Biosimilars Market Set for Robust Expansion, Projected to Reach $35.81 Bn by 2033, Driven by Cost-Efficiency, Market Demand, Key Trends, and Competitive Strategies

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Biosimilars Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $35.81 billion In 2028 At A CAGR Of 17.4% :

The biosimilars market size has grown rapidly in recent years. It will grow from $15.86 billion in 2023 to $18.85 billion in 2024 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to an increase in cancer prevalence, strong economic growth in emerging markets, an increase in pharmaceutical r&d expenditure, increased healthcare expenditure, growing government initiatives, strong pipeline of drugs, low cost of biosimilars and an increase in patent expiration..

The biosimilars market size is expected to see rapid growth in the next few years. It will grow to $35.81 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to increasing prevalence of cancer, increasing demand for prophylaxis with granulocyte colony-stimulating factor (g-csf), a rise in healthcare expenditure, high potential of emerging economies, technology advances, high penetration of biological drugs, aging population and an increase in healthcare access will drive the growth. . Major trends in the forecast period include focus on robust r&d activities for the development of effective and innovative drugs, focus on focus on m&a growth strategies, focus on establishing strategic partnerships, focus on increasing investments and focus on artificial intelligence..

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Biosimilars Market Major Segments
The biosimilars market covered in this report is segmented -

1) By Type: Monoclonal Antibodies, Insulin, Erythropoietin, Granulocyte-Colony Stimulating Factor, Other Hormones, Others
2) By Product: Recombinant Non-glycosylated Proteins, Recombinant Glycosylated Proteins
3) By Application: Oncology, Chronic And Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, Other Applications

Key Driver - Rising Prevalence Of Chronic Diseases Sparks Growth In The Biosimilars Market

The rising prevalence of chronic diseases such as arthritis, asthma, and cancer is expected to be a major driver of the biosimilars market. Long working hours, limited physical activity, and unhealthy eating and drinking habits contribute to the prevalence of chronic diseases and biosimilars are increasingly used to treat these chronic diseases. Biosimilars activate the immune system response against cancer cells thus helping the immune system to eliminate the cancer cells from the body. According to a United Nations article, by 2030 the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. The global burden of chronic disease is expected to reach about 60%. Therefore, the rise in the prevalence of chronic diseases is projected to propel the demand for biosimilars, thus driving the biosimilars market.

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Prominent Trend - Innovative Product Launched Enhance Biosimilars Market

Major companies in the biosimilars market focus on developing innovative products to gain a competitive edge in the market. AMJEVITA is the first U.S. biosimilar to Humira, a medicine used by more than a million patients living with certain serious inflammatory diseases. For instance, in January 2023, Amgen Inc., a US-based biotechnology company, launched AMJEVITA (adalimumab-atto), a biosimilar to Humira (adalimumab), which is now available in the US. AMJEVITA (40 mg) is available at a list price (wholesale acquisition cost) 55% below the current Humira list price. AMJEVITA is also available at a list price 5% below the current Humira list price.

Biosimilars Market Players
Major companies operating in the biosimilars market report are Amgen, Pfizer, Novartis AG, Samsung Bioepis Co., Ltd., Viatris, Biocon, Celltrion, Inc., Coherus Biosciences, Elli Lilly and Company, Dr. Reddy's Laboratories, Roche India Pvt Ltd, Abbott India Limited, bioMérieux India, Becton Dickinson Private Limited, Danaher Corporation, Wuxi biologics, shanghai Henlius biotech, Innovent Biologics, Hisun Pharma, 3SBio, Beijing ShuangLu Pharmaceuticals, Qilu Pharmaceutical, Mylan, Kyowa Hakko Kirin, Takeda, Mitsubishi Tanabe, AGC Biologics, Bio-Thera, Sandoz Pty Ltd, Apotex Pty Ltd, Cadila Pharmaceuticals, BiosanaPharma, GlaxoSmithKline, AstraZeneca, Bayer, Merck, Boehringer Ingelheim, Sanofi, Fresenius Kabi, Napp Pharmaceuticals, Mundipharma Deutschland GmbH & Co. KG, HARMONIE MEDICAL SERVICE Saint-Benoît, INSULET FRANCE SAS Paris, Microgen, Geropharm, Valenta, NovaMedica, SynBio, Rani Therapeutics, Emisphere Technologies, Inc., Enteris BioPharma, Allena Pharmaceuticals, Abbvie, Johnson & Johnson, Biogen Inc., Aché, Eurofarma, Teva Pharmaceuticals, Oramed Pharmaceuticals, Entera Bio, Julphar, Hikma Pharmaceuticals, BIOPHARMA-MEA, NeoTX, AID Genomics Limited, Altis Biologics, Cipla Medpro South Africa, Next Biosciences, Viome, Inqaba Biotechnical Industries (Pty)

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Largest And Fastest Growing Region In The Market
North America was the largest region in the global biosimilars market in 2023. Middle East is expected to be the fastest growing region in the forecast period. The regions covered in the biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Biosimilars Market Report Structure
3. Biosimilars Market Trends And Strategies
4. Biosimilars Market - Macro Economic Scenario
5. Biosimilars Market Size And Growth
…..
27. Biosimilars Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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