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Remicade biosimilars are monoclonal antibodies that are produced as alternatives to the original Remicade product made by Jannsen Biotech. These biosimilars are produced once the patent protection for the original product expires. Remicade is indicated for the treatment of several inflammatory diseases such as rheumatoid arthritis, Crohn’s disease and ulcerative colitis. The key advantages of biosimilars over the reference product include their comparable effectiveness at a significantly lower cost. As patent protections expire for blockbuster drugs and chronic illnesses persist, biosimilars are poised to play a larger role in making treatment more accessible and affordable to patients worldwide.
The global Remicade Biosimilars Market is estimated to be valued at US$ 3,007.28 Mn in 2023 and is expected to exhibit a CAGR of 35% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the remicade biosimilars market is the increasing uptake of biosimilars as an alternative to reference biologics. Various studies have demonstrated the equivalent efficacy, safety and immunogenicity profile of biosimilars compared to their reference products. This is encouraging greater prescription of biosimilars by physicians and adoption by patients. Another major trend is the substantial cost savings associated with biosimilars. For instance, biosimilars have been found to reduce treatment costs by 15-35% on average compared to reference products. This lower cost makes these treatments more affordable and may improve access and adherence to treatment regimens. Manufacturers are also actively engaged in expanding geographical presence and regulatory approvals of their biosimilar portfolio, which will further support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Remicade Biosimilars market is moderate. Developing biosimilars requires significant R&D investments and regulatory approvals which make entry difficult.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many substitutes available at lower prices. Buyers can switch between brands easily based on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few players providing active pharmaceutical ingredients. Suppliers may charge higher prices for critical inputs.
Threat of new substitutes: The threat of substitutes is high as other biosimilars and biologics provide alternative treatment options for the same diseases. New research in novel drug therapies also increases substitutes.
Competitive rivalry: The competition is intense with dominant players and new market entrants.
Key Takeaways
Global Remicade Biosimilars Market Demand is expected to witness high growth, exhibiting CAGR of 35% over the forecast period, due to increasing cost pressure on healthcare systems and patent expiration of reference drugs.
Regional analysis: North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. However, Asia Pacific region is anticipated to witness the fastest growth rate, owing to rising demand in emerging economies like China and India supported by strengthening healthcare infrastructure.
Key players operating in the Remicade Biosimilars market are Janssen Biotech Inc., Merck &Co., Pfizer Inc. (AC. Hospira), Celltrion Inc., Alvogen, Napp Pharmaceuticals, and Nippon Kayaku. Key players are focusing on new product launches, expanding their geographic footprints and enhancing production facilities to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
