Humira Biosimilar Market Is Estimated To Witness High Growth

The 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 is a monoclonal antibody used to treat autoimmune diseases such as rheumatoid arthritis, Crohn’s disease, ulcerative colitis, psoriatic arthritis, plaque psoriasis, axial spondyloarthritis, and pediatric Crohn’s disease. Biosimilars of Humira are expected to provide a cheaper alternative to treat such diseases, increasing accessibility to the treatment.

Market Dynamics:
The growing number of biosimilar approvals from regulatory authorities is expected to significantly boost the growth of the humira biosimilar market over the forecast period. For instance, in December 2021, the FDA approved Amneal Pharmaceuticals’ AB-rated biosimilar to Humira known as Ziextenzo. This approval expanded treatment options for conditions including rheumatoid arthritis and plaque psoriasis. Moreover, increasing accessibility due to lower prices of biosimilars as compared to reference biologics is another major factor propelling the Humira Biosimilar Market growth. With increasing patent expiries of blockbuster biologics such as Humira, more manufacturers are expected to launch affordable biosimilars, making biologic treatment accessible to a larger patient pool globally.

SWOT Analysis

Strength:
– Established distribution network and brand recognition of leading players helps increase the adoption of biosimilars.
– Cost effectiveness compared to reference biologics allows improved access to critical medicines.
– Extensive R&D and technological advancement supports the production of high quality biosimilars.

Weakness:
– Presence of patent protection and market exclusivities for reference biologics restricts market access.
– Lower awareness about biosimilars among patients and physicians limits their usage.

Opportunity:
– Increase in biosimilar approvals and upcoming patent expiries of major biologics provide significant growth opportunities.
– Growing geriatric population susceptible to chronic diseases boosts the demand.

Threats:
– Stringent regulations for biosimilar development and approval delays market entry.
– Clinical trial data requirements and associated costs pose challenges to penetrate markets.

Key Takeaways

The global Humira Biosimilar market is expected to witness high growth, exhibiting a CAGR of 25.9% over the forecast period, due to increasing expiry of Humira patents.

Regional analysis: The US region currently dominates the market and is expected to maintain its lead position during the forecast period, owing to favorable reimbursement policies and increasing uptake of affordable treatments. Europe is another major regional market boosted by government support for biosimilar adoption.

Key players: 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.

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13 thoughts on “Humira Biosimilar Market Is Estimated To Witness High Growth”

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