Interchangeable Biosimilars Market Trends

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

• Non-Cost-Effectiveness Nature of Interchangeable Biosimilars – Interchangeable biosimilars are made using different kinds of raw materials which are typically highly customized or catered to a certain group of patients for treating people with both acute and chronic diseases. As a result, the price of interchangeable biosimilars subsequently rises. Thus, the adoption rate of interchangeable biosimilars among the population with low and middle income ultimately hamper market growth during the forecast period.
• Low Adoption Rate in Developing Countries
• Constant Fluctuation in Regulatory Norms and Approval Guidelines