The global “adalimumab biosimilar market” is poised to experience a steady growth period owing to the rising incidence of arthritis. According to the World Health Organization (WHO), rheumatoid arthritis affects 0.3 to 1% of people in the developed countries and about 50% of them are forced to quit their jobs after the onset of the disease. On the other hand, osteoarthritis hits 9.6% of men and 18% of women over the age of 60 globally. The Arthritis Foundation predicts that 78 million Americans will be suffering from arthritis by 2040, with 54 million already affected by it.
The global adalimumab biosimilar market stands to gain from this growing prevalence as adalimumab is an effective treatment option for various kinds of arthritis. A monoclonal antibody, adalimumab is designed to treat autoimmune diseases such as rheumatoid arthritis, Crohn’s Disease, ulcerative colitis, and many more. It achieves this by inhibiting the soluble inflammatory cykotine, Tumor Necrosis Factor (TNF). The product originated from AbbVie’s Humira, which got cleared by the US FDA in 2002 and the European Medicines Agency in 2003.
In its report, titled “Adalimumab Biosimilar Market Size, Share And Global Trend By Product (Exemptia, Adalirel, Cipleumab, Others), By Distribution channel (Hospitals pharmacies, Retail pharmacies, Others), And Geography Forecast Till 2026”, Fortune Business Insights provides an in-depth analysis of this burgeoning market. Additionally, the report contains a comprehensive assessment of the factors, trends, and dynamics that will shape the market during forecast period.
Fortune Business Insights covers some of the important competitors in the global adalimumab biosimilar market:
- Zydus Cadila
- Alfred E. Tiefenbacher
- Torrent Pharmaceuticals Ltd
- Cipla Inc.
- Glenmark Pharmaceuticals Ltd
- Emcure Pharmaceuticals Ltd
- Boehringer Ingelheim International GmbH
- Reliance Life Sciences
An Overview of the Impact of COVID-19 on this Market:
The WHO The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Proliferation of Skin Disorders to Fuel the Market
According to the WHO, skin afflictions are the most commonly affecting disorders harming human health. estimates that around 900 million people in the world suffer from skin diseases at any given point of time. Many of these skin disorders lead to lifelong disfigurement, stigma, and disability and treating them effectively has become major concern for health organizations the world over. In this backdrop, adalimumab biosimilar has emerged as a viable treatment option for chronic skin diseases such as eczema. This factor can considerably swell the global adalimumab biosimilar market size in the forecast period. A biosimilar is a biological product having characteristics similar to those of its biologic reference product and targets specific areas in the immune system to treat the disease. Owing to its multiple advantages, especially in treating psoriasis, adalimumab biosimilar is emerging as a preferred option to tackle skin disorders.
Regulatory Approvals to Spur Competition; Boehringer’s Cyltezo Gets FDA Approval
Cyltezo, a biosimilar of adalimumab developed by Boehringer Ingelheim International, got the green light from the US FDA in August 2017. Such regulatory clearances to novel products are expected to encourage other players to make greater investments in research and development and come out with innovative products. Some players in the global adalimumab biosimilar market are already engaged in developing new products and expanding their product portfolios. For instance, Glenmark Pharmaceuticals launched ADALY, its adalimumab biosimilar drug, in Mumbai in January 2018 through a licensing agreement with Cadila Healthcare.
Rising Prevalence of Autoimmune Diseases to Drive the Market in North America
The American Autoimmune Related Diseases Association estimates that around 50 million Americans suffer from some kind of autoimmune disease. Moreover, the healthcare costs of treating these diseases is close to USD 100 billion annually. This, along with an increasing aged population, is expected to give North America the largest percentage of the global adalimumab biosimilar market share during the forecast period. Rising geriatric population and increasing public and private investment in pharmaceuticals are factors that will propel the market in Europe. The market in Asia-Pacific is expected to be driven by the growing investments in medicine research.