With 25.1% CAGR, Biosimilar Market Growth to Surpass US$ 164.5 Billion During 2024-2032

IMARC Group, a leading market research company, has recently releases report titled "Biosimilar Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2024-2032." The study provides a detailed analysis of the industry, including the global biosimilar market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Biosimilar Market?

The global biosimilar market size reached US$ 21.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 164.5 Billion by 2032, exhibiting a growth rate (CAGR) of 25.1% during 2024-2032.

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What are Biosimilars?

Biosimilars are biotherapeutic products that are particularly identical to a reference biologic drug. They are produced using living organisms and cells that have complex molecular structures. To be labeled as a biosimilar, a biological drug must be proved similar in terms of efficacy, safety, and quality. Biosimilars are comparatively more expensive than generic drugs as their production process is complex and requires considerable investments in research and development (R&D) activities.

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

The surging prevalence of chronic diseases, such as cancer and autoimmune diseases, especially among the geriatric population, represents one of the key factors significantly contributing to the market growth. Additionally, the growing instances of patent expiration and loss of protection in several biologic drugs are creating a positive outlook for the market.

The manufacturers have to resort to approval from the regulatory authorities once their patent expires to start the production of biosimilars. Moreover, biosimilars do not require extensive marketing, as the efficacy and safety profile of their branded counterparts has already been established, which, in turn, is working in favor of the market growth. Besides this, the high costs related to innovator biologics, especially monoclonal antibodies (mAbs), have compelled governments to undertake initiatives encouraging the usage of biosimilars over branded biologics due to their cost-effectiveness, which is accelerating the 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

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This release was published on openPR.