Humira Biosimilar Market will grow at highest pace owing to increasing healthcare expenditure6/12/2024 The Humira biosimilar market is growing rapidly as biologics have revolutionized treatment paradigms for various chronic diseases. Humira is a biologic drug developed by AbbVie and is used to treat autoimmune diseases like rheumatoid arthritis, Crohn's disease, etc. Being expensive, biosimilars provide a cost-effective alternative to the originator biologic. Biosimilars have a similar quality, safety and efficacy as Humira but are more affordable. This increases accessibility and compliance to treatment.
The Global Humira Biosimilar Market is estimated to be valued at US$ 889.46 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 To 2031. Key Takeaways Key players operating in the Humira biosimilar market are Nestlé S.A., Groupe Danone, Abbott Nutrition, Mead Johnson Nutrition, The Kraft Heinz Company, Meiji Holdings Co. Ltd., Beingmate Baby & Child food Co. Ltd., Synutra International Inc., Pfizer Inc., and FrieslandCampina. N.V. The demand for Humira biosimilars is increasing rapidly due to the growing prevalence of autoimmune disorders and increasing healthcare budgets. Various technological advancements like cell line engineering and protein expression techniques have enhanced biosimilar development. The growing geriatric population susceptible to chronic diseases is driving the global Humira Biosimilar Market Size. Various government initiatives focused on enhancing biosimilar access and adoption will also propel market revenues. Advancements in recombinant DNA technology have improved the manufacturability and yield of biosimilars. Technological developments like analytical biocharacterization techniques help demonstrate biosimilarity between the originator and biosimilar products more comprehensively. This boosts physician and patient confidence in biosimilars. Market Trends Consolidation of smaller players: Large pharmaceutical companies are acquiring smaller biosimilar development firms to consolidate their market position and leverage synergies. This allows comprehensive service offerings across the development and commercialization value chain. Increasing approval pathways: Regulatory pathways for biosimilar approval are evolving with the establishment of totality-of-evidence approach. This considers the overall biosimilarity versus direct product comparisons, facilitating early entry into the market. Market Opportunities Emerging markets: Latin America, Asia Pacific, Middle East and Africa offer lucrative opportunities owing to the growing disease burden and increasing access to healthcare in these regions. Pipeline strength: A robust biosimilars pipeline with over 300 candidates in development will ensure long-term market potential beyond the forecast period with novel products in different regions/indications. Impact of COVID-19 on Humira Biosimilar Market The COVID-19 pandemic has significantly impacted the growth of the Humira biosimilar market. The lockdowns imposed across various countries led to disruptions in the production and supply chain of drugs and biologics. This created a shortage of stocks for many therapeutic drugs including Humira biosimilars. The pandemic also reduced patient visits to clinics and hospitals for the treatment of various chronic diseases like rheumatoid arthritis, psoriasis, Crohn's disease etc. which are the major target indications of Humira biosimilars. This decline in prescriptions impacted the demand for Humira biosimilars. However, post pandemic as the lockdowns were gradually lifted, the production and supply chains resumed operations. With more awareness about the management of chronic conditions, the treatment seeking behaviour of patients also improved. This led to an increase in prescriptions and demand for affordable treatment options like Humira biosimilars. Various biosimilar drug makers are also expanding their manufacturing facilities to increase production capacities and ensure stable supplies. Their strategic focus on online channels and digital platforms for product promotion are also helping regain lost market shares. In future, the rise in approvals and launch of more affordable Humira biosimilars can accelerate the market recovery post pandemic. Regions with higher Humira biosimilar market share In terms of value, North America accounted for the major share of the global Humira biosimilar market in the pre-COVID period due to large patient pool, favorable reimbursement policies, presence of key market players and approvals of various biosimilars. The launch of US commercial operations of leading biosimilar makers further strengthened the regional market penetration. Europe was the second largest regional market driven by rising healthcare expenditure, fast-track approvals for biosimilars and growing generic prescription rates in major countries like Germany, UK and Italy. Asia Pacific exhibited high growth potential led by expansion strategies of international drug makers, increasing approvals under regulations and rising healthcare spending in China and India. Fastest growing region for Humira biosimilar market Asia Pacific region is projected to grow at the fastest rate during the forecast period for the Humira biosimilar market. This is attributed to the large patient population with chronic diseases, improving access to healthcare facilities, rising healthcare standards and increasing per capita incomes in many developing Asian countries. Government initiatives to accelerate biosimilar approvals and lower drug costs are encouraging local and global biosimilar drug makers to establish manufacturing facilities in the region. India and China as leading pharmaceutical hubs offer lucrative manufacturing and commercialization opportunities. Also, favorable regulatory framework, evolving reimbursement programs and strategic collaborations between Asia Pacific and Western companies will further propel the regional biosimilar market growth. Get More Insights On Humira Biosimilar Market
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