At 38.9% CAGR, the Asia Pacific Biosimilars Market is projected to be worth US$ 22,533.11 Million by 2028, says Business Market Insights  

According to Business Market Insights’ research, the Asia Pacific biosimilars market was valued at US$ 3,141.28 million in 2022 and is expected to reach US$ 22,533.11 million by 2028, registering a CAGR of 38.9% from 2022 to 2028. Increasing prevalence of chronic diseases and cost effectiveness of biosimilar drugs are the critical factors attributed to the Asia Pacific biosimilars market expansion.  

Joint ventures and other collaboration models will help biosimilar medicine manufacturers maintain a competitive edge over rivals in the market in the coming years.

By collaborating with other companies planning to research, launch, and market biosimilar drugs, biosimilar manufacturers can develop their products rapidly and launch products effectively in a way that overcomes patent risks and gains clinician and patient confidence in the product. Product development can be expedited by gaining local and foreign expertise, development platform access, and research and clinical trial funding.

Collaborating with a bigger biopharmaceutical manufacturer allows access to established manufacturing facilities. The collaboration can be done for outsourcing activities such as cell line development, biologics and biosimilar manufacturing, process scaling, and any required technology transfer.

There are long-term benefits from collaborations. They can make it easy to tender for future biosimilar production projects within the country and offer early and efficient product development and market penetration. In a sizeable market such as Asia Pacific, which has significant country-level diversity in healthcare policies and market dynamics, access to local knowledge obtained through such collaborations can also prove invaluable.

The immense potential of the biosimilars market has led to many recent, high-profile collaborations. A few instances are given below:

In March 2021, The National Comprehensive Cancer Network (NCCN) Oncology Research Program (ORP), in collaboration with Pfizer Inc. to launch ten projects, announced that it had received funding to support innovative approaches to enhance the processes related to appropriate biosimilar adoption in oncology.

In September 2019, Henlius announced a strategic collaboration with Ascentage Pharma to conduct clinical trials of the combination therapy between Rituximab Injection, the first launched product by Henlius, and APG-2575, a novel and orally administered Bcl-2 selective inhibitor developed by Ascentage Pharma, for the treatment of chronic lymphocytic leukemia (CLL) in China.

In June 2019, STADA and Xbrane Biopharma expanded their biosimilar collaboration to evaluate potential collaboration on additional products. The two companies stated that they will focus on biosimilars of originator products that will face patent expiry from 2025 to 2030.

Thus, collaborations of manufacturers for biosimilar production and clinical trials will be the key trend in the biosimilar market during the forecast period.  

On the contrary, high-cost involvement and complexities in biosimilar product manufacturing hurdles the growth of Asia Pacific biosimilars market.

Based on disease indication, the biosimilars market is segmented into cancer, diabetes, autoimmune diseases, and other disease indications. The cancer segment held 45.5% market share in 2022, amassing US$ 1,428.23 million. It is projected to garner US$ 10,573.63 million by 2028 to expand at 39.6% CAGR during 2022–2028.  

The biosimilars market, based on drug class, is segmented into granulocyte colony-stimulating stimulating factors, human growth hormone, insulin, TNF blockers & monoclonal antibodies, erythropoietin-stimulating stimulating agents, and others. The TNF blockers & monoclonal antibodies segment held 65.0% market share in 2022, amassing US$ 2,041.78 million. It is projected to garner US$ 15,037.14 million by 2028 to expand at 39.5% CAGR during 2022–2028.

Based on route of administration, the biosimilar market is segmented into intravenous, subcutaneous, and others. The intravenous segment held 76.8% market share in 2022, amassing US$ 2,411.33 million. It is projected to garner US$ 18,312.22 million by 2028 to expand at 40.2% CAGR during 2022–2028.

The biosimilars market, based on end user, is segmented into hospitals, specialty clinics, homecare, and others. The hospitals segment held 50..3% market share in 2022, amassing US$ 1,579.46 million. It is projected to garner US$ 11,239.74 million by 2028 to expand at 38.7% CAGR during 2022–2028.

Based on country, the Asia Pacific biosimilars market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the China captured 28.6% market share in 2022. It was assessed at US$ 898.74 million in 2022 and is likely to hit US$ 6,105.35 million by 2028, exhibiting a CAGR of 37.6% during the forecast period.

Key players dominating the Asia Pacific biosimilars market are Amgen Inc; Sanofi SA; Biocon Ltd; Eli Lilly and Co; Sandoz AG; Teva Pharmaceutical Industries Ltd; Pfizer Inc; and Dr. Reddy's Laboratories Ltd; Celltrion Inc; Samsung Bioepis Co Ltd, among others.       

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