Biosimilars and biologics are biopharmaceutical products derived from living organisms using rDNA technology or controlled gene expression methods. Biosimilars are marketed versions of approved biologics whose patent protection has expired. They provide effective treatment options for various chronic diseases at potentially lower costs compared to reference biologics. The growing prevalence of lifestyle-associated diseases and increasing demand for effective yet affordable therapeutics are the key factors driving the global biosimilar and biomedicine market.
The Global Biosimilar and Biomedicine Market is estimated to be valued at US$ 23069.46 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2030.
The market is driven by the increasing incidence of chronic diseases as well as rising healthcare expenditure on biopharmaceuticals worldwide. Biosimilars offer comparable efficacy and safety to reference biologics at a lower price, thereby making healthcare more affordable and accessible to patients. Furthermore, the patent expiration of prominent biologic drugs provides substantial opportunities for biosimilar manufacturers to enter the market.
Key Takeaways
Key players operating in the Biosimilar and Biomedicine market Size are CF Industries Holdings, Inc., Yara International ASA, Saudi Arabian Fertilizer Company, Nutrien Ltd., Ostchem Holding, EuroChem Group, Bunge Limited, CVR Partners LP, Luxi Chemical Group Co.,Ltd., and Coromandel International Ltd. Biosimilars manufacturers are focused on expanding their product portfolios as well as global footprints through acquisitions and partnerships. Major pharmaceutical companies are also actively developing in-house biosimilars to gain a competitive edge.
The growing prevalence of chronic diseases such as cancer, diabetes, and autoimmune disorders has increased the demand for affordable biologic therapies. According to the World Health Organization, chronic diseases accounted for over 70% of all deaths globally in 2020. This rising disease burden worldwide presents a massive patient pool targetable by biosimilars.
Advancements in bioprocessing and analytical technologies have enhanced biosimilars development capabilities. Monoclonal antibody biosimilars are gaining traction with the development of sophisticated manufacturing platforms to produce complex molecules at lower costs. Platform technologies like continuous bioprocessing offer new opportunities to optimize production efficiency and quality consistency for large-scale manufacturing.
Market Trends
Two key trends are contributing to the industry growth – increasing penetration in emerging markets and product line extensions. Developing countries in Asia Pacific and Latin America present substantial untapped potential owing to growing healthcare needs. Major players are focusing on these regions through strategic partnerships and local manufacturing. Additionally, companies are expanding their offerings by developing new drug delivery systems, combinations, and line extensions to increase patient access and competitiveness.
Market Opportunities
Two major opportunities lie in monoclonal antibody biosimilars and cell and gene therapy biosimilars. As prominent biologics facing patent cliffs are monoclonal antibodies, they offer a lucrative avenue for biosimilars. Advancements are also being made to develop biosimilars for cutting-edge therapies like CAR-T and regenerative medicines. As the cell and gene therapy market grows exponentially, biosimilars could help enhance access and affordability of transformative treatments.
Impact of COVID-19 on Biopharmaceutical and Biomedicine Market Growth
The COVID-19 pandemic has significantly impacted the growth of the biopharmaceutical and biomedicine market. With no treatment or vaccine available initially for the novel coronavirus, the pandemic highlighted the need for accelerated research and development in this sector. The outbreak led to increased government and private funding for vaccine development and therapeutic drugs against COVID-19. Several biotech and pharmaceutical companies rapidly ramped up their clinical trial programs and collaborations to develop treatments and vaccines. Regulatory agencies also expedited approval processes for new therapies and vaccines to tackle the public health crisis.
The demand for medicines, vaccines and medical supplies shot up dramatically post the outbreak. Supply chains faced disruptions initially due to lockdowns imposed around the world. However, the biopharmaceutical industry responded swiftly by enhancing production capacities. Many drug makers repurposed existing manufacturing facilities to produce COVID vaccines and drugs. The long-term impact of the pandemic is projected to boost investments in biotech research globally. It has also raised awareness about the importance of vaccines, therapeutics and diagnostics against infectious diseases. Overall, COVID-19 has accelerated growth in the biopharmaceutical and biomedicine market both in the short as well as long run.
Geographical Regions with Highest Market Concentration
North America has traditionally been the largest and most valuable market for biopharmaceuticals and biomedicine globally. The presence of leading biotech companies and research institutions in countries like the US has cementeda hub for innovation in this sector. Europe is another major market, driven by government support for healthcare and life sciences in countries such as Germany, UK and France. Asia Pacific is projected to experience the fastest gains, led by China, Japan and India. Expanding biotech industries, talent pools as well as growing investments are strengthening the Asia Pacific position in the global biopharmaceutical landscape.
Fastest Growing Region in the Biopharmaceutical and Biomedicine Market
Asia Pacific is poised to emerge as the fastest expanding region for the biopharmaceutical and biomedicine market during the forecast period from 2024 to 2030. The key factors fueling the growth include rising healthcare investments, increasing biotech research collaborations, lower manufacturing costs and a large patient pool in the region. China is at the forefront and is rapidly catching up with developed markets in biologic drug production. India too is emerging as an attractive biopharmaceutical manufacturing and R&D hub. With many global pharmaceutical giants investing in Asia, the region's contribution to the global biopharmaceutical landscape is set to rise exponentially in the coming years.
Geographical Regions with Highest Market Concentration
– North America has traditionally been the largest and most valuable market for biopharmaceuticals and biomedicine globally. The presence of leading biotech companies and research institutions in countries like the US has cementeda hub for innovation in this sector.
– Europe is another major market, driven by government support for healthcare and life sciences in countries such as Germany, UK and France.
Fastest Growing Region in the Biopharmaceutical and Biomedicine Market
– Asia Pacific is poised to emerge as the fastest expanding region for the biopharmaceutical and biomedicine market during the forecast period from 2024 to 2030.
– The key factors fueling the growth include rising healthcare investments, increasing biotech research collaborations, lower manufacturing costs and a large patient pool in the region.
– China is at the forefront and is rapidly catching up with developed markets in biologic drug production. India too is emerging as an attractive biopharmaceutical manufacturing and R&D hub.
– With many global pharmaceutical giants investing in Asia, the region's contribution to the global biopharmaceutical landscape is set to rise exponentially in the coming years.
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