The Latest Biosimilar Industry Statistics Explained
The global biosimilars market size was valued at USD 15.3 billion in 2020.
The statistic stating that the global biosimilars market size was valued at USD 15.3 billion in 2020 indicates the total market value of biosimilar products worldwide in that year. Biosimilars are products that are highly similar to existing biologic drugs but are marketed at a lower cost, providing an alternative option for patients and healthcare systems. The large market size suggests a growing adoption of biosimilars globally as healthcare systems look to reduce costs while maintaining quality care. This statistic reflects the increasing importance and utilization of biosimilar products in the pharmaceutical industry, with significant implications for healthcare access and affordability worldwide.
The market is expected to expand at a compound annual growth rate (CAGR) of 46.8% from 2021 to 2028.
The statement indicates that over the period from 2021 to 2028, the market in question is projected to grow at an average annual rate of 46.8%. This growth rate is calculated as a compound annual growth rate (CAGR), meaning that it takes into account the compounding effect of growth each year. The CAGR provides a smooth representation of the growth trajectory over the entire period, reflecting the geometric progression of the market expansion. A CAGR of 46.8% indicates a significant growth potential for the market, suggesting a rapid acceleration in market size and value over the specified time frame.
The biosimilar market in North America is expected to reach $21.90 billion by 2026.
The statistic states that the biosimilar market in North America is projected to grow and expand significantly, with an estimated value of $21.90 billion by the year 2026. This suggests a strong and increasing demand for biosimilar products in the region, indicating a potential shift towards more cost-effective alternatives to biologic drugs. Factors driving this growth may include increasing healthcare expenditure, patent expirations for biologic drugs, and a greater emphasis on biosimilars as a key component of healthcare cost containment strategies. The projected value of $21.90 billion highlights the substantial economic impact and market opportunity that biosimilars represent in the healthcare industry within North America over the next few years.
The pharma industry could save $100 billion with the adoption of biosimilars by 2020.
The statistic that the pharmaceutical industry could save $100 billion with the adoption of biosimilars by 2020 suggests that significant cost savings could be realized within the industry by incorporating biosimilar drugs into medical treatment. Biosimilars are less expensive versions of biologic drugs that have similar effectiveness and safety profiles. By utilizing biosimilars, pharmaceutical companies can reduce development costs and offer more affordable treatment options to consumers. The projected savings of $100 billion by 2020 signifies the potential economic impact of widespread adoption of biosimilars, paving the way for increased access to essential medications and improved cost-efficiency within the healthcare system.
The monoclonal antibodies segment led the market and accounted for over 35.5% share of the total revenue in 2020.
The statistic indicates that the monoclonal antibodies segment was the top-performing sector within the market, contributing significantly to the total revenue generated in 2020. Specifically, this segment accounted for more than 35.5% of the overall revenue, highlighting its dominance and importance in driving the market’s financial performance. This suggests that monoclonal antibodies were in high demand and likely had a strong presence in treating various diseases or conditions, solidifying its position as a key player in the market landscape during the specified period.
The oncology segment accounted for the largest revenue share of over 32.3% in 2020.
The statistic stating that the oncology segment accounted for the largest revenue share of over 32.3% in 2020 indicates that within the specified market or industry, the sales generated from oncology-related products or services contributed the highest proportion of total revenue compared to other segments. This suggests that oncology, which focuses on the diagnosis and treatment of cancer, is a significant and lucrative area within the industry. The substantial revenue share of 32.3% highlights the importance and dominance of the oncology segment in driving overall financial performance in the given year, emphasizing its relevance and impact on the market.
The biosimilars market in Europe was valued at USD 4.5 billion in 2020.
The statistic “The biosimilars market in Europe was valued at USD 4.5 billion in 2020” indicates the total monetary worth of sales of biosimilar products in the European market during the year 2020. Biosimilars are biological products that are highly similar to already approved biological medicines, offering a more cost-effective alternative to their branded counterparts. The value of the biosimilars market reflects the demand for these products in Europe and signifies a growing trend in the healthcare industry towards the use of biosimilars to provide affordable treatment options for various medical conditions.
As of 2019, the Korean market accounted for approximately 72% of global biosimilar sales.
The statistic stating that the Korean market accounted for around 72% of global biosimilar sales as of 2019 indicates the significant influence and dominance of Korea in the biosimilar industry. This suggests that South Korea is a major player in the development, production, and distribution of biosimilars worldwide, surpassing other countries in terms of market share. The high percentage point to the advanced capabilities and expertise of the Korean biopharmaceutical companies in creating and commercializing biosimilar products. This data may also reflect favorable regulatory environments, strong research and development infrastructure, and successful market strategies implemented by Korean companies to capture a large portion of the global biosimilar market.
By the end of 2020, only 20 of 28 approved biosimilars in the U.S. were on the market.
The statistic “By the end of 2020, only 20 of 28 approved biosimilars in the U.S. were on the market” indicates that out of a total of 28 biosimilars approved by the U.S. Food and Drug Administration, only 20 were available for use by the end of 2020. This suggests that there are delays or challenges in bringing these approved biosimilars to the market, which could impact patients’ access to more affordable treatment options. It is important to further investigate the reasons behind the discrepancy between the number of approved biosimilars and the number actually available on the market to identify potential barriers and solutions to improve the accessibility of these important medications.
