Biosimilars Market Size, Share, Trends & Forecast 2023-2030

Biosimilars Market Overview:
The market for global biosimilars, which amounted to USD 30.1 billion in 2022, is anticipated to rise at a healthy clip and top USD 76.7 billion by 2030. During the projection period of 2023-2030, the global market for biosimilars is anticipated to register a CAGR of 12.8%. Biosimilars are biological products that are therapeutically equivalent to and closely resemble authorized reference biologic items. In terms of efficacy, safety, and quality, they are meant to serve as benchmark products. Biosimilars are used to treat rheumatology, cancer, hematology, gastrointestinal, and endocrinology.

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Biosimilars Market Dynamics:
The expansion of the global biosimilars market is driven by the FDA's increasing approval of biosimilar drugs. The market for biosimilars is anticipated to grow as a result of an increase in the number of approved biosimilars as a result of improved FDA (U.S. Food and Drug Administration) review procedures and manufacturing and development methods. As an illustration, the pharmaceutical firm Amneal Pharmaceuticals, Inc. declared in March 2022 that the U.S. Food and Drug Administration had approved the Biologics Licence Application (BLA) for filgrastim-ayow, a biosimilar medication to Neupogen. Under the RELEUKO brand, the item will be made available for purchase. Additionally, as manufacturers have grown accustomed to the intricate regulatory and legal frameworks connected with submitting a biosimilar application, the volume of biosimilar submissions has increased.

Market Segmentation:
By Product
By Technology
By Application
By Distribution Channel
By Region

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Biosimilars Market Segment Analysis:
Based on the type of product, technology, application, distribution method, and geographic location, the global biosimilar market is categorized. Over the course of the projected period, the oncology segment is anticipated to maintain its leadership position. With roughly 30.7% of the global market for biosimilars in 2022, the oncology sector held the largest market share. Biologic-based drugs, which are used to treat a range of illnesses, make up around one-fourth of the global pharmaceutical market. The use of biologic medications by cancer patients has improved cancer care and supportive services.

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