A biosimilar medicine possesses similar pharmacokinetic and mode of action as an original biological medicine that has already been approved for therapeutic use. Biosimilars are made from a living organism such as bacteria and yeast or can also be derived from small molecules such as human insulin, erythropoietin, and monoclonal antibodies via recombinant DNA and gene expression technologies. Biosimilars are developed only when original biological medicines are commercially expired and therefore are known as follow on biologics or subsequent entry biologics. Biosimilars are used for autoimmune indications such as rheumatoid arthritis (RA) and ulcerative colitis. Tumor necrosis factor is a chemical produced by the immune system that causes inflammation in the body.
Immunology biosimilar drugs are used to treat inflammatory conditions such as rheumatoid arthritis, ankylosing spondylitis, psoriatic arthritis, juvenile arthritis, Crohn’s disease, ulcerative colitis, psoriasis, and hidradinitis suppurativa. These drugs are able to reduce inflammation and stop disease progression. The market is expected to grow during the forecast period due to rise in prevalence of chronic diseases, autoimmune diseases, lower cost of drugs compared to branded drugs, and rise in incidence of cancer. According to the World Health Organization, cancer is one of the leading causes of morbidity and mortality across the world, with approximately 14 million new cases in 2012. The number of new cases is expected to rise by about 70% over the next two decades. Developing a new biological medicine can incur cost up to US$ 1.2 Bn that is also associated with a high risk of research and development failure. However, the overall cost and research and development risk with biosimilars and biosuperiors are less than the original biologics. By some estimates, from development to approval, a biosimilar could incur cost up to US$ 75 Mn to US$ 250 Mn. On account of a requisite of lower investment, several pharmaceutical and biopharmaceutical companies are striving to enter the biosimilars and biosuperiors market.
The global immunology biosimilars market can be segmented based on disease indication, distribution channel, and region. In terms of disease indication, the market can be categorized into plaque psoriasis, arthritis, Crohn’s disease, and others. Arthritis can be further segmented into rheumatoid arthritis, psoriatic arthritis, axial spondyloarthritis, and juvenile idiopathic arthritis. Based on distribution channel, the global immunology biosimilars market can be classified into hospital pharmacies, retail pharmacies, and online pharmacies.
Geographically, the global immunology biosimilars market can be segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2016. Usage of immunology biosimilars is high in North America primarily due to steady approval for new indications and research undertakings, and increasing geriatric population. According to the Immune Deficiency Foundation, currently around 55,000 people in the U.S. with antibody deficiency receive primary immunodeficiency diseases treatment. Expected launch of immunology biosimilars drugs that are presently in clinical trials in the U.S. during the forecast period is likely to boost market growth. Europe is expected to be the second largest market in terms of revenue and growth of the market in the region can be attributed to availability of several immunology biosimilar drugs such as Rituxan, Humira, Enbrel, and others. The market in Asia Pacific is expected to register high growth from 2017 to 2025 due to development of health care infrastructure, high disposable income, rise in health and hygiene related awareness, large untapped market base, and economic development.
Key players operating in the global immunology biosimilars market include Novartis AG, Amgen, Inc., Teva Pharmaceutical Industries Ltd., Pfizer, Inc., STADA Arzneimittel AG, Mylan N.V., and PRA Health Sciences.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.