The Biobetters Market is expected to be worth US$ 99,000.0 Million at a CAGR of 8% between 2029. Healthcare is going the “digital” way. In other words, artificial intelligence (AI)-enabled medical devices and telemedicine are the concrete instances of the proliferation of the digital wave in the healthcare industry. This factor would be the one traversing the healthcare vertical in the forecast period.
Increasing usage of therapeutically more effective drugs for the treatment of chronic diseases is expected to drive the growth of biobetters market. Higher efficacy and lower adverse effects are among the important factors that are expected to fuel the growth of the biobetters market over the forecast period.
According to the latest research by the company, the global biobetters market is projected to account for a market value of around US$ 99,000.0 Mn by the end of 2029. The report also projects a significant growth potential for the biobetters market throughout the forecast period.
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Better Therapeutic Outcome at Lower Costs
Moreover, the treatment cost of each cycle using biobetters is relatively lower than that of biologics. For example, Neulasta, a biobetter of Neupogen, costs around US$ 3,400 – 4,000 for each treatment cycle, whereas Neupogen cost around US$ 6,000 at the inception.
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Although the cost of Neulasta increased considerably, it made only a little difference due to its increased patient compliance and efficacy. However, the market share of Neupogen and its biosimilars remains significantly low, when compared to Neulasta. The superiority of biobetters in terms of pricing, dosage, efficacy, etc. makes them among the most preferred treatment options among patients as well as healthcare professionals.
Various pharmaceutical and biopharmaceutical companies are seeking approval for their respective biobetters for the treatment various diseases. For example, on May 7, 2019, Roche received approval for its Kadcyla drug for the adjuvant treatment of HER2-positive early breast cancer in patients who are affected by residual invasive disease after undergoing neoadjuvant taxane-trastuzumab-based treatment.
Kadcyla was earlier approved for the treatment of HER2-positive metastatic breast cancer. In March 2017, Roche received FDA approval for its drug named Ocrevus (ocrelizumab) for the treatment of the relapsing form of multiple sclerosis.
Pharma and Biopharma Companies Investing in R&D
In terms of revenue, the insulin biobetters segment by drug class in the biobetters market is expected to be a prominent segment over the forecast period. By indication, the biobetters market is expected to be dominated by diabetes over the forecast period due to the higher prevalence of the disease.
By route of administration, the subcutaneous segment of the biobetters market is expected to generate significant revenue during the forecast period due to superior drug delivery as compared to intravenous. By distribution channel, the biobetters market is expected to be dominated by the retail pharmacies segment due to higher patient footfall.
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North America is expected to be a prominent biobetters market through 2029. Biobetters are approved through the biologics approval pathway as new molecules and hence, they have 10 to 12 years of marketing exclusivity in regions such as North America and Europe, which allows pharmaceutical and biopharmaceutical companies to invest in R&D as it provides assurance to the manufacturers.
The manufacturers of originator biologics tend to develop biobetters of their own product, which allows them to maintain/increase their market share due to the superior qualities of biobetters even after the patent expiry of originator biologics.
For example, Amgen Inc., a manufacturer of Neupogen, launched Aranesp, a drug used for the treatment of anaemia in patients suffering from chronic kidney diseases as well as chemotherapy/radiation-induced myelosuppression in cancer patients.
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