Analysis by Disease Type (Crohn’s Disease, Ulcerative Colitis, Psoriasis, Diabetes, Cancer, and Others); by Application (Hematology, Oncology, Autoimmune Disease, Chronic, Blood Disorder, and Others); and by Distribution Channel (Hospital, Retail Pharmacies, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
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The global interchangeable biosimilars market is estimated to garner a revenue of ~USD 65 Billion by the end of 2035 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 25 Billion in the year 2022. The major factor that is attributed to the expansion of the market size is the rising incidences of chronic diseases along with the increasing demand for interchangeable biosimilars for effective treatment processes. Centers for Disease Control and Prevention (CDC) stated that the prevalence of chronic diseases in the United States in six out of ten Americans includes heart disease, stroke, cancer, diabetes, and others.
Interchangeable biosimilars are medical products that can be used as an alternative to reference products, without the physician’s prescription. It is similar to the use of generic medicines as a replacement for branded medications. Thus, the increased prevalence of diseases, disorders, and illnesses is expected to increase the demand for interchangeable biosimilars in the upcoming years. Furthermore, the rising shift of the global population to a sedentary lifestyle with the high consumption of junk and processed food has propelled the prevalence of several illnesses in the human body which is anticipated to increase the sales of interchangeable biosimilars in the world. In addition to the aforementioned factors, the rapid escalation of the focus of people on health and fitness is also projected to create a positive outlook for market growth during the assessment period. Also, the swift expansion of the healthcare industry along with the increased government support for enhancing the patient’s experience and stimulating fast and quick recovery is estimated to bring in favorable opportunities for a robust revenue generation of the global interchangeable biosimilars market in the upcoming years.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~20% |
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Base Year Market Size (2022) |
~ USD 25 Billion |
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Forecast Year Market Size (2035) |
~ USD 65 Billion |
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Regional Scope |
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Growth Drivers
Growing Incidences of Non-Communicable Diseases Across the Globe – People worldwide are being diagnosed with various types of non-communicable diseases every year owing to the rising population level, escalation in the consumption of junk food items, and adoption of a sedentary lifestyle with reduced physical activity propelled the growth of non-communicable diseases. This has resulted in a rise in the consumption of medicines along with interchangeable biosimilars in the forecast period. The World Health Organization released data recently stating that non-communicable diseases are responsible for most of the deaths in the world. For instance, non-communicable diseases take approximately 41 million lives every year around the world which is equivalent to 74% of the deaths that occur worldwide.
Growing Per Capita Medical Expenditure – As the healthcare sector is expanding along with the development of better diagnostics, so is the spending capacity of people and their expenditure on healthcare to keep themselves disease-free and fasten the treatment process which in turn is expected to escalate the utilization rate of interchangeable biosimilars in the upcoming years. According to the OECD, health expenditure and financing in the United States increased from USD 11859 in 2020 to USD 12318 in 2021.
Constant Support from Government – Governments of different regions are spending a high amount of investments to accelerate the development of advanced medicinal products including interchangeable biosimilars are estimated to increase their production rate for faster and more efficient treatment procedures. As per the latest figures, United States government spending on healthcare increased by nearly 35% in 2020 which denotes a major increase from the 6% growth in 2019.
Increased Risks of Lifestyle Disorders – Owing to the rapid preference for unhealthy lifestyles with reduced physical activity as a result of indulgence in fast and busy lifestyles. Hence, recently the percentage of people with lifestyle disorders such as diabetes, cancer, obesity, and others has increased considerably. For treatment procedures, it is projected that the consumption rate of interchangeable biosimilars is estimated to increase drastically. Reports published by the World Health Organization stated that diabetes is responsible for taking 2 million lives every year across the world.
Rise in the Geriatric Population Across the World – There are higher chances of the aged population being affected by diseases, as their immunity gets weakened with age. Therefore, it is projected to drive the global interchangeable biosimilar market in the upcoming years. As per the estimations, the number of old people across the world will double by 2050 and reach 2 billion up from 1.5 billion in 2030.
Challenges
The global interchangeable biosimilars market is segmented and analyzed for demand and supply by disease type into Crohn’s disease, ulcerative colitis, psoriasis, diabetes, cancer, and others. Out of these, the cancer segment is attributed to holding the largest share of the market by the end of 2035. The major factor attributed to segment growth is the rising prevalence of different types of cancer in the human body owing to the rising illnesses and disorders. According to the statistics revealed by World Health Organization (WHO), cancer was responsible for causing almost 10 million deaths across the world in 2020 which means 1 death out of every 6 deaths. Furthermore, the rising cases of high cholesterol, hypertension, anxiety, and panic attacks are also propelling the growth of cancer cases among the global population which is further anticipated to increase the utilization rate of interchangeable biosimilars in the upcoming years. Also, the adoption of unhealthy lifestyles with increased consumption of processed food items is projected to escalate the diagnosis of cancer across all nations of the world which subsequently is anticipated the expand the segment size.
The global interchangeable biosimilars market is also segmented and analyzed for demand and supply by distribution channel into hospitals, retail pharmacies, and others. Out of these three segments, the hospitals segment is projected to hold the most significant share of the market in the forecast period with a notable CAGR. One of the major factors of the segment is the rising number of hospitals, followed by the high preference of patients to receive medical treatment for brain diseases in hospitals as a result of the presence of skilled professionals and sufficient technical help, which is also predicted to raise the market’s growth in the coming years. Hence, it is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global interchangeable biosimilars market includes the following segments:
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By Disease Type |
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By Application |
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By Distribution Channel |
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The Asia Pacific interchangeable biosimilars market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, on the back of advancement in the healthcare infrastructure, along with the growing number of researchers involved in R&D activities in the region. As per the data from the World Bank, there were 5331.15 researchers per million people in Japan, and 1307.121 per million people in China, as of 2018. Furthermore, the rising cases of chronic disorders and acute illnesses among the population are expected to increase the usage of advanced therapy medicinal products including interchangeable biosimilars are also estimated to drive the market in the Asia Pacific in the upcoming years.
On the other hand, the market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing emergence of new pharmaceutical companies over the past decade, along with high investment in medical research activities. Further, the presence of a strong healthcare network in the region, with the addition of the availability of favorable policies by the regulatory bodies that promote the market players to opt for investing in more research works to bring up more feasible solutions so as to develop efficient interchangeable biosimilars options, are also anticipated to contribute to market growth in the region.
Samsung Bioepis Co., Ltd. and Biogen Canada Inc. announced the approval of BYOOVIZ by Health Canada. BYOOVIZ is a biosimilar referencing LUCENTIS (ranibizumab).
Sandoz International GmbH, a global leader in generic and biosimilar medicines, announced the submission of a Biologics License Application for biosimilar trastuzumab to the US Food and Drug Administration (FDA).
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing incidences of chronic diseases and the growing availability of over-the-counter drugs along with the rising focus on health and fitness are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 – 2035.
Ans: Stringent regulations regarding the approval of biosimilars coupled with high-cost associated with interchangeable biosimilars are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Biocon Limited, Mylan N.V., Amgen Inc., Coherus BioSciences, Inc., Pfizer Inc., Sandoz International GmbH, Merck & Co., Boehringer Ingelheim group, Samsung Bioepis Co., Ltd., Teva Pharmaceutical Industries Ltd., and other key players.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by disease type, application, end-users, and by region.
Ans: The cancer segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities
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