Press release
Biosimilars Market is projected to expand at a CAGR of 14.1% and reach a size of US$ 100.5 Bn by the end of 2032
The biosimilars market refers to a range of pharmaceutical products that are designed to be highly similar to existing biologic drugs, known as reference products. Biosimilars are developed using complex manufacturing processes and are designed to be equivalent in terms of safety, efficacy, and quality to their reference products.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 key drivers of the biosimilars market is the increasing demand for cost-effective biologic drugs. Biologic drugs are often expensive and can be a burden on healthcare systems and patients. Biosimilars offer a more affordable alternative to reference products and are expected to play a critical role in increasing access to biologic drugs.
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 biosimilars market is the increasing prevalence of chronic diseases such as cancer, autoimmune diseases, and diabetes. Biologic drugs have revolutionized the treatment of these diseases, but their high cost has limited access to these life-saving therapies. Biosimilars offer an opportunity to increase access to these therapies, which is driving their adoption.
However, there are also some challenges facing the biosimilars market. One of the main challenges is the complex regulatory environment for biosimilars. Biosimilars are subject to rigorous testing and approval processes, which can be time-consuming and costly. In addition, there is a lack of awareness and understanding of biosimilars among healthcare providers and patients, which may limit their adoption.
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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