Biosimilar Market to Grow by 2028 Due to Strategic Alliances Between Key Market Players

The global biosimilar market is expected to gather a revenue of $83,836.40 million by 2028, growing at a healthy CAGR of 24.90% in the 2021-2028 timeframe.

The global biosimilar market is anticipated to grow tremendously mainly due to strategic alliances between key market players. The Europe region predicted to witness substantial growth opportunities by 2028.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/580

𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

𝐃𝐫𝐢𝐯𝐞𝐫𝐬: Since the last few years, there has been a growing demand for biosimilar drugs due to their cost-effectiveness which is anticipated to be the primary growth driver of the biosimilar market. Moreover, strategic alliances between key industry players are expected to help boost the market's growth rate in the forecast period.

𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬: High cost of biosimilar drugs is, however, expected to become a restraint in the full-fledged growth of the biosimilar market.

𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬: Patent expiry of biologics and research on new biosimilar drugs is expected to provide huge growth opportunities to the market in the forecast period. Additionally, development of new drugs due to increased demand for biosimilars is expected to augment the growth rate of the market.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐨𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The biosimilar market faced a negative impact of the pandemic. The COVID-19 pandemic and the subsequent lockdowns led to shutdown of many industries and companies which led to shortage of raw materials, thus affecting the supply of finished goods. Additionally, the research on biosimilars was stalled during the pandemic due to the shift of focus on development of vaccines. This, too, contributed to the decline in the growth rate of the market.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

The report has divided the biosimilar market into certain segments based on type, application, and region.

By type, the monoclonal antibodies sub-segment is predicted to be the most dominant and fastest growing sub-segment and register a revenue of $29,987.30 million during the forecast period. The wide applications of monoclonal antibodies in treatment of cancer, osteoporosis, etc. is predicted to help in the growth of this sub-segment.


By application, oncology diseases sub-segment is predicted to be the most profitable and surpass $29,241.40 million by 2028. The growing number of cancer patients across the globe and availability of corresponding biosimilars at cheaper prices is predicted to be the leading growth factor of this sub-segment.


By region, the Europe biosimilar market is anticipated to be the most dominant sub-segment and register a revenue of $34,121.40 million in the forecast timeframe. The rising prevalence of chronic disorders and the launch of new biosimilar drugs are predicted to be the main factors behind the growth of the market in this region.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.researchdive.com/request-for-customization/580

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

Some of the prominent players in the biosimilar market are Merck Serono (Merck Group), Synthon Pharmaceuticals, Inc., Biocon, Biogen idec, Inc., Novartis (Sandoz), Celltrion, Genentech (Roche Group), Teva Pharmaceutical Industries Ltd., LG Life Sciences, and Hospira, among others. These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.

The report also summarizes many crucial aspects of the global market including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.

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