The US Biosimilar market is at the forefront of developing drugs that mirror original or generic counterparts. Fueled by the need for cost-effective alternatives, the industry is set to soar, projecting a robust CAGR of ~$% in the next five years. Key drivers include the cost-effectiveness of Biosimilar drugs, a surge in the geriatric population, a rise in chronic diseases, and strategic partnerships fostering innovation.
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- Cost-Effective Nature: Biosimilar drugs offer an affordable alternative to generic drugs, gaining popularity globally. Notably, drugs like Amjevita, a Biosimilar of Humira, are priced significantly lower, enhancing accessibility and affordability.
- Rising Geriatric Population: With the aging population in the US steadily increasing, reaching approximately 54,000 per 100,000 people in 2020, Biosimilar drugs cater to the healthcare needs of the elderly who may struggle with the costs of original drugs.
- Surge in Chronic Diseases: Chronic diseases have become prevalent, with at least 155 million people living with such conditions in the US in 2020. The demand for cost-effective medicines, exemplified by Biosimilar drugs, has risen proportionally.
- Strategic Partnerships: Collaborations between pharmaceutical giants like Pfizer, Amgen, Biogen, Viartis, and Coherus Biosciences enhance research and development capabilities. Partnerships with hospitals like Mayo Clinic, Stanford Healthcare, and regulatory bodies like FDA contribute to market growth.
Key Trends by Market Segment
By Drug Class
Monoclonal Antibodies Dominate: In 2022, Monoclonal Antibodies emerged as the leading drug class in the US Biosimilar Market. Their success in treating life-threatening diseases, particularly cancers, and their ability to stimulate precise immune responses contribute to their dominance.
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Oncology Leads the Way: The Oncology segment took the lead in 2022, addressing the pressing need for effective cancer treatments. The US witnessed nearly 2 million cancer cases in the same year, and Biosimilar drugs, particularly those utilizing Monoclonal Antibodies, played a vital role in cancer treatment.
Northern Region Dominance: In 2022, the northern region stood out as the dominant segment in the US Biosimilar market. Hosting major healthcare companies, including Amgen, Pfizer, Viartis, Biogen, and Coherus Biosciences, along with renowned hospitals, this region significantly contributes to the market’s growth.
The US Biosimilar market boasts well-established players such as Pfizer, Amgen, Biogen, Viatris, and Coherus Biosciences. While some, like Pfizer and Amgen, bring decades of experience, others, like Viatris and Coherus Biosciences, are emerging contenders. Common Biosimilar drugs include Zirabev, Ruxience, Ritacrit, Filgrastim, Amjevita, Pegfilgrastim, and more.
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- Biogen’s FDA approval for Byooviz, a Biosimilar to Ranibizumab, in September 2021 for treating ophthalmology-related disorders.
- Viatris and Biocon Biologics’ successful launch of Semglee, a Biosimilar used in diabetes treatment, in collaboration in November 2021.
- Coherus Biosciences’ FDA approval for Yusimry, a Biosimilar of Humira, in December 2021, addressing autoimmune conditions.
- Amneal Pharmaceuticals’ FDA approval for Fylnetra, a Biosimilar drug, in May 2022.
The US Biosimilar Market is poised for substantial growth, anticipating a CAGR of $% from 2022 to 2028. Key drivers include the rising cases of chronic diseases, an aging population, increasing cancer cases, and strategic partnerships among pharmaceutical companies.
- Chronic Diseases on the Rise: With chronic disease cases projected to reach 165 million in 2025 and 170 million in 2030, the demand for Biosimilar drugs will surge, steering the market towards significant growth.
- Aging Population’s Demand: The increasing geriatric population, expected to reach 72 per 100 people by 2030, intensifies the need for Biosimilar drugs, offering a cost-effective solution for a demographic less likely to afford generic drugs.
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- Escalating Cancer Cases: The rising prevalence of cancer, with almost 2 million cases in 2020, underscores the crucial role of Biosimilar drugs, especially those used in oncology, amplifying the demand for Biosimilar drugs.
- Strategic Partnerships Continue: Collaborations between pharmaceutical companies, exemplified by Viatris & Biocon Biologics, Teva Pharmaceuticals and Alvotech, and partnerships involving Amgen, AbbVie, and Samsung, will remain a common trend, fostering innovation.
As the US Biosimilar Market evolves, effective communication strategies and education campaigns will play a pivotal role in gaining patient and physician acceptance. Overcoming skepticism and building trust among healthcare professionals and patients will be crucial for the continued success of Biosimilar drugs.
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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