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What's driving the Immunology Biosimilars Market Growth? Prominent Players: Novartis, Pfizer, Mylan N.V., AbbVie, STADA MENA, Celltrion Healthcare Co., Ltd., KBI Biopharma, Amgen
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Increasing cases of tumor or diseases such as arthritis and others are expected to propel growth in the global immunology biosimilars market. Fortune Business Insights studies the market in detail in a report, titled “Immunology Biosimilars Market Size, Share and Global Trend By Disease (Inflammatory Bowel Disease, Arthritis), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), Geography Forecast till 2026.”
Some of the Main Key Players Covered in the Report:
• Novartis
• Pfizer
• Mylan N.V.
• AbbVie
• STADA MENA
• Celltrion Healthcare Co.,Ltd.
• KBI Biopharma
• Amgen
Asia Pacific is anticipated to expand at a faster CAGR. Japan offers a lot of opportunity for immunology biosimilars. Owing to receiving the approval of eight biosimilars in Japan since 2016, the market is foreseen to witness growth. Furthermore, high usage of biosimilars in other application such as rheumatoid arthritis is expected to encourage the adoption of biosimilar drugs.
Additionally, intense research and development (R&D) activities and clinical trial being conducted in nations such as the U.S and Canada are foreseen to enable growth in the global market. Besides this, the immunology biosimilars market in Europe is foreseen to witness impressive growth. Increasing adoption of biosimilars in nations such as Germany, the U.K., France, and others is likely to increase the growth rate in the market.
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The report also classifies the market on the basis of disease, into arthritis, inflammatory bowel disease, and others. At present inflammatory bowel disease and arthritis together account for a major portion of the market. The segments are anticipated to expand during the forecast period 2019-2026. Owing to the cost-effectiveness of biosimilar they have become the preferred method to treat these diseases. This would also boost the global immunology biosimilars market.
Increasing Healthcare Expenditure to Drive the Market
Cheaper pricing of biosimilar drugs compared to biologics and increasing healthcare expenditure are some factors expected to drive the market. Moreover, expiry of patents of some biologics such as Humira, Enbrel, and others is likely to fuel the demand for biosimilar drugs.
The complex manufacturing process of biosimilars and stringent regulations for approval of biosimilar products are some key factors that may restrain the market. Moreover, the slow adoption of a biosimilar in developing nations is hampering the growth rate in the market.
The market is Witnessing Frequent Product Launch
The immunology biosimilar of UDENYCA (pegfilgrastim-CQB) received approval from the Food and Drug Administration in 2018. The product was developed by Coherus Biosciences and KBI Biopharma, Inc. and its reference product is Neulasta. Certain development is expected to contribute towards faster adoption of biosimilars.
Some players have adopted innovative strategies such as mergers and acquisitions to succeed in the market. Besides this, the Food and Drug Administration announced the approval for Celltrion and Teva’s rituximab biosimilar called Proxima in 2018. This is a kind of immunotherapy and has indications of treating cancer. Some of the key players operating in the global immunology biosimilars market are Novartis AG, Pfizer Inc., Mylan N.V., AbbVie Inc., STADA Arzneimittel AG, Celltrion, Inc., KBI Biopharma, Inc., and Amgen Inc.
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