Biosimilar Market Analysis, Booming at 17.02% CAGR and $74.7B by 2030

Biosimilar Market is anticipated to reach around USD 74.70 billion by 2030, with a compound annual growth rate CAGR of 17.02 percent from 2024 to 2030. Biosimilar & Follow-on Biologics Market expected to witness a modest growth with estimated compound annual growth rate over the forecast period. The report notes that the most significant drivers behind this growth include demand for low-cost biologic alternatives, the patent expiration of prominent biologic medications, and the rising incidence of chronic disease. Key market trends --The increasing use of biosimilars, as cost-effective alternatives to branded biologics, is also driving the growth of the market.

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Reasons for Market Growth & Opportunities

The withering of biosimilar and follow-on biologics market is cleansing towards a progression stage, addressing the demand for effective and affordable health and nutrition solution, on the influence of progressively benefiting healthy diet and the growing prevalence of chronic diseases including cancer, diabetes, along with autoimmune diseases among others. These products are highly similar to approved biologics and they have cost-effectiveness, making them an appealing option for healthcare providers and patients. The patents on many blockbuster biologic drugs are due to expire, providing significant opportunities for biosimilar manufacturers to enter the market.

Market growth is also the result of government initiatives and favorable regulatory policies. This is due to the fact that there are regulatory agencies like the U.S. Food and Drug Administration and the European Medicines Agency with well-defined streamlined approval pathways to facilitate the development and commercialization of biosimilars. Moreover, the growing emphasis on cost containment in healthcare and the need for patient access to biologic therapy is fueling the global uptake of biosimilars.

Segmentation Analysis

The market for biosimilars and follow-on biologics is segmented on the basis of product type, application, and region. Based on product type the market is segmented into recombinant non-glycosylated proteins, recombinant glycosylated proteins, and recombinant peptides. Recombinant glycosylated proteins lead the market, due to their high application in the treatment of chronic diseases including cancer and autoimmune diseases.

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On the basis of application, the market is segmented into oncology, chronic and autoimmune diseases, growth hormone deficiency, infectious diseases, and others. By indication, the oncology segment accounted for the largest market share, primarily due to the high prevalence of cancer and the increased adoption and availability of biosimilars related to the treatment of cancer. By application, the chronic and autoimmune diseases segment is estimated to experience the highest CAGR, driven by the increasing prevalence of rheumatoid arthritis, diabetes, and other diseases.

Geographical Segmentation North America, Europe, Asia-Pacific, Latin America, Middle East & Africa Europe revels in the market, owing to the availability of a robust regulatory framework coupled with the increased adoption of biosimilars. The Asia-Pacific region is expected to grow at the fastest rate, propelled by rising healthcare spending and the growing need for BIOSIMILARS in emerging economies such as China and India.

Country-Level Analysis

United States: The U.S. is an important player in the biosimilar and follow-on biologics market, owing to the high prevalence of chronic diseases and the presence of major pharmaceutical companies. The country is also seeing major investments in biosimilar development, combined with government policies that are conducive to this industry.

Germany led the way among European countries in fostering the biosimilar market, focusing on both cost savings in healthcare and the affordability of billions of patients needing biologic therapies. A well-established healthcare infrastructure and a favorable regulatory environment are also the key growth drivers in the country.

China: China is one of the largest pharmaceutical market and a key part of the biosimilar industry. Rapid urbanization, combined with an increasing demand for cost-effective healthcare solutions, is contributing to the growth of biosimilars in the country.

India: India is rising as a noteworthy and lucrative market for biosimilars with the growing burden of chronic ailments and the government's emphasis on lowering healthcare expenditures. It also further reflecting growth in the market is the country's growing pharmaceutical industry and favoring regulatory policies.

Japan: Japan is one of the key markets for biosimilars owing to high pervasiveness of chronic diseases & increasing acceptance of biosimilars for cancer treatment. Key growth drivers include the country's well-established healthcare system and favorable regulatory environment.

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Competitor Analysis

The competition is high in the biosimilar and follow-on biologics market due to presence of couple of key players fighting for market share. Top companies: Novartis AG, Pfizer Inc., Amgen Inc., Biocon Limited, Celltrion Inc These market players are engaged in strategic partnerships, product innovations, and merger and acquisitions to enhance their market position.

Biossoftware products by Novartshire AG are available only through Authorized Novartis vehicles/partners. Recent advances in biosimilar development have cemented the company's leadership.

Pfizer Inc is a leader in biosimilars, with a particular market focus on oncology and autoimmune diseases. By entering into strategic partnerships and investing in R&D, the company has continued to stay strong in the market.

Biopharmaceutical company Amgen Inc. is expanding its biosimilar pipeline by utilizing its biologic drug development know-how. Its innovation and strategic partnerships have also expanded market reach.

Celltrion Inc. is concentrating on expanding its biosimilar line-up, notably for oncology and immune disorders. Strategic acquisitions and R&D investments by the company have improved its technical capabilities and market footprint.

Press Release Conclusion

Increased chronic diseases and the demand for effective biologic treatments will keep growing the global biosimilar and follow-on biologics market. The report provides a detailed overview of the market with respect to the competition landscape, key players, and regional developments. The future appears bright for biosimilars, an active and ever-changing market, as healthcare systems worldwide keep supporting their use as cost-effective alternatives to proprietary biologics.

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