by Remicade, a monoclonal antibody biologic drug, is used primarily to treat rheumatoid arthritis and various other autoimmune disorders. The medication works by blocking a chemical called tumor necrosis factor (TNF), thereby reducing joint pain and swelling associated with rheumatoid arthritis and other autoimmune conditions. As the original patent of Remicade nears expiration, biosimilars which are highly similar versions of original biologics are being introduced in the market at significantly lower costs. The cost effectiveness of biosimilars is expected to drive their adoption over the original branded drugs among both patients as well as healthcare providers.
The global Remicade biosimilars market is estimated to be valued at US$ 3007 million in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Cost-effectiveness driving adoption among consumers, as mentioned in the heading, is one of the major drivers of this market. The original branded drug Remicade costs around $20,000 per patient annually compared to $5,000 to $10,000 cost of biosimilars. This significant cost saving is expected to boost the prescription and demand for biosimilar versions of Remicade among patients. Additionally, biosimilars enable healthcare providers to treat more patients and within limited budgets, which is another important factor driving increased adoption of biosimilars by healthcare systems globally.
Segment Analysis
The global Remicade biosimilars market is dominated by the rheumatoid arthritis sub-segment, which holds approximately 30% market share. Remicade biosimilars are majorly used for the treatment of rheumatoid arthritis as it is one of the most common indications treated with Remicade. The prevalence of rheumatoid arthritis is also relatively high globally, thus driving the demand for rheumatoid arthritis sub-segment.
PEST Analysis
Political: Regulatory bodies are supporting the growth of biosimilars market by creating awareness and laying out guidelines regarding the development and approval process of biosimilars. This is positively impacting the adoption of Remicade biosimilars.
Economic: The increasing healthcare costs and rising cases of chronic diseases are prompting healthcare systems to use biosimilars as they provide significant cost-savings compared to reference biologics. This makes Remicade biosimilars economically viable treatment option.
Social: Growth in per capita healthcare expenditure and rising access to health insurance is increasing the affordability of biosimilars among patients. This societal support also drives the demand for Remicade biosimilars.
Technological: Advancements in bioengineering technologies have enhanced manufacturing capabilities and facilitated the development of highly similar versions of originator biologics. This is encouraging pharmaceutical companies to invest in developing Remicade biosimilars.
Key Takeaways
The Global Remicade Biosimilars Market Demand is expected to witness high growth over the forecast period.
Regionally, North America dominates currently due to established regulatory guidelines and robust healthcare infrastructure supporting biosimilars adoption. Europe is also a major market supported by government initiatives for biosimilar development.
Key players operating in the Remicade biosimilars market are Celltrion, Dr. Reddy’s Laboratories, Pfizer Inc., Samsung Bioepis. Celltrion is a leading player due to its early commercialization of Remsima. While Dr. Reddy’s and Samsung Bioepis have achieved recent approvals expanding availability of affordable treatment options for patients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
