Biosimilars Market Size, Share, Growth Analysis, By Indication (Oncology, Inflammatory & Autoimmune Disorders), By Drug Type (Monocional Antibodies, Insulin), By Region - Industry Forecast 2024-2031

In 2022, the North America region is expected to dominate the biosimilars market. It is also expected that North America will continue to grow significantly in the biosimilars market in the forthcoming years. This expansion is attributed to the rising incidence of chronic diseases like cancer as well as increased funding in research and development by industry players. The presence of numerous key market competitors such as Novartis, Pfizer Inc., Biogen as well as Coherus Biosciences Inc. also contribute significantly towards the growth of the market. These firms are improving and diversifying their products, thus enabling the market to grow faster. Moreover, continued favourable regulation, and a growing trend in physician appreciation of biosimilars also plays a significant role in the domination of North America for this market. 

On the other hand, Asia-Pacific has been predicted to grow at the highest CAGR during the forecast period. This growth rate can be attributed to the following factors; there is increased incidence of chronic diseases; the global health expenditure is on the rise and governments are encouraging biosimilars through government policies and legislation. The region’s Biopharmaceutical industry is in its growth phase, along with the availability of a large patient pool, is a major growth opportunity for Biosimilar manufactures. Companies in Asia-Pacific region especially China, India, and South Korea are projected to play crucial role in biosimilar market because of a strong manufacturing base and growing emphasis on research and development. Therefore, over the next few years, the Asia-Pacific market remains a stiff competition area for the development and sales of biosimilars.