Market Overview:
The global Humira biosimilar market is estimated to be valued at US$772.1 million in 2023 and is projected to grow at a CAGR of 25.9% during the forecast period of 2023-2030. Humira biosimilars are highly similar versions of the original Humira medication, which is used to treat several autoimmune diseases. These biosimilars offer advantages such as reduced costs and increased accessibility to patients, as they are more affordable alternatives to the original product. The increasing prevalence of autoimmune diseases, rising demand for cost-effective treatments, and patent expirations of key biologic drugs are driving the growth of the Humira biosimilar market.
Market Key Trends:
One key trend in the Humira biosimilar market is the growing adoption of biosimilars by healthcare providers and patients. As the cost of original biologic drugs continues to rise, biosimilars offer a cost-effective alternative without compromising on safety and efficacy. Healthcare providers are increasingly prescribing biosimilars to their patients, and patients are showing willingness to switch from expensive biologic drugs to biosimilars. This trend is driven by the increasing availability of biosimilars in the market and the growing confidence in their quality and effectiveness. As a result, the Humira biosimilar market is witnessing significant growth and is expected to continue to expand in the coming years.
Segment Analysis:
The Humira biosimilar market can be segmented based on product type, distribution channel, and region.
Based on product type, the dominant segment in the Humira biosimilar market is the adalimumab segment, which is expected to hold the largest market share. Adalimumab is a TNF inhibitor and is widely used for the treatment of various inflammatory diseases such as rheumatoid arthritis, psoriasis, and Crohn's disease. The dominance of the adalimumab segment can be attributed to its efficacy in treating these conditions and its increasing adoption by healthcare professionals.
In terms of distribution channel, the hospital pharmacies segment is expected to be the most dominant. This can be attributed to the fact that hospitals are the primary healthcare institutions where patients receive treatment, and hence, the demand for Humira biosimilars is high in this segment. Additionally, hospital pharmacies offer a wide range of medication options, making it convenient for patients to access Humira biosimilars.
Key Takeaways:
The global Humira biosimilar market is expected to witness high growth, exhibiting a CAGR of 25.9% over the forecast period from 2023 to 2030. This growth can be attributed to several factors, including the increasing prevalence of inflammatory diseases such as rheumatoid arthritis and psoriasis, the rising demand for cost-effective treatment options, and the expiration of Humira's patent in several countries.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Humira biosimilar market. This can be attributed to the presence of key market players, favorable reimbursement policies, and increasing awareness about biosimilar drugs among healthcare professionals and patients.
Key players operating in the Humira biosimilar market include Amgen Inc., Samsung Bioepis Co., Ltd., Sandoz International GmbH (Novartis AG), Mylan N.V., Boehringer Ingelheim International GmbH, Pfizer Inc., Fresenius Kabi AG, Coherus BioSciences, Inc., Biogen Inc., AbbVie Inc., Celltrion Inc., Amneal Pharmaceuticals, Inc., Lupin Pharmaceuticals, Inc., Merck & Co., Inc., and Viatris Inc. These key players play a significant role in driving market growth through their product developments, strategic collaborations, and mergers and acquisitions.
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