Biosimilar Market on track for USD 74.70 Billion valuation by 2030

There are many new innovations lined up in the pipeline that would drive the growth of biosimilar and follow-on biologics market which is expected to continue taking on momentum in the years to come. Market Overview: Valued around USD 24.86 Billion in 2023, the market is slated to grow at a 17.02% CAGR reaching a value of USD 74.70 Billion by 2030. One of the main factors driving the biosimilar market growth is the rising incidence of chronic diseases, such as cancer, diabetes, and autoimmune disorders. Additionally, the increasing costs of healthcare and the overall demand for more affordable biologics are driving demand for biosimilars that can deliver comparable therapeutic effects but at a much lower cost in comparison to that of the brand drug.

Request Sample Link For More Details: https://www.maximizemarketresearch.com/request-sample/83592/

Growth is also driven by the biotechnological progress, specifically, improvements in production methods, regulatory progress, and the increasing acceptance of biosimilars into treatment regimens. The growing cost-cutting pressure on healthcare systems is expected to ease the way for biosimilars as patent expirations of blockbuster biologics leave the door open for follow-on biologics. Collectively, these factors lead to significant opportunities for biosimilar developers, stimulating competition and increasing market growth.

Recent Updates on US Market, Investment (2024)

As the biosimilar marketplace in the United States continues to mature and grow, the FDA has also steadily increased approvals for the range of biosimilar products. There was a significant increase in investments in biosimilar development in 2024 as the Biologics Price Competition and Innovation Act (BPCIA) paved the way for easy entrance of the biological alternatives into the market [28]. The mounting numbers of biological medicines losing their patents and the increasing need for affordable treatments have set the perfect scene for big pharma to bulk up their biosimilar portfolios.

Elsewhere, top players such as Amgen, Sandoz and Mylan have moved ahead with their biosimilar pipelines, targeting unfamiliar therapeutic areas. Currently, the trend in the US market places originator biologic manufacturers in collaboration with the biosimilar producer to allow for both seamless market entry and rapid, efficient market uptake. It has also increased investment in the biopharmaceutical manufacturing sector, boosting production capacity, and has propelled the US biosimilar market to grow even more aggressively.

The Biggest & Key Market Segment: Market Segmentation

Market segmentation based on product type, application and distribution channel for biosimilars market. Monoclonal antibodies (mAbs) command the largest share of the market of all product types. Biologics are mostly used in treating cancers, rheumatoid arthritis, and autoimmunology disorders, which is a major area of development for biosimilar drugs. In particular, the oncology segment is likely to lead the biosimilar market, as the need for cost-effective cancer therapies remains high and many key oncology biologics are losing patent exclusivity.

The biosimilars market is geographically segmented into North America, Latin America, Europe, Asia-Pacific, Middle East, Africa and the biosimilars market in North America and particularly the United States dominates with more than 40% of global market revenue. This share is largely driven by the high demand for low cost biologics in the US market, and the growing regulatory acceptance of biosimilars. Europe is not far behind, and a growing number of biosimilars are also now being integrated into healthcare systems across Germany, France and the UK.

Get to Know More About This Market Study: https://www.maximizemarketresearch.com/market-report/global-biosimilar-and-follow-on-biologics-market/83592/

Competitive Analysis

The biosimilars marketplace has faced fairly significant competition amid key players chasing market growth. The leading companies in biosimilars by market share are:

Sandoz (Novartis)

Backed with a vast portfolio of products in America, Sandoz remained a market leader in the biosimilars domain and is the manufacturer of Zarxio (filgrastim) and Hyrimoz (adalimumab). The company is pouring resources to increase the size of its biosimilar pipeline with monoclonal antibodies and oncology. Sandoz has recently changed footprints which involve working with governments to ensure better access to biosimilars and also focusing on regulatory approvals in Emerging Markets.

