Biosimilar can be defined as a biologic medical product, which is considered very similar to an already-approved biologic. These biosimilars are approved based on their efficacy, quality, safety, and the standards of pharmaceutical quality that apply to all bioSlogic medicines.
Biosimilars Market Outlook 2031
- The global biosimilars market was valued at US$ 20.4 Bn in 2021
- The global market is expected to advance at a CAGR of 15.5% from 2022 to 2031
- The global biosimilars market is anticipated to reach more than US$ 85 Bn by the end of 2031
Biosimilars are generic versions of biologics that have passed their patent expiration date. The global biosimilars market is expected to be driven by the patent expiration of well-known biologics. An increase in approval and sales of biosimilars has led to a significant decline in sales of biologics that had a steady or growing demand.
The burden of chronic diseases has been rising across the globe. The increase in the prevalence of chronic diseases can be largely ascribed to the aging population and changing lifestyles of the people. Diabetes, hypertension, stroke, respiratory diseases, oral diseases, obesity, arthritis, and cancer are some of the common chronic diseases. On the other hand, biosimilar monoclonal antibodies are being extensively used in the treatment of rheumatoid arthritis and cancer.
Approvals of biosimilars have been increasing globally owing to changing regulations and the rise in pressure on healthcare systems to facilitate treatment for all patients. Biosimilars or copy biologics are being increasingly adopted by physicians, authorities, and patients, owing to the much-needed improvements in the access to therapeutically viable options for the treatment of various diseases. Companies are increasing the production of biosimilar medicines, oncology biosimilars, and Remicade biosimilars to broaden their revenue streams.
High Prevalence of Chronic Diseases and Rise in Number of Cancer Patients to Boost Biosimilars Market
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The rise in prevalence of chronic diseases is augmenting the global market. Biosimilar drugs are becoming increasingly popular across the world because of their cost-effectiveness. An increase in cancer patients and chronic disease cases, and growth in the geriatric population is projected to fuel the demand for biosimilars during the forecast period.
Over half of the population of the U.S. is likely to suffer from at least one chronic disease during their lifetime. According to the WHO, chronic disease prevalence is expected to rise by 57% by 2020. Rapid population growth in emerging markets is expected to drive the prevalence of chronic diseases.
Cancer is the second leading cause of death globally, with over 70% of deaths occurring in low- and middle-income countries. The incidence of cancer increases with age, most likely due to the rise in the risk of specific cancers as people get older. Growth in the pipeline of biosimilar drugs for the treatment of chronic diseases is projected to propel the global biosimilars market in the next few years. ABRILADA, a biosimilar to Humira, was approved by the U.S. Food and Drug Administration (FDA) in November 2019 for the treatment of rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, ankylosing spondylitis, adult Crohn’s disease, ulcerative colitis, and plaque psoriasis.