Biosimilar Market Size is Projected to Reach US$ 77.1 Billion by 2028, Industry CAGR 25.9% | IMARC Group

According to the recent report by IMARC Group, titled "Biosimilar Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028", the global biosimilar market size reached US$ 16.8 Billion in 2022. Looking forward, the market is expected to reach US$ 77.1 Billion by 2028, exhibiting a growth rate (CAGR) of 25.9% during 2023-2028.

Biosimilars, also known as subsequent entry biologics (SEBs) or follow-on biologics, refer to FDA-approved biotherapeutic products which are similar to their reference biologics. Biosimilars can only be manufactured after the patent of the reference product expires. The demand for biosimilars has been increasing in recent years as they help in reducing the overall cost of the treatment for a variety of chronic diseases including cancers, autoimmune diseases, kidney failure, diabetes, CVDs, haematological disorders, infectious diseases, rheumatoid arthritis, growth hormone deficiency, etc.

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Biosimilar Market Trends:

Recent patent expiries of a large number of blockbuster biological drugs such as Humira, Remicade, MabThera, Enbrel, etc. have majorly boosted the growth of the biosimilar market. Another major growth-inducing factor is ageing population which has led to a rise in the prevalence of non-communicable diseases. Further, high costs of innovator biologics, especially monoclonal antibodies (mAbs), have encouraged several governments across the globe to promote the usage of biosimilars. For instance, European countries like the Netherlands, Denmark and Germany have established strategic models for discount pricing and introduced numerous incentive programs. Apart from this, biosimilars do not require extensive marketing as the safety and efficacy profile of biologics has already been established. This has resulted into the low cost of these drugs in comparison to their branded counterparts, in turn, spurring their demand worldwide.

Biosimilar Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the biosimilars market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Novartis
• Pfizer
• Teva
• Celltrion
• Merck & Co
• Samsung Bioepis
• Eli Lilly
• Biocon
• Reddy's Laboratories
• Amgen
• Boehringer Ingelheim

Key Market Segmentation:

The report has segmented the biosimilars market on the basis of molecule, indication, manufacturing type and region.

Molecule insights: 

• Infliximab
• Insulin Glargine
• Epoetin Alfa
• Etanercept
• Filgrastim
• Somatropin
• Rituximab
• Follitropin Alfa

Indication Insights:

• Auto-Immune Diseases
• Blood Disorder
• Diabetes
• Oncology
• Growth Deficiency
• Female Infertility

Manufacturing Insights:

• In-house Manufacturing
• Contract Manufacturing

Regional Insights:

• United States
• Germany
• France
• Italy
• Spain
• United Kingdom
• Japan
• India
• South Korea
• Others

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Key Highlights of the Report:                                                           

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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