Amgen

Amgen: One of the Key Players in the Biosimilars Market, and Seller of Several Oncology Biosimilars (e.g., Mvasi (bevacizumab) and Kanjinti (trastuzumab)) It has bolstered its position with its recent investments towards the expansion of its production capacity and research in the biosimilar space. Amgen has also added strategic partnerships with health systems and payer organizations to support biosimilar adoption and market access.

Mylan (Viatris)

Mylan, which has combined with Upjohn to form Viatris, has been a leader in the biosimilar space, with Fulphila (pegfilgrastim), a biosimilar to Amgen's Neulasta. This really moves along with Viatris' investment strategy focused on solidifying its oncology and immunology biosimilars position. Also worth mentioning is its substantial outlay in establishing biosimilar manufacturing sites to offer these products in matured as well as emerging markets.

Samsung Bioepis

One of the South Korean heavyweights - Samsung Bioepis has done well with its biosimilars such as Brenzys (etanercept) and Flixabi (infliximab). Continued investments in R&D, especially in immunology and oncology biosimilars, cement the company's market presence. Samsung Bioepis has also partnered with major pharmaceutical companies to gain traction on its front.

Request Sample Link For More Details: https://www.maximizemarketresearch.com/request-sample/83592/

Boehringer Ingelheim

Products such as Cyltezo (adalimumab), a Humira biosimilar from Boehringer Ingelheim, has made a splash in the arena of biosimilars. The production efficiency of biosimilars is anticipated to increase due to the companys recent advances in cell culture systems for biomanufacturing technologies, thereby making market penetration more economic and easier.

Table of Content (brief): USA UK Germany France Japan China Regional Analysis By Type and Application Major Players and Price Systems Research Colloquium Analysis of Technical Data and Manufacturing Plants Analysis of Market Conditions and By Pump Manufacturer Sales and Sales Data

Government policies such as the Biologics Price Competition and Innovation Act have had a major impact on the biosimilars market in the United States by providing a more defined pathway through the regulatory process for biosimilar approval. US have Lorex Biosimilars rise across more restorative regions such as oncology and immunology.

Healthcare systems across the UK and Germany have fully harnessed the potential for biosimilars to ease the growing burden of healthcare in a cost-effective way. Germany, after all, has been a leader in Europe, where the government provides reimbursement policies intended to encourage the purchase of biosimilars instead of expensive originator biologics.

Conclusion

The biosimilars market is expected to see remarkable growth in the next years due to rising need for unique biologics, patent expired, and better biomanufacturing methods. The US market should continue to dominate while Europe, as well as emerging markets such as China and India, offer high growth potential. Specialized companies in oncology and immunology, particularly those investing in manufacturing advances will be poised to benefit from the expansion of this market. Most likely, the acceptance of biosimilars will be driven by the implementation of positive government policies and alliances with major healthcare variables sectors of this market and their role as one of the indispensable parts of the future structure of healthcare systems.

For additional insights, visit:

♦ Microfluidics Device Market https://www.maximizemarketresearch.com/market-report/microfluidics-device-market/11038/

♦ Injection Pen Market https://www.maximizemarketresearch.com/market-report/injection-pen-market-global-industry/11865/

♦ Anti-Obesity Prescription Drugs Market https://www.maximizemarketresearch.com/market-report/global-anti-obesity-drugs-market/100768/

♦ OTC Consumer Health Products Market https://www.maximizemarketresearch.com/market-report/global-otc-consumer-health-products-market/46351/

♦ Systemic Lupus Erythematosus Treatment Market https://www.maximizemarketresearch.com/market-report/global-systemic-lupus-erythematosus-treatment-market/65123/

Contact Maximize Market Research:

MAXIMIZE MARKET RESEARCH PVT. LTD.

⮝ 3rd Floor, Navale IT park Phase 2,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
✆ +91 9607365656
sales@maximizemarketresearch.com
www.maximizemarketresearch.com

About Maximize Market Research:

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

This release was published on openPR.