by Remicade, also known as infliximab, is a monoclonal antibody primarily used for the treatment of various chronic inflammatory diseases such as rheumatoid arthritis, Crohn’s disease, ulcerative colitis and psoriasis. Biosimilar versions of Remicade offer a cost-effective alternative to the original biologic with similar clinical efficacy and safety. The patent for Remicade expired in several regions opening opportunities for biosimilar market entry.
Biosimilars offer cost savings of 25-40% over the reference product and expanding access to treatment. This has led to a significant uptake of Remicade biosimilars in regions with established biosimilar pathways.
The global Remicade Biosimilars market is estimated to be valued at US$ 3007.28 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Chronic inflammatory diseases like rheumatoid arthritis, Crohn’s disease and ulcerative colitis constitute a major healthcare burden worldwide. The growing disease prevalence along with rising healthcare expenditure is expected to drive the demand for biosimilar versions of Remicade. Additionally, favorable regulations and reimbursement programs in several countries further support biosimilar use.
Market key trends:
One of the key trends in the Global Remicade Biosimilars Market Size is the patent expiration of the reference product in several regions opening possibilities for new market entrants. For instance, the patents for Remicade/infliximab expired in major markets like the U.S. in 2018 and in the EU in 2015. This has led to launch of multiple Remicade biosimilars with CT-P13 being the first to receive approval in 2015.
Another major trend is partnerships and licensing agreements between pharmaceutical companies for expanding biosimilar access. For example, in July 2022 Samsung Bioepis partnered with Mundipharma to commercialize Renflexis and Flixabi, biosimilars of Remicade/infliximab, in select European markets, strengthening their commercial presence.”
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderately low due to the large capital requirement and lengthy FDA approval process to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high as Remicade biosimilars are used to treat chronic diseases and have no substitute available yet.
Bargaining power of suppliers: The bargaining power of suppliers is moderately high as there are few raw material suppliers that have capabilities to manufacture.
Threat of new substitutes: The threat of substitutes is high as many biologics and targeted synthetic drugs are under clinical trials that can substitute Remicade.
Competitive rivalry: The competitive rivalry in the market is high due to presence of both established players and new emerging biosimilar players.
Key Takeaways
The global Remicade Biosimilars market is expected to witness high growth. The global Remicade Biosimilars market is estimated to be valued at US$ 3007.28 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030.
Regional analysis comprised Regional analysis comprised The North America region currently dominates the global Remicade biosimilars market owing to the strong healthcare infrastructure and increasing usage for treatment of chronic diseases like arthritis in the region. Asia Pacific region is expected to be the fastest growing market over the forecast period owing to rising healthcare expenditure and increasing focus on biosimilars.
Key players operating in the Remicade biosimilars market are Celltrion, Samsung Bioepis, LG Life Sciences, Biogen, and Boehringer Ingelheim. Celltrion’s Remsima is the first and largest selling Remicade biosimilar worldwide. Samsung Bioepis launched a Remicade biosimilar Renerix in Europe in 2022 and is planning its U.S. launch.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
