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The blockbuster drugs market was worth around $75 billion in 2020. Less than half a century ago, the pharmaceutical market was dominated by small molecule drugs. However, owing to concerns, such as off target toxicity and low specificity, associated with chemical moieties, and the need to shift from the one-size-fits-all approach to personalized medicine, a better class of pharmacological interventions was required. The first biologic, humanized insulin, was approved in 1982; over time, this class of target specific therapeutics have revolutionized the healthcare industry. Briefly, biologics offer several benefits, including target specificity, better therapeutic efficacy and, consequently, favorable safety profiles compared to conventional chemical-based drugs. Moreover, these molecules have also demonstrated the ability to access elusive biological targets and treat diseases that were previously considered undruggable. Presently, biologics represent the fastest growing product segment within the global pharmaceutical industry. In fact, as of September 2020, over 430 biological interventions were approved for the treatment of various disease indications in the US and Europe. Given the advantages they offer, biologics are in high demand for the treatment of different disease indications. It is a well-known fact that antibodies emerged as the major therapeutic breakthroughs and have seen significant success in the past two decades. There are other vast opportunities for biologics in the foreseeable future. This segment of healthcare industry is in the midst of numerous innovations; examples include antibody drug conjugates, immunotherapies, bispecific antibodies, combination therapeutics, and cell and gene therapies. These developments have set the stage for significant disruption, creating more therapeutic targets and, ultimately, taking personalized healthcare to new and astounding heights.
Despite their complex and cost intensive manufacturing protocols, biopharmaceuticals (once approved) are highly profitable assets. In the recent past, many biological interventions have achieved blockbuster status (in some cases, registering revenues worth over USD 4 billion in a year); prominent examples include (as per decreasing revenues generated in 2020) Humira®, Keytruda®, Stelara®, Opdivo®, Avastin®, Trulicity®, Enbrel®, Ocrevus™ and Rituxan®. The aforementioned products together, generated sales worth close to USD 80 billion in 2020 alone. Although the patents protecting some of these blockbuster drugs have already expired, the sales of the original product have not been significantly impacted. For instances, there are multiple approved biosimilar versions of Abbvie’s Humira®, but the company reported annual global revenues worth around USD 19 billion from the sales of this drug alone. For several other top selling biologic drugs, patents covering the affiliated intellectual property are soon expected to expire, opening the market to competition from follow-on biologics. However, there are ways in which innovators can extend their marketing exclusivity, and delay the entry of biosimilars; popular product lifecycle management strategies include gaining marketing authorization (and exclusivity) in a new geography, proving therapeutic benefit for a different disease indication (than the one the product was originally cleared to treat), developing a new formulation of the drug, demonstrating therapeutic benefit in combination with another drug / therapy, and making the product available in a novel drug delivery device / system. In other words, companies that have developed blockbuster biologic products are expected to continue benefiting from their respective high-value assets in the short-mid term. However, we anticipate the market growth for such products to grow steadily and then plateau, before gradually declining over time, as impending patent expiries (including those that have been extended) pave way for biosimilars.
The “Blockbuster Drugs Market, 2021-2030: Focus on Product Landscape Assessment, Ongoing Clinical Trials, Promotional Content Analysis, Other Life Cycle Management Strategies, Competition from Biosimilars, Annual Treatment Cost Comparison, Sales Evolution and Future Opportunity” market report features an extensive study of the current market landscape, market size, market share, market trends, market forecast, market outlook and future opportunities of the blockbuster drugs market. The market research report includes an in-depth analysis, highlighting the key initiatives undertaken by various stakeholders engaged in blockbuster drugs market.
Amongst other elements, the market research report features:
The key objective of blockbuster drugs market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for blockbuster drugs market during the forecast period. Based on multiple parameters, such as historical sales, future competition from other biologics and biosimilars, as well as impending patent expiries, we have provided informed estimates on the financial evolution of the market for the forecast period 2020-2030. It further includes sales-based forecasts of 60+ top selling biologics. The market report also provides details on the likely distribution of the current and forecasted opportunity across type of biologic (monoclonal antibody, hormone, enzyme, fusion protein, interferon, gene therapy and others) and key players. In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.