US Biosimilars Market to Hit USD 30.83 Billion with by 2028; Rising Population Suffering from Chronic Diseases to Augment Growth: Fortune Business Insights™
Pune, India, Aug. 30, 2021 (GLOBE NEWSWIRE) — The US Biosimilars Market size is expected to gain momentum by reaching USD 30.83 billion by 2028 from USD 5.78 billion in 2021 while exhibiting a CAGR of 27.0% between 2021 to 2028. In its report titled “US Biosimilars Market, 2021-2028,” Fortune Business Insights™ mentions that it stood at USD 3.36 billion in 2020.
The demand for affordable and accessible healthcare facilities is expected to drive market growth. Moreover, the U.S. government spends a considerable amount of its budget on healthcare facilities. Furthermore, the rising prevalence of diseases such as cancer and other diseases in the region demands effective biosimilar drugs. Therefore, the government agencies and companies are working together to launch several drugs. For instance, in the year 2019, Amgen and Allergan launched two biosimilar drugs for cancer treatment. It was a breakthrough in the U.S. market, and such initiatives are expected to drive the market during the forecast period.
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The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. However, the healthcare segment was least affected due to the improved logistics of pharmaceutical drugs and increased R&D capabilities in these tough times.
- For instance, Coherus BioSciences’s Udencya emerged as one of the leading pegfilgrastim biosimilars during peak times of the pandemic. The company managed to generate a revenue of USD 465.0 million in 2020.
Therefore, the market for U.S. biosimilars is expected to thrive during the forecast period
- December 2020 –RIABNI, a biosimilar drug by Amgen for the treatment of adult patients with Non-Hodgkin’s Lymphoma (NHL), was approved by the US FDA.
What does the Report Provide?
This market report provides a thorough analysis of various factors such as the drivers and restraints that will impact the market’s growth. In addition, the report provides country insights that cover different regions of the country, contributing to the growth of the market. It includes the competitive landscape, recent industry developments that involve the strategies, new launches, and several other insights of leading players that will contribute to the market’s growth.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/u-s-biosimilars-market-100990
Patent Expiry of Biologics to Spur the Market Growth
A rising number of healthcare companies are losing patient protection in the region. The report suggests that around the top 25 biologics drive approximately 83% of sales. Therefore, the patent expiry of their products has opened new possibilities for the market players, thereby promoting the US Biosimilars Market growth. The companies are taking advantage of the loss of patents of biologics to mark their presence in the market with highly effective and potent drugs. For instance, in April 2020, Samsung Bioepis and Merck collaborated and launched the trastuzumab biosimilar Ontruzant in the U.S. market for the treatment of early cancer after surgery, chemotherapy, and radiotherapy.
By drug class, the market is segmented into filgrastim & pegfilgrastim, monoclonal antibodies, and others.
- Based on drug class, the monoclonal antibody segment held the highest 59.5% of the US Biosimilars Market share. This is attributable to several U.S. Food Drug Association approvals.
By disease indication, the market is divided into cancer, autoimmune diseases, ophthalmic diseases, and others. Based on the distribution channel, it is trifurcated into hospital pharmacy, retail pharmacy, and online pharmacy. Lastly, in terms of region, the report talks about only the United States.
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Strategic Partnerships Aid Growth in the Region’s Market
The market stood at USD 1.52 billion in 2019 and USD 3.36 billion in 2020. This is ascribable due to strategic partnership between companies in the region to provide high-quality, affordable therapies accessible to the patients.
- For instance, in September 2020, Mylan and Biocon Biologics announced the launch of biosimilar Semglee to help control high blood pressure in pediatric patients with type 1 diabetes and adults with type 2 diabetes.
Key Players to Focus on Establishing Partnerships to Intensify Competition
The market is consolidated by the presence of major companies that are striving to maintain their position by establishing partnerships. For instance, In September 2020, Henlius entered into an exclusive license agreement for the commercialization of HLX02 (biosimilar, trastuzumab) in the U.S. and Canada. With this partnership, HLX02 has the ability and capacity to cover most of the mainstream markets of biologics to come up with high-quality and affordable treatment options for patients worldwide, and this is expected to favor the growth of the market in the forthcoming years.
List of Key Players Profiled in this Market Report:
- Pfizer Inc. (New York, U.S.)
- Samsung Bioepis (Incheon, South Korea)
- Celltrion Inc. (Incheon, South Korea)
- Novartis AG (Basel, Switzerland)
- Inogen (Goleta, U.S.)
- Amgen Inc. (California, U.S.)
- Mylan N.V. (Pennsylvania, U.S.)
- Coherus BioSciences (California, U.S.)
- Other Prominent Players
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