Humira is a biologic therapy primarily used to treat autoimmune diseases, many patients requires high dose of the drug on long term basis. Biosimilars provides affordable treatment alternative to reference biologics due to their reduced development and manufacturing costs. As patent exclusivity of Humira is expiring in major markets by 2023, several pharmaceutical companies are investing in developing Humira biosimilars.
The global Humira Biosimilar Market is estimated to be valued at US$ 889.46 Billion in 2024 and is expected to exhibit a CAGR Of 10% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Expanding biosimilar drugs adoption in developed countries is expected to drive the growth of global humira biosimilar market during the forecast period. Several European countries have adopted favorable regulations and policies to promote biosimilar usage which is nearly 20-30% lower in cost as compared to reference biologics. For instance, countries like UK, Denmark, Norway and Germany have consistently increased the adoption of biosimilars owing to initiatives taken by governments aimed at potential cost savings for public healthcare systems. Furthermore, patents exclusivity expiration of Humira in major markets will further intensify the competition and encourage market entry of more affordable biosimilar versions in coming years. This is expected to boost the humira biosimilars market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The biopharmaceutical industry requires significant capital investment in R&D along with regulatory approvals which pose a high barrier for new companies.
Bargaining power of buyers: The large number of established players and availability of interchangeable biosimilars gives buyers high bargaining power to negotiate on price.
Bargaining power of suppliers: Suppliers of raw materials, formulation and manufacturing facilities enjoys some bargaining power due to limited number active in this niche segment.
Threat of new substitutes: No major substitute treatment currently available but alternative therapeutics remain a latent threat.
Competitive rivalry: Intense due to growing volume of biosimilars facing price erosion with rapid market penetration of competing products.
SWOT Analysis
Strength: High unmet medical needs, safety and efficacy profile of reference product driving biosimilar uptake.
Weakness: Complex molecules, manufacturing challenges and uncertainty over interchangeability with reference product. Biosimilar market still nascent compared to generics market.
Opportunity: Patent expiry of reference products, increasing demand in emerging markets and rising healthcare budgets provides lucrative opportunities.
Threats: Delayed or limited uptake impacting returns. Accelerated approval of subsequent entrants further intensifying price competition.
Key Takeaways
The Global Humira Biosimilar Market Demand is expected to witness high growth during the forecast period of 2024 to 2031.
Regionally, North America currently dominates due to early adoption while Asia Pacific is poised to experience fastest gains owing to raising incomes and healthcare access.
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. These manufacturers are focusing on expanding in high growth emerging markets through collaborations and capabilities in formulations for pediatric and adult population segments.
Get more insights on this topic :
