Biosimilars refer to biological medicines that are equivalent in terms of safety and efficacy to licensed original products. They have the potential to increase market competition and expand patient access to biologics within the recommended treatment guidelines. In December 2002, the US Food and Drug Administration granted authorization to Adalimumab, marking it as the first human monoclonal antibody. Adalimumab, sold under brand names like Exemptia and Humira, is a prescription medication used to treat conditions such as psoriatic arthritis, rheumatoid arthritis, and several others. It functions by binding to tumor necrosis factor-alpha (TNF), reducing the risk of inflammatory responses associated with autoimmune diseases triggered by TNF binding to TBF receptors.
According to Data Bridge Market Research the Adalimumab Biosimilar Market accounted for USD 598.30 million in 2022, and expected to reach USD 3,431.48 million by 2030. The market is expected to grow with a CAGR of 24.4% in the forecast period of 2023 to 2030.
“Rise in biologic drugs”
The expiration of patents for several major biologic drugs, such as Truvada, Chantix, Forteo, Ciprodex, and Afinitor, in 2020 has created a favourable environment for both innovator companies and generic manufacturers to shift their attention towards biosimilars. The healthcare industry has witnessed a significant rise in the use of biologic drugs. These drugs offer targeted therapy, increased efficacy, and reduced side effects compared to traditional drugs and uses adalimumab. The rise in biologic drugs is increasing the usage of adalimumab which is driving the market’s growth.
What restraints the growth of adalimumab biosimilar market?
“High cost of adalimumab biosimilar”
The high cost of adalimumab biosimilars is primarily influenced by several factors. Biosimilars are complex biological drugs that require extensive research, development, and regulatory processes for approval. The cost of manufacturing, clinical trials, and ensuring quality standards contribute to the overall expense. Additionally, market dynamics, including limited competition and patent protections, can impact pricing. These factors collectively contribute to the high cost of adalimumab biosimilars, limiting their affordability for patients and healthcare systems.
Segmentation: Global Adalimumab Biosimilar Market
The adalimumab biosimilar market is segmented on the basis of product, indication, and distribution channel.
- On the basis of product, the adalimumab biosimilar market is segmented into exemptia, adalirel, cipleumab, others.
- On the basis of indication, the adalimumab biosimilar market is segmented into rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, and other indications.
- On the basis of distribution channel, the adalimumab biosimilar market is segmented into hospitals pharmacies, retail pharmacies, online pharmacy, others.
Regional Insights: North America Dominates the Adalimumab Biosimilar Market
North America dominates the adalimumab biosimilar market due to the high cost of adalimumab biosimilars can also be influenced by the proximity of multiple extensive experimentation laboratories. Close proximity allows for efficient collaboration, research, and development efforts, but it can also contribute to increased costs associated with conducting complex experiments and maintaining state-of-the-art facilities.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 due to the high cost of adalimumab biosimilars can be attributed to the province's significant commercial advancements and the presence of growing biotechnology corporations, which require substantial investments in research, development, and manufacturing processes.
To know more about the study visit, https://www.databridgemarketresearch.com/ar/reports/global-adalimumab-biosimilar-market
The Prominent Key Players Operating in the Adalimumab Biosimilar Market Include:
- Alfred E. Tiefenbacher (GmbH & Co. KG) (Germany)
- Amgen Inc. (U.S.)
- Boehringer Ingelheim International GmbH (Germany)
- Glenmark (India)
- Zydus Group (India)
- Torrent Pharmaceuticals Ltd. (India)
- Reliance Life Sciences (India)
- Emcure Pharmaceuticals Ltd (India)
- Cipla Inc. (India)
- Hetero (India)
- AET BioTech (Germany)
- Coherus Biosciences (U.S.)
- Fujifilm Kyowa Kirin Biologics Co. Ltd. (Japan)
- Momenta Pharmaceuticals (U.S.)
- Oncobiologics (U.S.)
- Pfizer Inc. (U.S.)
- Samsung Bioepsis (South Korea)
- Sandoz International GmbH (Switzerland)
Above are the key players covered in the report, to know about more and exhaustive list of adalimumab biosimilar market companies contact, https://www.databridgemarketresearch.com/ar/contact
Research Methodology: Global Adalimumab Biosimilar Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
