Novartis AG (Switzerland) and Pfizer, Inc. (US) are the Key Players in the Biosimilars Market
The global biosimilars market is projected to reach USD 44.7 billion by 2026 from USD 15.6 billion in 2021, at a CAGR of 23.5% during the forecast period of 2021 to 2026. Market growth is largely driven by the rising incidence of chronic diseases and increasing demand of biosimilars for their cost-effectiveness. Regulatory approvals and other regulations favouring biosimilars adoption in different countries is also a major driving factor in the biosimilars market. However, the complexities in the development and manufacturing of biosimilars and resistance from reference biologic manufacturers is expected to restrain the growth of this market during the forecast period.
The global biosimilars market is highly competitive. Prominent players operating in the global biosimilars market include Novartis AG (Switzerland), Pfizer, Inc. (US), Dr. Reddy’s Laboratories Ltd. (India), Amgen, Inc. (US) and Eli Lilly and Company (US). The key players in this market are increasingly focusing on strategic expansions, partnerships, and product approvals to expand their manufacturing capabilities and increase market presence.
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Novartis AG operates through two global business divisions¯Innovative Medicines and Sandoz. Sandoz is involved in the business of generic pharmaceuticals and biosimilars. Sandoz is organized globally into three franchises or segments, namely, Retail Generics, Anti-infectives, and Biopharmaceuticals. In the Biopharmaceuticals segment, Sandoz develops, manufactures, and markets protein and other biotechnology-based products, including biosimilars, and provides biotechnology manufacturing services to other companies. Key therapeutic areas include oncology, immunology, and endocrinology. The company has operations in North America, Europe, Oceania, and East Asia. Some of the major countries include the US, Canada, Germany, Switzerland, China, Japan, Australia, and New Zealand.
Pfizer operates through a single business segment¯Biopharma. Pfizer focuses on the discovery, development, manufacture, sales, and distribution of products worldwide, serving in key therapeutic areas of Internal Medicine, Oncology, Hospital, Vaccines, Inflammation & Immunology, and Rare Diseases. The company offers biosimilar products in the therapeutic areas of oncology and inflammation & immunology. The company has operations in North America, Latin America, Europe, Southeast Asia, and Oceania. It operates in more than 125 countries, and the US remains the largest market. Outside the US, China, Japan, the UK, France, Germany, Switzerland, Sweden, Australia, and New Zealand are some of the major markets.
Related Reports:
Biosimilars Market by Product (Monoclonal antibodies (infliximab, rituximab, trastuzumab), Insulin, Interferon, Etanercept, Glucagon, Calcitonin), Indication (Oncology, Chronic Disease, Blood Disorder, Autoimmune Disease), Region – Global Forecast to 2026
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