Press release
Biosimilars Market: Accelerating Growth Pushed by Increased Cancer Prevalence and R&D Expenditure; Projected CAGR of 17.7% by 2029
Biosimilars Market Size
What Is The Projected Market Size Of The Global Biosimilars Market And Its Growth Rate?
• Historic period growth (2024-2025): From $18.65 billion to $21.95 billion; attributed to increased cancer prevalence, strong economic development in emerging markets, heightened pharmaceutical R&D expenditure, and government initiatives among other factors.
• Forecast period growth (2025-2029): Expected to reach $42.16 billion driven by increasing demand for prophylaxis with granulocyte colony-stimulating factor (G-CSF), advances in technology, and high penetration of biological drugs, among other reasons.
What Is Driving The Growth In The Biosimilars Market?
The escalating prevalence of chronic diseases, such as arthritis and cancer, is a significant driving force for the biosimilars market. Factors such as long working hours, limited physical activity, and unhealthy dietary habits contribute to the rise in these diseases, thereby increasing the demand for biosimilars that help treat these conditions. According to a United Nations article, by 2030, chronic diseases are expected to account for 70% of all global deaths. Hence, the increasing burden of chronic diseases is projected to accelerate the demand for biosimilars.
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Who Are the Key Players Driving Biosimilars Market Growth?
Major companies involved in the biosimilars market include:
• Amgen
• Novartis AG
• Samsung Bioepis Co., Ltd.
• Viatris
• Celltrion, Inc.
• Coherus Biosciences
• Eli Lilly and Company
• Dr. Reddy's Laboratories
• Roche India Pvt Ltd
• Abbott India Limited
• bioMérieux India
• Becton Dickinson Private Limited
and others.
What Are The Key Trends In The Biosimilars Market?
Major trends in the biosimilars market include:
• Robust R&D activities for the development of effective drugs
• Emphasis on M&A growth strategies
• Establishment of strategic partnerships
• Increased investments
• Application of artificial intelligence in drug development
What Are The Segments Of The Global Biosimilars Market?
The global biosimilars market is segmented based on:
• Type: Monoclonal Antibodies, Insulin, Erythropoietin, Granulocyte-Colony Stimulating Factor, Other Hormones, Others
• Product: Recombinant Non-glycosylated Proteins, Recombinant Glycosylated Proteins
• Application: Oncology, Chronic And Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, Other Applications
Which Region Leads The Biosimilars Market?
North America dominated the global biosimilars market in 2024. However, the Middle East is expected to witness the fastest growth during the forecast period. The report covers various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Biosimilars Market Global Market Report?
- Market Size Analysis: Analyze the Biosimilars Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Biosimilars Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Biosimilars Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Biosimilars Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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