Biosimilars Market Prominent Growth And Vendor Landscape By 2027

The market face upward trajectory between 2022-2023 owing to significant launches of various monoclonal antibody and insulin-based biosimilars, especially in the U.S. and Europe. Furthermore, decline in the pricing of various biosimilars including infliximab, rituximab, trastuzumab, filgrastim, among others by players lead to rise in drugs volume, resulting in huge sales in the coming years.

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The market for biosimilars is highly competitive and thus various major market giants around the globe are focusing on improving their biosimilar drugs both in terms of its efficacy and affordability and are thus investing huge sums of money in the research and development of its biosimilar products. Biocon Limited in November 2020 received $150 million from the leading American investment bank, Goldman Sachs. The company plans on using the funding money received for the setting up of a more advanced and capable manufacturing and R&D unit. Further in January 2021, Biocon was able to get a funding of $75 million from Abu Dhabi’s sovereign wealth fund for the purpose of extensive R&D research studies. Receiving such investments by the Middle Eastern government will help the company to set its footprint in the region which may ultimately expand the biosimilars market in the Middle East.
Expiry of patents of major biologics such as Erbitux, Rituxan, Herceptin, Avastin, Aranesp, and Enbrel by the year 2030 has encouraged various biosimilar manufacturers to extensively engage in the development of biosimilars for these biologics and market them that enable them to retain significant share in the market. Such approvals after biologic expiry are expected to have a meteoric growth in the market.

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Impact of COVID-19 on Biosimilars Market
Manufacturers have developed and launched several biosimilars for oncology, autoimmune disease, and other diseases in different regions. However, the outburst of pandemic has imposed a drastic change in the growth of the market.
Biosimilars lined up for regulatory approvals had imposed to hold back due to the COVID-19. For instance, the planned review process of biologics license application (BLA) for the MYL-14020 (a bevacizumab biosimilar to Avastin) product developed by Biocon Biologics got interrupted, which cause impact on the company’s operations to some extent.

Thus, government is now focusing on formulating new strategies by introducing incentive programs and encouraging manufactures to boost the development and manufacturing of biosimilars, which is expected to bring back normal operations with significant rise in demand for biosimilars in the market.

Furthermore, the financial decision makers of the companies have postponed their marketing activities for upcoming biosimilars and contracting decisions and focusing to do a soft launch via tele-dealing. This entail the supplying products and leveraging digital channels. Such steps help the company to reduce their operating expenses and able to combat the COVID-19 situation.
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Europe followed by North America held the major share of the global market in 2020. The market dominance, as well as the market growth in the Europe and North America regions, can primarily be attributed to the presence of several established leading players, including Amgen, Inc., Pfizer, Inc., and Novartis AG, making the region one of the attractive markets for biosimilars. These players have received recent approvals for their products and have many other products in phase 2 and phase 3, which is expected to drive growth of the market in these regions.

Key Takeaways of the Market
• The biosimilars market is projected to rise at a CAGR of 37.99% in the forecast period, owing to cost-effectiveness of biosimilars than biologics drugs to provide treatment for chronical disorders including diabetes, heart problems as well as certain types of cancers.

• Among type, the recombinant glycosylated proteins is expected to contribute the highest share in the biosimilars market attributed to Introduction of new array and technologies to produce recombinant glycosylated proteins biosimilar by the key vendors. For instance, in December 2019, iBio Inc. announced to introduce an array of new glycosylation technologies for high-performance recombinant glycosylated proteins i.e., the FastGlycaneering Development Service to power and develop recombinant proteins production and biosimilars.

• Oncology application segment is expected to be the most attractive segment among various applications of biosimilars market owing to rise in expiration of patented biologics drugs for different oncology applications. In April 2020, Pfizer Inc. received the European Commission’s approval for RUXIENCE (rituximab), an oncology biosimilar in reference to MabThera (rituximab) to treat patient with indications such as pemphigus vulgaris, non-Hodgkin’s lymphoma (NHL), microscopic polyangiitis (MPA), chronic lymphocytic leukemia (CLL), and others.

• Key players operating in biosimilars market include Novartis AG, Pfizer Inc. Amgen Inc, Celltrion Healthcare Co. Ltd, Mylan N.V., Biogen Inc, Eli Lilly and Company, Teva Pharmaceutical Industries Ltd, Intas Pharmaceutical Ltd., Samsung Bioepis Co. Ltd., Dr. Reddy's Laboratories, Biocon Limited, LG Chem, STADA Arzneimittel AG, and Sanofi, among others.

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