Northbrook, IL 60062 -- (SBWIRE) -- 10/07/2022 -- The global biosimilars 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.

Patent expiry of blockbuster biologics and research on new indications;

Most early biologic drugs lost their patent protection in the first half of the 20th century, while many of the current best-selling drugs are set to lose their patent protection in the coming years. This is creating new opportunities for biosimilar drugs. By 2023, patents of nearly 20 oncology biologics will expire, which could lead to more biosimilars in the field of oncology.

Currently available biosimilars are used to treat a wide range of diseases and disorders, including cancer, rheumatoid arthritis, infectious disorders, psoriasis, anemia, kidney failure, type 1 and type 2 diabetes, post-menopausal osteoporosis, and growth hormone disorders. The key target therapeutic areas for which various biosimilars are in the pipeline include oncology, autoimmune disorders, diabetes, and hepatitis. Besides these, biosimilars can be developed for other chronic disorders, such as meningitis, breast cancer, adult T-cell leukemia, obesity, hypertension, and hepatitis E.

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The Oncology segment dominated the biosimilars market in 2020.

Based on the indication, the biosimilars 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 is the largest segment in this market owing to the availability of biosimilars at a lower price than innovative biologics and a large number of cancer patients. The availability of biosimilars in the field of oncology has lowered prices and made cancer treatment more affordable and accessible. Also, due to the high incidence and prevalence of cancer, healthcare systems across the globe are focusing on reducing the burden of cancer by adopting cost effective treatment options. In this scenario, biosimilar drugs might witness widespread adoption in major markets such as the US, Europe, and the Asia Pacific. Considering these factors and the upending competition from biosimilars, many major biologic pharmaceutical companies are making significant investments in the development and approval of biosimilar drugs.

The monoclonal antibodies segment accounted for the largest share in 2020

Based on the product, the biosimilars 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. Monoclonal antibodies accounted for a share of around 27%. 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.

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Europe was the largest regional market for biosimilars market in 2020.

Geographically, the biosimilars market is segmented Europe, the Asia Pacific, North America, Latin America and Middle East and Africa. In 2020, Europe accounted for the largest share of the biosimilars market, followed by Asia Pacific & North America. 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.

Key Market Players;

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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