Global Biosimilar Therapeutic Peptides Market Report 2020-2030

Strategic Insights -

The global biosimilar therapeutic peptides market is expected to experience a significant decline in 2020 due to the COVID-19 pandemic, with sales dropping from $0.80 billion in 2019 to $0.77 billion in 2020 at a compound annual growth rate (CAGR) of -3.45%. However, the market is expected to recover and reach $1.72 billion in 2023 at a CAGR of 30.48%. The market is driven by the growing demand for biosimilar therapeutic peptides in the treatment of various diseases, including cancer, cardiovascular diseases, and respiratory conditions.

Key Takeaways:

  • The global biosimilar therapeutic peptides market is expected to decline from $0.80 billion in 2019 to $0.77 billion in 2020 at a CAGR of -3.45% due to the COVID-19 pandemic.
  • The market is expected to recover and reach $1.72 billion in 2023 at a CAGR of 30.48%.
  • The biosimilar therapeutic peptides market is driven by the growing demand for biosimilar peptides drugs in therapeutic applications.
  • Peptide drugs are used as replacement therapies, which supplement peptide hormones when the endogenous levels tend to decrease.
  • Major players in the biosimilar therapeutic peptides market include Eli Lilly, Sanofi, Takeda Pharmaceuticals, Teva Pharmaceuticals, Pfizer Inc., Amgen Inc., AstraZeneca PLC, GlaxoSmithKline (GSK), Novartis AG, and Novo Nordisk A/S.
  • The long and costly drug approval process is expected to limit the growth of the biosimilar therapeutic peptides market.
  • Research collaborations and funding approvals are a major trend in the market, with companies focusing on collaborations with companies and organizations to enhance their R&D, expand their product portfolio, and geographical reach.
  • The market witnessed a growth in research collaborations as well as research funding approvals during the historic period.

Statistics:

  • The global biosimilar therapeutic peptides market size was $0.80 billion in 2019.
  • The market size is expected to reach $0.77 billion in 2020 at a CAGR of -3.45%.
  • The market is expected to recover and reach $1.72 billion in 2023 at a CAGR of 30.48%.
  • The COVID-19 pandemic has led to a significant decline in the market, with sales dropping due to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities.
  • The development, approval, and launch of new drugs is an expensive and prolonged procedure that includes expensive research stages.
  • A new drug has to go through four phases of clinical trials and screening by the regulatory body, including Food and Drug Administration (FDA) (USA), Medicines and Healthcare Products Regulatory Agency (MHRA) (UK), and Medicines and Healthcare Products Regulatory Agency (MHRA) (India).

Sources:

  • Biosimilar Therapeutic Peptides Global Market Report 2020-30: COVID-19 Growth and Change
  • ResearchAndMarkets.com's offering
  • Tufts Center for the Study of Drug Development
  • Journal of Health Economics
  • Zealand Pharma A/S
  • Encycle Therapeutics Inc.
  • Sapience Therapeutics, Inc.
  • University of Bath
  • Cancer Research UK
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