Biosimilars Market is projected to expand at a noteworthy CAGR of 14.1% and reach a size of US$ 100.5 Bn by the end of 2032

The biosimilars market refers to the production and sale of biological products that are highly similar to an already approved reference product. These products are typically used in the treatment of chronic diseases such as cancer, autoimmune disorders, and hormonal deficiencies.

The global biosimilars market is projected to expand at a noteworthy CAGR of 14.1% and reach a size of US$ 100.5 Bn by the end of 2032, up from the current industry value of 30.1 Bn.

The hematology vertical, based on application, accounts for almost 45% of the total share of market revenue after having been valued at US$ 13.6 Bn at the end of 2021.

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Biosimilars are intended to be interchangeable with their reference products, meaning they can be substituted for the reference product without the need for additional clinical studies. They are typically priced at a lower cost than the reference product, making them an attractive option for patients and healthcare providers.

 Companies

Pfizer Inc.
Sandoz International GMBH
Eli Lily & Company
Hospira Inc.
Amgen, Inc.
Biocon Ltd.
Actavis, Inc.
Cipla Ltd.
Teva Pharmaceutical Industries, Ltd.
Reddy's Laboratories Ltd.

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The global biosimilars market is expected to experience significant growth in the coming years, driven by factors such as the increasing prevalence of chronic diseases, the expiry of patents on many biologics, and the push for healthcare cost containment. However, the market also faces challenges such as regulatory hurdles and concerns about the safety and efficacy of biosimilars.

Regional Analysis

Geographical segmentation of the global biosimilars market is North America, Latin America, Europe, South Asia and Pacific, East Asia, and the Middle East and Africa.

The biosimilars industry was solely concentrated in the European market since 2006 when the first biosimilar was approved in the EU by the EMA (European Medicines Agency). Europe has been the first and the largest market for biosimilars, now followed by North America.

Owing to the ready availability of skilled labor, relatively lower manufacturing costs, and less complicated regulatory measures, the market for biosimilars in Asian countries is expected to witness significant growth in the near future. The biosimilars market is currently witnessing active growth in regions, such as China, India, and Korea. The number of biosimilar manufacturers within China is drastically surging, as a result of which the FDA of China recently developed and finalized the biosimilars guidelines confined to the market for biosimilars production, sale, and consumption across China.

Some of the leading Asian manufacturers are already trading approved biosimilar products in the EU. Several Asian market players are likely to get product approvals in Western markets over the forecast period.

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Biosimilars Industry Research by Category

By Product Type:

Recombinant Glycosylated Proteins

Recombinant Non-Glycosylated Proteins

By Application:

Hematology

Growth Hormone Deficiency

Oncology

Diabetes Autoimmune

Disease

Others

By Distribution Channel:

Hospital Pharmacies

Online Pharmacies

Retail Pharmacies

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