Press release
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 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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One of the main drivers of the biosimilars market is the rising demand for cost-effective alternatives to biologic drugs. Biologics are often expensive, making them inaccessible to many patients, particularly in lower-income countries. Biosimilars offer a more affordable option for patients and healthcare providers, which can help to increase access to essential treatments and improve health outcomes.
Companies
Pfizer Inc.
Sandoz International GMBH
Eli Lily & Company
Hospira Inc.
Amgen, Inc.
Biocon Ltd.
Actavis, Inc.
Cipla Ltd.
Teva Pharmaceutical Industries, Ltd.
Dr. Reddy's Laboratories Ltd.
Celltrion, Inc.
Stada Arzeimittel Ag
Mylan, Inc.
Wockhardt Ltd.
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Another factor driving the growth of the biosimilars market is the expiration of patents on existing biologics. As these patents expire, biosimilar manufacturers are able to enter the market and offer more affordable versions of these drugs. This has led to increased competition and a greater focus on innovation and development within the biosimilars market.
The biosimilars market is also benefiting from regulatory initiatives that aim to encourage the development and use of biosimilar drugs. In many countries, including the US and Europe, regulatory bodies have established guidelines and frameworks for the development and approval of biosimilars. This has helped to increase confidence in these drugs and promote their wider use.
Market Trends and Opportunities
Discounted biosimilar prices will continue to hold a major impact on overall biosimilar sales, as patients will remain the key beneficiaries. Innovators' price dropping with heavy discounts is a recent, ongoing trend among manufacturers based in progressing biosimilar markets. This will be a popular trend throughout the forecast period as well, eventually spurring the global biosimilars market growth.
Furthermore, biosimilar manufacturers are likely to trial multiple production volumes or production on different scales. The potential profitability of manufacturing multiple biosimilar products in the same facility can also be a favorable growth opportunity for biosimilar manufacturing companies during the forecast period.
A number of leading manufacturers are focusing on strategic collaborations. In addition, a large number of players are increasingly outsourcing the production of biosimilar products. Both these trends will favor the market over the next few years.
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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
By Region:
North America
Latin America
Europe
South Asia and Pacific
East Asia
Middle East and Africa
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