- Remicade Biosimilar Market size all set to expand by over 35% over next 5 years
- March 23, 2023
According to recent market research analysis, the global Remicade biosimilar market size is all set to soar at an impressive 35.9% CAGR from 2022 to 2028 and is expected to reach an estimated $ 10,257.7 million by 2028.
A biological product classified as a biosimilar also called a reference biological product, is very similar to a drug that has already received FDA approval. The U.S. FDA and the European Medicines Agency (EMA) license biosimilar medications identical to reference products regarding safety, purity, efficacy, and effectiveness.
The rising prevalence of autoimmune diseases, primarily rheumatoid arthritis and psoriatic arthritis, early brand-name Remicade patent expiration, discounted prices across the European market, and quicker response times due to intravenous administration are all driving factors for the market growth. By disease indication, the rheumatoid arthritis category dominated the market in 2021. Europe dominated the global Remicade biosimilar market in 2021.
If we look at the major developments in the Remicade Biosimilar Market, in September 2021, Sandoz, a Novartis division, announced a commercialization agreement for the biosimilar BAT1706, bevacizumab, with Bio-Thera Solutions. This agreement aided market expansion and added to Sandoz’s top oncology off-patent portfolio. The agreement enables the business to perfectly balance patient care and financial efficiency.
Further in July 2021, Biocon Ltd (Biocon Biologics), in collaboration with Viatris, Inc., received FDA approval for the first exchangeable biosimilar SEMGLEE (insulin glargine injection) to treat diabetes.
Some of the main competitors dominating the global Remicade biosimilar market include – Johnson & Johnson, Janssen Biotech Inc, Merck & Co., Pfizer Inc, Viatris Inc, Celltrion Inc, Alvogen, Biocon Biologics, Napp Pharmaceuticals, and Nippon Kayaku.