Biosimilars could lead to direct savings in the United States of $54 billion over the next decade.
The statistic suggests that the introduction and increased utilization of biosimilars in the United States pharmaceutical market could result in significant cost savings amounting to $54 billion over the course of the next ten years. Biosimilars are biologic products that are highly similar to already-approved biologic medications and offer a more affordable alternative to expensive branded drugs. These savings would come from reduced costs for patients, healthcare providers, and payers due to the lower prices of biosimilars compared to their reference biologics. By promoting competition and increasing market access to biosimilars, the healthcare system can benefit from improved affordability and accessibility to crucial biologic treatments, thereby fostering a more sustainable and cost-effective healthcare landscape in the United States.
The Asia Pacific region is expected to witness the fastest growth rate of 52.9% over the forecast period.
The statistic “The Asia Pacific region is expected to witness the fastest growth rate of 52.9% over the forecast period” means that economic or other relevant indicators in the Asia Pacific region are projected to increase by 52.9% within a specified time frame. This growth rate is the highest among all regions studied, indicating strong potential for expansion and development in the Asia Pacific area. Factors driving this growth may include increasing consumer demand, technological advancements, favorable business conditions, or other factors specific to the region. The statistic suggests that the Asia Pacific region is poised for significant growth and presents attractive opportunities for businesses and investors looking to capitalize on this growth trajectory.
It is estimated that up to $150 billion savings globally by 2020 if biosimilars are adopted.
The statistic suggests that significant cost savings of up to $150 billion could be achieved globally by the year 2020 through the adoption of biosimilars, which are biologic medical products highly similar to existing approved biologic products. By choosing biosimilars over the original biologics, healthcare systems, providers, and patients could potentially reduce their spending on expensive biologic medications. These cost savings are expected to result from the lower prices of biosimilars compared to their reference biologics, increasing competition in the biopharmaceutical market, and expanding patient access to more affordable treatment options. Embracing biosimilars could not only lead to substantial economic benefits but also enhance healthcare sustainability and improve patient outcomes on a global scale.
As of 2020, there were 66 active biosimilar development programs focused on 20 reference biologics in the US.
The statistic indicates that in the year 2020, there were 66 ongoing biosimilar development programs in the United States targeting 20 specific reference biologics. Biosimilars are biological products that are highly similar to already approved biologics, with no clinically meaningful differences in terms of safety and efficacy. This data suggests a growing interest and investment in the development of biosimilars in the US pharmaceutical industry, which could potentially lead to increased competition, expanded access to biologic therapies, and potential cost savings for patients and healthcare systems.
In 2019, the net health system saving from biosimilars in Europe was estimated to be between €24 billion and €33 billion by 2022.
This statistic indicates that in 2019, the estimated net health system savings from the use of biosimilars in Europe over the period between 2019 and 2022 was projected to be between €24 billion and €33 billion. Biosimilars are biological products that are highly similar to already approved biologic medicines and are intended to provide cost-effective alternatives. The substantial estimated savings suggest that the adoption and utilization of biosimilars in Europe have the potential to significantly reduce healthcare costs and improve access to essential treatments for patients.
By 2025, 8 out of the world’s top 10 selling drugs are expected to be biologics, making biosimilars extremely important.
The statistic indicates that by 2025, eight out of the top 10 best-selling drugs worldwide are anticipated to be biologics, which are medications derived from living organisms. This trend underscores the increasing significance of biosimilars, which are highly similar versions of already-approved biologic drugs. With a significant portion of the pharmaceutical market dominated by biologics, the development and adoption of biosimilars become crucial for enhancing competition, improving access to affordable treatments, and driving innovation in the healthcare industry. This statistic highlights the growing impact of biologic drugs and the strategic importance of biosimilars in ensuring cost-effective healthcare delivery and patient access to essential medications.
The biosimilars market size in Asia Pacific is projected to reach USD 33.52 billion by 2027.
The statistic indicates that the biosimilars market in Asia Pacific is forecasted to grow significantly, with a projected market size of USD 33.52 billion by the year 2027. This suggests a notable increase in the demand and adoption of biosimilar products in the region over the coming years. Factors driving this growth may include an increasing emphasis on cost-effective healthcare solutions, rising investment in healthcare infrastructure, and a growing aging population requiring biologic treatments. The projected market size highlights the substantial market potential for biosimilars in Asia Pacific and indicates opportunities for pharmaceutical companies and stakeholders operating in this sector to expand their presence and offerings in the region.
By 2023, Humira, the world’s top-selling medicine, will face competition from biosimilars in the United States.
The statistic indicates that by the year 2023, Humira, which currently holds the position as the best-selling medication globally, will encounter competition from biosimilar products in the United States market. Biosimilars are biologic products that are highly similar to existing FDA-approved biologic medications, with no clinically meaningful differences in terms of safety and efficacy. The introduction of biosimilar alternatives to Humira in the U.S. market suggests that patients and healthcare providers will have access to more affordable treatment options, potentially leading to increased competition, cost savings, and enhanced patient access to effective medications.
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