Global Biosimilars Market to Reach $42.16 Billion by 2029, Growing at 17.7% CAGR

What combination of drivers is leading to accelerated growth in the biosimilars market?
As chronic illnesses, including arthritis, asthma and cancer, become more common, it is predicted to significantly influence the biosimilars market. Factors causing the increase in persistent diseases include long working hours, inadequate physical exertion, and poor dietary and drinking habits. Biosimilars, which are becoming more widely used as a treatment for these ailments, work by stimulating a reaction in the immune system against cancer cells, helping to remove them from the body. An article from the United Nations predicts that by 2030, chronic diseases will account for 70% of all global deaths and the worldwide chronic disease burden is anticipated to hit around 60%. As a result, the growing incidence of chronic diseases is expected to fuel the demand for biosimilars, consequently driving the biosimilars market.

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What is the projected compound annual growth rate (CAGR) of the biosimilars market from 2025 to 2034, and what factors influence it?
The market for biosimilars has seen swift expansion in the past few years. It is predicted to rise from $18.65 billion in 2024 to $21.95 billion in 2025, marking a compound annual growth rate (CAGR) of 17.7%. This substantial surge during the historical period can be traced back to factors such as a rise in cancer cases, sturdy economic advancement in emergent markets, an escalation in pharmaceutical Research and Development spending, enhanced healthcare outlay, growing government initiatives, a robust pipeline of drugs, the affordability of biosimilars, and a rise in expiring patents.

In the coming years, the biosimilars market is poised to experience rapid expansion. By 2029, its value is projected to reach $42.16 billion with a compound annual growth rate (CAGR) of 17.7%. This predicted growth in the forecast period is due to several factors such as the rising incidence of cancer, growing demand for prophylaxis with granulocyte colony-stimulating factor (G-CSF), escalating healthcare costs, emerging economies' high potential, advancements in technology, prevalent use of biological drugs, an ageing population and increased healthcare access. Key trends in the forecast period involve robust R&D activities aimed at creating effective and innovative medicines, a focus on merger and acquisition growth strategies, establishment of strategic alliances, an increase in investments, and utilising artificial intelligence.

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How are the latest trends influencing the growth of the biosimilars market?
Leading corporations in the biosimilars market are concentrating their efforts on the development of innovative products to achieve a competitive market advantage. AMJEVITA, the first biosimilar to Humira in the U.S., is used by over a million patients suffering from certain severe inflammatory conditions. In January 2023, Amgen Inc., a biotech firm based in the U.S., rolled out its product AMJEVITA (adalimumab-atto), a biosimilar to Humira (adalimumab), which is now available in the U.S. AMJEVITA (40 mg) is listed at a wholesale acquisition cost, which is 55% lower than the current list price of Humira. Further, AMJEVITA is accessible at a list price that is 5% less than the prevailing Humira list price.

What are the major segments of the biosimilars market and their role in driving growth?
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

Subsegments:
1) By Monoclonal Antibodies: IgG Biosimilars, Non-IgG Biosimilars
2) By Insulin: Rapid-Acting Insulin Biosimilars, Long-Acting Insulin Biosimilars, Premixed Insulin Biosimilars
3) By Erythropoietin: Epoetin Alfa Biosimilars, Darbepoetin Alfa Biosimilars
4) By Granulocyte-Colony Stimulating Factor (G-CSF): Filgrastim Biosimilars, Pegfilgrastim Biosimilars
5) By Other Hormones: Growth Hormones, Hormonal Replacement Therapy Biosimilars
6) By Others: Enzyme Biosimilars, Vaccines, Other Biologics

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Which regions are key players in the growth of the biosimilars market?
North America was the largest region in the global biosimilars market in 2024. 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

Who are the key firms paving the way for growth in the biosimilars market?
Major companies operating 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, Danaher Corporation, Wuxi biologics, shanghai Henlius biotech, Innovent Biologics, Hisun Pharma, 3SBio, Beijing ShuangLu Pharmaceuticals, Qilu Pharmaceutical, 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, Geropharm, Valenta, NovaMedica, SynBio, Rani Therapeutics, 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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What Is Covered In The Biosimilars Global Market Report?

•Market Size Forecast: Examine the biosimilars market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the biosimilars market for a structured understanding.
•Key Players Overview: Analyze major players in the biosimilars market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the biosimilars market.
•Segment Contributions: Evaluate how different segments drive overall growth in the biosimilars market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the biosimilars market.
•Industry Challenges: Identify potential risks and obstacles affecting the biosimilars market.
•Competitive Landscape: Review strategic developments in the biosimilars market, including expansions, agreements, and new product launches.

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