by The Humira biosimilar market plays a significant role in the healthcare industry. Biosimilars are biopharmaceutical drugs designed to have similar efficacy, safety, dosage, strength, quality, and purity to an existing approved biological drug. These biologics offer more affordable alternatives to the reference biologic drugs for treating chronic illnesses like rheumatoid arthritis, ulcerative colitis, and psoriasis. The global adoption of biosimilars aids in reducing healthcare costs substantially.
The Global Humira Biosimilar Market is estimated to be valued at US$ 889.46 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Nestlé S.A., Groupe Danone, Abbott Nutrition, Mead Johnson Nutrition, The Kraft Heinz Company, Meiji Holdings Co. Ltd., Beingmate Baby & Child food Co. Ltd., Synutra International Inc., Pfizer Inc., and FrieslandCampina. N.V. are leading players focusing on developing cost-effective biosimilars with comparable efficacy and safety to increase access to affordable healthcare.
Growing demand: The rising prevalence of autoimmune diseases combined with growing penetration of healthcare policies and insurance is fueling the demand for Humira Biosimilar Market Size . Expanding patient populations seek treatments at more reasonable prices enhancing the need for alternative versions of expensive biologics.
Global expansion: Leading companies strategize global expansion through new partnerships, collaborations, and regional facility investments especially across developing regions to benefit underserved communities with affordable generic versions. Regulatory approvals for promising pipeline candidates are expected to accelerate commercialization worldwide.
Market Key Trends:
One of the key trends witnessed in the Humira biosimilar market is the increasing regulatory approvals and commercial launches of biosimilars. Major regulatory bodies are approving biosimilars at an accelerated rate after demonstrating similar efficacy and safety as reference biologics through robust clinical trials and comparative analytical studies. This is providing alternative treatment options to patients at lower costs.
Porter’s Analysis
Threat of new entrants: The stringent regulatory process and capital investments required to manufacture biosimilars pose a barrier for new entrants.
Bargaining power of buyers: Large group purchasing organizations allow buyers to negotiate lower prices.
Bargaining power of suppliers: There are few technology and raw material suppliers who posses advanced capabilities required for biosimilar development and manufacturing.
Threat of new substitutes: emergence of new targeted therapies poses a threat to Humira biosimilars.
Competitive rivalry: Many large pharmaceutical companies actively pursuing development of Humira biosimilars intensifying competition.
North America dominates the market with highest revenue share. This can be attributed to early approval and commercialization of Humira Biosimilar Market Size like Amjevita (approved in September 2016) and most patients in US being treated for conditions like rheumatoid arthritis and Crohn’s diseases. Europe, which was an early adopter of biosimilars, is the second largest and fastest growing market owing to initiatives like wider acceptance and preference for biosimilars over reference biologics. Countries in Asia Pacific also offer significant growth opportunity due to rising number of rheumatic and autoimmune disease patients and incremental healthcare spending in middle-income countries.
Geographical Regions
Europe accounts for around 30% value share on back of initiatives promoting biosimilar substitution and preference over reference biologics. The region was an early proponent of biosimilar regulation and is witnessing increasing uptake especially in markets like Germany, UK and Italy. North America remains the largest and most lucrative market globally despite lagging Europe in terms of biosimilar penetration currently. This dominance is attributed to presence of majority Humira patients in the US market along with first approvals and launches of Adalimumab biosimilars in this region.
Asia Pacific region presents fastest growth prospects for Humira biosimilars over forecast period. This growth is propelled by large patient pools undergoing biologic therapy in markets like India and China coupled with rising healthcare expenditures in middle income countries. Increasing government support for development and promotion of biosimilar drugs also aids penetration. The region offers immense growth opportunities for both innovator biologics and emerging biosimilar developers with ability to offer cost-effective alternatives.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
