Biosimilars Market is Anticipated to Grow at a CAGR of 28.4% from 2022-2028 with top key players- Novartis AG (Switzerland), Amgen Inc. (US), Eli Lilly and Company (US)

Market Overview:
Biosimilars Market was valued at USD 9630 million in 2021 and is expected to reach USD 55410 million by the year 2028, at a CAGR of 28.4%.

Biosimilar is a biological medication that is also known as a follow-on biologic or an upcoming biologic. It is a duplicate of an original product manufactured by multiple companies. It is manufactured only when the patent on the original product expires and is an authorized version of the original product. Biosimilars, also known as bio-pharmaceuticals or follow-on biologics, differ from generics throughout the whole production process, beginning with the raw materials utilized in their manufacture.

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Market Dynamics:
Driver:
Considering that a biosimilar is anticipated to be less expensive than the comparative biological, the evaluation of a biosimilar's cost-effectiveness hinges on its comparable effectiveness. According to the American Journal of Managed Care, the price of biosimilars is around 30 percent less than that of their parent/brand-name counterparts. Therefore, biosimilars are both cost-efficient and provide patients with access to highly effective medications. Biosimilars have lower R&D expenses than biological innovator drugs. Due to decreased R&D expenses, the price of biosimilars will decrease. Biosimilars with lower prices tend to have a negative impact on the prices of reference biologics due to price rivalry among manufacturers. Biosimilar medications' favorable cost-to-benefit ratio is anticipated to improve their demand in the coming years.

Opportunities:
Patent expiration of blockbuster biologics and research into new indications provide market opportunities. Cancer, rheumatoid arthritis, infectious disorders, psoriasis, anemia, kidney failure, type 1 and type 2 diabetes, post-menopausal osteoporosis, and growth hormone abnormalities are treated with biosimilars that are now on the market. Oncology, autoimmune disorders, diabetes, and hepatitis are the primary target therapeutic areas for which numerous biosimilars are in development. Other chronic diseases for which biosimilars can be developed include meningitis, breast cancer, adult T-cell leukemia, obesity, hypertension, and hepatitis E.

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Market Segmentation
Based on product, the biosimilars market is classified into recombinant non-glycosylated proteins and recombinant glycosylated proteins. Recombinant non-glycosylated proteins are further categorized into human growth hormones, granulocyte colony-stimulating factors, interferons, and insulin. Recombinant glycosylated proteins are next categorized into erythropoietin, monoclonal antibodies, and follitropin.

Based on application, the biosimilars market is classified into growth hormonal deficiency, blood disorders, chronic and autoimmune disorders, oncology, and others. The oncology segment is projected to registered maximum biosimilars market share throughout the forecast period.

Regional Analysis for the Biosimilars Market:
The North American region is expected to dominate the biosimilars market during the forecast period. The major factors turning the growth of the studied market in the region include the high incidence of chronic diseases, such as cancers, along with the raised funding in research and development activities by the key players.

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

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Key Industry Developments in the Biosimilars Market:
In April 2021, Novartis AG (Sandoz) marked an agreement with Bio-Thera Solutions (China) to commercialize BAT1706 (proposed bevacizumab biosimilar by Bio-Thera Solutions) in the US, Canada, Europe, and other international markets.

In July 2021, Biocon Ltd (Biocon Biologics) collaborated with Viatris, Inc. received FDA approval for the first interchangeable biosimilar SEMGLEE (insulin glargine-yfgn injection) for the curing of diabetes.

Players Covered in Biosimilars market are :
• Novartis AG (Switzerland)
• Pfizer Inc. (US)
• Dr. Reddy's Laboratories Ltd. (India)
• Amgen Inc. (US)
• Eli Lilly and Company (US)
• Teva Pharmaceutical Industries Ltd. (Israel)
• Fresenius SE & Co. KGaA (Germany)
• STADA Arzneimittel AG (Germany)
• Boehringer Ingelheim (Germany)
• Gedeon Richter PLC (Hungary)
• Celltrion (South Korea)
• Samsung Biologics (South Korea)
• Coherus BioSciences (US)
• Biocon Limited (India)
• Viatris Inc. (US)
• Amega Biotech (Argentina)
• Apotex Inc. (Canada)
• Biocad (Russia)
• mAbxience (Spain)
• Probiomed S.A. De C.V. (Mexico)
• Fujifilm Kyowa Kirin Biologics Co. Ltd. (Japan)
• Intas Pharmaceuticals Ltd. (India)
• Thermex (UK)
• Reliance Life Sciences (India)
• Kashiv Biosciences (US) and other major players.

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