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 is a rapidly growing industry that is changing the way we think about healthcare. Biosimilars are biologic drugs that are highly similar to already approved biologic drugs. They are designed to offer the same therapeutic benefits as their reference products at a lower cost, making them an attractive option for patients and healthcare providers alike.

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 primary drivers of the biosimilars market is the increasing demand for affordable healthcare. Biologic drugs can be expensive, and biosimilars offer a cost-effective alternative. Additionally, the patent expiration of many biologic drugs has created an opportunity for biosimilar manufacturers to enter the market and offer lower-cost options.

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 driver of the biosimilars market is the increasing demand for personalized medicine. Biosimilars can be used to treat a wide range of diseases, including cancer, autoimmune disorders, and diabetes. With the ability to provide patients with the same therapeutic benefits as their reference products at a lower cost, biosimilars are becoming an essential tool for healthcare providers.

Despite the growth in the biosimilars market, there are still challenges that need to be addressed. One of the primary challenges is the complex regulatory pathway for biosimilars. Unlike generic drugs, biosimilars must undergo extensive testing and evaluation to demonstrate their safety and efficacy. Additionally, there is still a lack of understanding and awareness among healthcare providers and patients about the benefits 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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This release was published on openPR.