February 29, 2024
Humira Biosimilar Market

Humira Biosimilar Market: Growing Demand for Cost-effective Biologics to Drive Market Growth

The global Humira Biosimilar Market is estimated to be valued at US$772.1 million in 2023 and is expected to exhibit a CAGR of 25.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Humira biosimilars are biologic drugs that are highly similar to AbbVie’s Humira, which is used to treat various autoimmune diseases. These biosimilars offer similar efficacy, safety, and quality as the reference product at a lower cost. With the increasing prevalence of autoimmune diseases and the rising healthcare costs, there is a growing demand for cost-effective alternatives, driving the adoption of Humira biosimilars. Moreover, patent expiration of Humira in major markets is creating opportunities for biosimilar manufacturers to enter the market and provide affordable treatment options.

Market Key Trends:

The key trend in the Humira biosimilar market is the increasing number of product launches by key players. Amgen Inc., Samsung Bioepis Co., Ltd., and Sandoz International GmbH are among the key players in the market, actively launching Humira biosimilars. These product launches are aimed at expanding their product portfolios and capturing a significant market share. Additionally, the market is witnessing collaborations and partnerships between biosimilar manufacturers and pharmaceutical companies to enhance their research and development capabilities and accelerate the introduction of new biosimilars.

Overall, the Humira biosimilar market is poised to witness significant growth due to the growing demand for cost-effective biologic drugs and the increasing number of product launches by key players.

Porter’s Analysis

The Porter’s analysis of the Humira biosimilar market is as follows:

Threat of New Entrants:

The threat of new entrants in the Humira biosimilar market is low. Developing biosimilars requires significant investment in research and development, as well as regulatory approvals. Established companies in the pharmaceutical industry already dominate the market, making it difficult for new players to enter.

Bargaining Power of Buyers:

Buyers in the Humira biosimilar market have a moderate level of bargaining power. The availability of multiple biosimilars provides buyers with options and the ability to negotiate favorable prices. However, the limited number of key players in the market reduces buyers’ power to a certain extent.

Bargaining Power of Suppliers:

Suppliers in the Humira biosimilar market have a high level of bargaining power. The production of biosimilars requires access to high-quality and reliable raw materials, which may be limited in supply. This gives suppliers an advantage in negotiating favorable terms with manufacturers.

Threat of New Substitutes:

The threat of new substitutes in the Humira biosimilar market is low. Biosimilars are developed specifically to replicate the therapeutic effects of the reference product, in this case, Humira. The limited availability of alternative treatments keeps the threat of substitutes minimal.

Competitive Rivalry:

The competitive rivalry in the Humira biosimilar market is moderate. The market is dominated by a few key players who compete for market share. However, the presence of multiple biosimilar options and ongoing research and development efforts contribute to competition within the market.

Key Takeaways

The global Humira biosimilar market is expected to witness high growth, exhibiting a CAGR of 25.9% over the forecast period (2023-2030). This growth can be attributed to the increasing adoption of biosimilars due to their cost-effectiveness and potential to address unmet medical needs. The market size for 2023 is projected to reach US$ 772.1 million.

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 established pharmaceutical companies and the high prevalence of chronic diseases in the region.

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 are actively involved in research and development activities to develop and commercialize biosimilars, contributing to the growth of the Humira biosimilar market. The market is expected to be highly competitive, with key players focusing on strategic collaborations, investments, and innovation to gain a competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it