2022–2028
According to our new research study on “Biosimilars Market Forecast To 2028 - Global Analysis by Disease Indication, Drug Class, Route of Administration, End User,” the biosimilars market size is expected to reach US$ 18,435.89 million in 2021 to US$ 1,36,069.53 million by 2028; it is estimated to register a CAGR of 34.8% during the forecast period.
The report highlights trends prevailing in the market, and the factors driving and hindering the biosimilars market growth. The growth of the global biosimilars market is attributed to the increasing prevalence of chronic diseases, the cost-effectiveness of biosimilar drugs, and the rising approvals of biosimilars. Additionally, the collaborations among manufacturers for biosimilars and clinical trials are likely to emerge as significant future trends in the market during the forecast period. However, high-cost involvement and complexities in biosimilar product manufacturing are among the market deterrent factors.
Global Biosimilars Market, by Region, 2021 (%)
Biosimilars Market Forecast to 2028 - Global Analysis by Disease Indication (Cancer, Diabetes, Autoimmune Diseases, and Other Disease Indications), Drug Class (Granulocyte Colony-Stimulating Factor, Insulin, TNK Blockers & Monoclonal Antibodies, and Others), Route of Administration (Intravenous, Subcutaneous, and Others), End User (Hospital, Specialty Clinics, Homecare, and Others)
Biosimilars Market Growth Report & Global Outlook 2028
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Source: The Insight Partners Analysis
Based on disease indication, the global biosimilars market is segmented into cancer, diabetes, autoimmune disease, and other disease indication. The cancer segment held the largest market share in 2021 and autoimmune disease is anticipated to register the highest CAGR of 36.1% during the forecast period (2022–2028). Biosimilars have been used in many disease areas, including oncology. They are safe and effective while lowering drug costs and increasing access to more patients worldwide. The treatment of cancer continues to place a signi?cant burden on healthcare systems, with the number of cancer cases continuing to rise due to an aging population.
According to the CDC (Centers for Disease Control and Prevention), each year in the UK, about 24,500 men and 10,000 women get cancer, and about 18,600 men and 9,000 women die from the disease. The percentage who gets cancer has been rising for several decades. Liver cancer is more common in other parts of the world than in the UK. Moreover, according to an article published in CCO (Chinese Clinical Oncology), hepatocellular cancer (HCC) is a leading cause of cancer death worldwide.
The impact of COVID-19 on the biosimilar market may be significant, and it has imposed a great challenge on the pharmaceutical companies focused on biosimilar development. The reduction in the approval by regulatory bodies of non-COVID therapeutics during the current pandemic is expected to delay the process of product approvals and launches, hindering the market's growth. Additionally, as per the research article titled "Impact of Covid-19 on Cancer Care: A Global Collaborative Study" published in September 2020, nearly 88% of the cancer care centers faced challenges in delivering usual cancer care for many reasons, including preventive measures, lack of personal protective equipment, and staff shortages due to COVID-19. As biosimilars are injections that need experts to be administered and also as the supply chain was greatly impaired in the early pandemic phase, it has significantly impacted the market growth. Therefore, COVID-19 impacted the growth of the biosimilars market in its initial phase, however, the resumption of supply chain activities and clinical trials for drug development globally will boost the market growth rate over the coming years.
Amgen Inc, Celltrion Inc, Sanofi SA, Biocon Ltd, Pfizer Inc, Samsung Bioepis Co Ltd, Coherus BioSciences Inc, Eli Lilly and Co, Sandoz AG, Teva Pharmaceutical Industries Ltd, and Dr. Reddy's Laboratories Ltd are among the leading companies operating in the global biosimilars market.
The report segments the biosimilars market as follows:
Based on the disease indication, the biosimilars market is segmented into cancer, diabetes, autoimmune disease, and other disease indication. Based on drug class, the biosimilars market is segmented into granulocyte colony-stimulating factors, human growth hormone, insulin, TNF blockers and monoclonal antibodies, and others (osteoporosis, etc). Based on route of administration, the biosimilars market is segmented into intravenous, subcutaneous, and other applications. Based on geography, the biosimilars market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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