Global Biosimilars Market

Global Biosimilars Market Size, Share, Growth Analysis, By Indication Type(Auto-Immune Diseases, Blood Disorder), By Product(Human Growth Hormone, Erythropoietin) - Industry Forecast 2024-2031

Report ID: SQMIG35H2167 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 70 | Figures: 75

Global Biosimilars Market Regional Insights

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 size was valued at USD 15.6 billion in 2019 and is poised to grow from USD 19.27 billion in 2023 to USD 128.76 billion by 2031, growing at a CAGR of 23.5% in the forecast period (2024-2031).

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. 'Pfizer Inc.', 'Novartis AG', 'Teva Pharmaceutical Industries Ltd.', 'Samsung Bioepis', 'Sandoz International GmbH (a subsidiary of Novartis AG)', 'Amgen Inc.', 'Biocon Limited', 'Mylan N.V.', 'Dr. Reddy's Laboratories Ltd.', 'Fresenius Kabi AG', 'Celltrion Inc.', 'Apotex Inc.', 'STADA Arzneimittel AG', 'Hospira (a subsidiary of Pfizer Inc.)', 'Lupin Limited', 'Glenmark Pharmaceuticals Ltd.', 'Merck & Co., Inc.', 'Biogen Inc.', 'Sanofi S.A.', 'AbbVie Inc.'

Rising demand for biosimilars due to their affordability is to boost the market.

As long as patients are the primary beneficiaries, reduced biosimilar costs will exert a significant influence on global biosimilar demand. The latest fad among the producers situated in developing biosimilar markets is the innovation's cost reduction with significant reductions. This will continue to be a common tendency over the course of the projection period, ultimately fueling the expansion of the worldwide biosimilars market. Additionally, producers of biosimilars are probably going to experiment with new production volumes or sizes. During the projected period, biosimilar manufacturers may benefit from the ability to create value by producing many biosimilar pharmaceuticals at the same site.

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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