The global Humira Biosimilar Market is estimated to be valued at US$ 772.1 million in 2023 and is expected to exhibit a CAGR of 25.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Humira biosimilars are biologic drugs that are highly similar to the reference product Humira, which is used to treat autoimmune diseases such as rheumatoid arthritis, psoriasis, and Crohn's disease. These biosimilars offer similar efficacy and safety profiles as the reference product but at a lower cost, making them an attractive treatment option for patients and healthcare providers alike. The increasing prevalence of autoimmune diseases, coupled with the need for cost-effective alternative treatments, is driving the demand for Humira biosimilars.
Market Key Trends:
One key trend in the Humira biosimilar market is the introduction of new biosimilars by major players. Companies such as Amgen Inc., Samsung Bioepis Co., Ltd., and Sandoz International GmbH (Novartis AG) are actively developing and launching biosimilar versions of Humira. This is expected to increase competition in the market, leading to lower prices and greater accessibility for patients.
Furthermore, the expiration of Humira's patent in various regions is opening up opportunities for new entrants in the market. This is expected to further drive the growth of the Humira biosimilar market. Additionally, increasing investments in research and development activities aimed at developing more advanced biosimilars with enhanced therapeutic efficacy and improved patient outcomes are anticipated to contribute to market growth.
Overall, the Humira biosimilar market is poised for high growth, driven by the increasing demand for cost-effective and safe treatment options for autoimmune diseases. The introduction of new biosimilars and the expiration of patents are
PEST Analysis:
Political: The political environment plays a crucial role in the humira biosimilar market. Government regulations and policies regarding the approval and pricing of biosimilars impact the market dynamics. For example, favorable regulations and initiatives promoting the use of biosimilars can boost market growth.
Economic: The economic factors influencing the humira biosimilar market include healthcare expenditure, affordability of biosimilars, and reimbursement policies. Economic growth in emerging markets and cost-effectiveness of biosimilars compared to the reference product can drive market growth.
Social: Changing healthcare trends and increasing awareness about biosimilars among healthcare professionals and patients are social factors impacting the market. The growing preference for cost-effective treatment options and the need for increased access to biologics drive the adoption of biosimilars.
Technological: Technological advancements in biotechnology, manufacturing processes, and storage technologies influence the humira biosimilar market. Developments in analytics and quality control techniques enhance the manufacturing and safety standards of biosimilars, contributing to market growth.
Key Takeaways:
The global humira biosimilar market is expected to witness high growth, exhibiting a CAGR of 25.9% over the forecast period (2023-2030). The market's growth can be attributed to increasing demand for cost-effective treatment options and the patent expiry of the reference biologic. The rising prevalence of autoimmune diseases also drives the adoption of biosimilars.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the humira biosimilar market. Factors such as favorable government regulations, extensive R&D activities, and a robust healthcare infrastructure contribute to market growth in this region.
Key players operating in the humira biosimilar market include Amgen Inc., Samsung Bioepis Co., Ltd., Sandoz International GmbH (Novartis AG), Mylan N.V., Boehringer Ingelheim International GmbH, Pfizer Inc., Fresenius Kabi AG, Coherus BioSciences, Inc., Biogen Inc., AbbVie Inc., Celltrion Inc., Amneal Pharmaceuticals, Inc., Lupin Pharmaceuticals, Inc., Merck & Co., Inc., and Viatris Inc. These companies are focused on strategic collaborations, mergers and acquisitions, and product launches to strengthen their market position and expand their product portfolio.
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