Remicade biosimilars are biopharmaceutical drugs that employ biological processes to produce highly similar copies of already approved innovative biological drugs called reference drugs. Biosimilars are approved based on demonstrating similarity to an existing approved biological product in terms of safety and effectiveness through extensive analytical, animal and clinical testing. They offer treatment options that are more affordable and increase patients’ access to biologic therapies.
The global Remicade Biosimilars Market is estimated to be valued at US$ 3,007.28 Million in 2023 and is expected to exhibit a CAGR of 35.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the Remicade biosimilars market is the increasing demand for biosimilars due to their cost-effectiveness. Remicade biosimilars are significantly more affordable than their reference biologics, since biosimilar manufacturers do not have to bear the high costs associated with clinical development and manufacturing infrastructure of the innovator drug. This provides considerable cost savings opportunities for patients, healthcare payers and providers. Wider adoption of biosimilars is expected to make biologic therapies more accessible to a larger patient pool globally and thereby drive the growth of the Remicade biosimilars market during the forecast period.
SWOT Analysis
Strength: Remicade biosimilars offer cost savings of up to 30% compared to the reference drug and have similar efficacy and safety. They provide affordable treatment options for a larger patient pool.
Weakness: Developing biosimilars requires substantial R&D investments. The reference drug’s patents also limit the market scope for biosimilars in the initial years.
Opportunity: The patents of Remicade are expected to expire in key markets by 2023, opening vast opportunities. The growing disease incidence and increasing demand for affordable treatments also support market growth.
Threats: Stringent regulations around biosimilarity testing delays market approvals and entry of new players. Existing reference drug companies strategies such as patient assistance programs compete with biosimilars.
Key Takeaways
Global Remicade Biosimilars Market Demand is expected to witness high growth, exhibiting CAGR of 35% over the forecast period, due to increasing prevalence of autoimmune diseases. Due to the high treatment costs of reference biologics, biosimilars are increasingly being viewed as more affordable treatment options.
Regional analysis: North America is expected to dominate the global Remicade biosimilars market owing to the early approvals of biosimilars in the US. However, Asia Pacific is anticipated to grow at the fastest pace due to rising patient demographics, growing biosimilars acceptance and increasing healthcare investments in key emerging countries like China and India.
Key players operating in the Remicade biosimilars market are Janssen Biotech Inc., Merck &Co., Pfizer Inc. (AC. Hospira), Celltrion Inc., Alvogen, Napp Pharmaceuticals, and Nippon Kayaku. Most of the major companies have received regulatory approvals and launched their biosimilar versions of Remicade in various markets. These companies are expected to strengthen their market position through various organic and inorganic growth strategies over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it