Biosimilar Market Analysis, Growth Report, Key Factor, Top Companies and Revenue 2023-2028

How Big is the Biosimilar Market?

The global biosimilar market size reached US$ 16.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 77.1 Billion by 2028, exhibiting a growth rate (CAGR) of 25.9% during 2023-2028. 

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/biosimilar-market/requestsample

What are Biosimilars services?

Biosimilars are medical products highly similar to an already-approved biological product, known as the "reference product," in terms of safety, purity, and efficacy. They are derived from living organisms, such as cells and tissues, and are commonly used for the treatment of various diseases, including cancer, diabetes, and autoimmune disorders. Due to their complex nature and manufacturing process, biosimilars offer an alternative, usually at a lower cost, without compromising on the quality and efficacy of treatment.

What are the growth prospects and trends in the Biosimilars industry?

The rise in chronic diseases and the growing emphasis on cost-effective treatment options are fueling the demand for biosimilars. Their affordability compared to reference biological products serves as a significant driver of market growth. Furthermore, the expiration of patents for multiple blockbuster biological drugs is paving the way for the entry of biosimilars, thereby expanding market opportunities. Manufacturers are investing in research and development to match the safety and efficacy of reference biological products, which, in turn, supports market growth. Regulatory approvals also play a crucial role; streamlined guidelines from health authorities can expedite the introduction of new biosimilars to the market.

Besides their use in treating chronic diseases, biosimilars are also gaining traction in preventive medicine. For instance, biosimilar vaccines are being developed to combat a range of infectious diseases, thereby broadening their consumer base and contributing to market expansion. Specialized companies that focus on the development of high-quality biosimilars are enhancing their portfolios, aiming to offer effective yet affordable solutions for both common and rare diseases. Distribution channels for biosimilars include pharmacies, healthcare providers, and online platforms specializing in healthcare products. Additionally, their increasing adoption in emerging markets, where the focus on affordable healthcare solutions is intense, further propels market growth.

Who are the key players operating in the Biosimilars industry?

The report covers the major market players including: 

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

What is included in market segmentation?

The report has segmented the market into the following categories:

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

𝐒𝐩𝐞𝐚𝐤 𝐭𝐨 𝐀𝐧 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐨𝐫 𝐆𝐞𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐀𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/request?type=report&id=497&flag=C

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

Media Contact:
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Contact Person: Elena Anderson
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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.