by 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:
The global Humira biosimilar market is primarily driven by growing demand for affordable and cost-effective biologics globally. Humira (adalimumab) is a monoclonal antibody and the world’s top-selling drug used primarily for treating autoimmune disease such as rheumatoid arthritis, psoriasis, and inflammatory bowel diseases. However, the high list price of Humira puts significant burden on healthcare systems worldwide. The approval and launch of affordable Humira biosimilars provides a cost-effective alternative for treatment of various chronic diseases.
Market Key Trends:
One of the key trends in the global Humira biosimilar market is rapid uptake of biosimilars in key regions such as Europe. The European countries such as Germany, UK, and France have witnessed significant adoption of Humira biosimilars since their approval and launch in 2018. For instance, in Germany, Humira biosimilars have captured over 50% market share within one year of launch, reducing the treatment cost by 50%. Increasing acceptance of biosimilars among physicians and patients is expected to drive higher penetration of biosimilars globally over the forecast period. Moreover, several pharmaceutical companies are engaged in developing Humira biosimilars which will further intensify the competition and reduce treatment cost in coming years. Robust pipeline of Humira biosimilars is anticipated to augment the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The Humira Biosimilar Market has high barriers for new entrants due to high capital requirements and certification standards for biosimilars.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes and price sensitivity of customers.
Bargaining power of suppliers: Major pharmaceutical companies supply biosimilars, resulting in moderate bargaining power of suppliers.
Threat of new substitutes: The threat of new substitutes is high due to continuous R&D and patent expiration of reference biologics creating opportunities.
Competitive rivalry: The competitive rivalry is high between major established players in the Humira biosimilar market.
Key Takeaways
The global Humira biosimilar market is expected to witness high growth, exhibiting CAGR of 25.9% over the forecast period, due to increasing healthcare expenditure and patent expiration of Humira.
Regional analysis: North America dominates the global Humira biosimilar market currently owing to regulatory approvals and established healthcare infrastructure. Asia Pacific is expected to witness fastest growth over the forecast period due to rising patient pool, increasing healthcare expenditure, and focus on biosimilars in China and India.
Key players operating in the Humira biosimilar market are 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., Viatris Inc.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
