USD 15.6 billion
Report ID: SQSG35H2009 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 70 | Figures: 75
Biosimilars Market size was valued at USD 15.6 billion in 2021 and is poised to grow from USD 19.27 billion in 2022 to USD 128.76 billion by 2030, growing at a CAGR of 23.5% in the forecast period (2023-2030).
A biopharmaceutical product that is highly comparable to a standard biologic medication is referred to as a biosimilar, also known as just a biologic. Its complicated molecular system is built by living things or cells. Firms focus on regulating body authorization to launch the manufacturing of biosimilars when the patents on a biologic medication fall. A biological medication must be demonstrated to be identical in regards to quality, safety, and efficiency in order to be labeled as a biosimilar. Biosimilars are much more costly than generic medicines because their development needs greater rd spending and is much more complicated.
Several causes, including the patent expirations of popular biological therapies, decreased pricing, the increased frequency of chronic illnesses, and cost-cutting efforts by government agencies and 3rd party suppliers, are now driving this industry.
US Biosimilars Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 15.6 billion
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The Global Biosimilars Market segmentation is based on indication type, product type, and region. Based on indication the Biosimilars Market is segmented into auto-immune diseases, blood disorders, diabetes, oncology, growth deficiency, and female infertility. Based on product the Biosimilars Market is segmented into human growth hormone, erythropoietin, monoclonal antibodies, insulin, interferon, colony-stimulating factors, and others. Based on region the Global Biosimilars market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Biosimilars Market Analysis by Indication
The increased prevalence of cancers globally is the main reason propelling the rise of the studied market over the projected period, and the oncology sector is anticipated to hold the largest share in the biosimilars market. The growth of the examined market is also anticipated to be fueled by key competitors' expanding oncology-focused r&d. initiatives as well as an increase in FDA certifications.
Biosimilars Market Analysis by Product
Due to numerous United States FDA approvals and launches, monoclonal antibodies had the highest share of the Global biosimilars market share in 2021. Additionally, over the projection timeframe, the sector's entire growth is being fueled by the patent expirations of numerous reference biologics and significant R&D expenditures made by market participants.
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In 2021, the North American region held the largest market share of the Global Biosimilars Market. Over the course of the forthcoming years, North America is predicted to experience a substantial rate in the biosimilars market. The high prevalence of chronic illnesses, such as cancer, as well as the significant investments in r&d by the leading companies, are the main factors propelling the expansion of the area's market under study. Numerous significant market competitors, including Novartis, Pfizer Inc., Biogen, Coherus Biosciences Inc., and some others, are based in North America. The market expansion in the area is accelerated by the expanding product portfolio and new product releases.
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Biosimilars Market Driver
In comparison to original biologics, the development costs of biosimilars are cheaper. The price of biosimilars is reduced by lower R&D expenses. Due to supplier pricing rivalry, less expensive biosimilars frequently cause reference biologics to cost less. In the upcoming years, demand for biosimilar medications is anticipated to rise due to its notable cost-to-benefit proportion.
The incidence of chronic illness is increasing, which is boosting the world market. Due to their affordability, biosimilar medications are gaining popularity on a global scale. The requirement for biosimilars, particularly for expensive patented pharmaceuticals, is estimated to rise during the projection period caused by an increase in cancer victims, chronic illness cases, and the aging population.
Biosimilars Market Restraint
It takes enormous financial outlays, technological know-how, experience with clinical trials, research criteria, and quality control systems to produce biosimilars because it is such a difficult and expensive process. Contrary to the manufacturing of generic drugs, makers of biosimilars are obligated to make comparable investments in clinical studies and post-approval safety monitoring systems.
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Companies in the global biosimilar market could contribute money to mergers and acquisitions, product launches, changes in technology, and R&D projects. Major corporations may also spend money on new product development and marketing in the next few years. The market's greatest share belonged to Amgen Inc. It created a market for the breakthrough medicine "Mvasi," and the increased countrywide prescription rate is the primary driver of the firm's supremacy in 2021.
Biosimilars Market Top Players Company Profiles
Biosimilars Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Oncology sector dominated the Global Biosimilars market in 2021 owing to the high incidence of cancers worldwide. In 2021, Monoclonal antibodies dominated the Global biosimilars market share due to the rise in the number of various U.S. FDA certificates and new product launches. In 2021, North America is to be the fastest-growing market over the forecast period.
|Market size value in 2021||USD 15.6 billion|
|Market size value in 2030||USD 19.27 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Biosimilars Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Biosimilars Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Biosimilars Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Biosimilars Market for additional countries.
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