Surging Prevalence of Chronic Diseases Driving Biosimilars Market

In 2018, the global biosimilars market attained a value of $6.0 billion and is projected to register a 29.6% CAGR during the forecast period (2019–2024). The market is registering growth due to the inexpensive nature of biosimilar drugs, increasing geriatric population, rising research & development (R&D) investment by biopharmaceutical companies and extensive pipeline of biosimilars, and rising prevalence of chronic diseases. Generic equivalents of biologics are referred to as biosimilars. They are highly similar and comparable version of an approved biologic medicine and undergo clinical trials for demonstrating efficacy and safety.

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On the basis of indication, the biosimilars market is categorized into growth hormone deficiency, infectious diseases, chronic diseases, auto-immune diseases, blood-related disorders, rheumatology, oncology, and others (which include metabolic disorders). Out of these, the oncology category held the largest share of the market during the historical period and is further predicted to dominate the market during the forecast period. The primary reason for this is the surging incidence of cancer around the world. As per the World Health Organization (WHO), about one in every six deaths took place because of cancer in 2018.

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Another major driving factor of the biosimilars market is the increasing R&D investment by biopharmaceutical companies and extensive pipeline of biosimilars. Pharmaceutical companies are considerably investing in their R&D processes, which is why several biopharmaceutical companies have biosimilars either in pipeline or are being marketed. For example, Teva Pharmaceuticals Industries Limited has two biosimilars in the pipeline, namely trastuzumab biosimilar, CT-P62 and rituximab injection, TRUXIMA. This indicates that companies are willingly investing in biologics, which is leading to the growth of the market.

Geographically, Europe accounted for the major share of the biosimilars market during the historical period and is expected to contribute the largest revenue share to the market during the forecast period as well. This is attributed to the rising prevalence of chronic diseases, presence of established players, and growing geriatric population. Furthermore, partnerships and collaborations among the players in the region is predicted to create opportunities for the players in the market. North America is projected to advance at the fastest pace during the forecast period because of the rising number of product approvals.

Hence, the market is being driven by the rising R&D investments and growing prevalence of chronic diseases.