Biosimilars Market to Grow from $30.1 Billion in 2022 to $76.7 Billion by 2031 - Amgen Inc., Novartis AG, Pfizer Inc.

The Global Biosimilars Market reached USD 30.1 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 76.7 billion by 2031. The global biosimilars market is expected to exhibit a CAGR of 12.8% during the forecast period 2024-2031.

Biosimilars Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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Biosimilars are biologic medicines that are highly similar to existing FDA-approved biologics but are more affordable alternatives. They are used to treat conditions such as cancer, autoimmune disorders, and diabetes. Unlike generic drugs, biosimilars require extensive testing to demonstrate similarity in efficacy, safety, and structure. The global biosimilars market is growing due to patent expirations of original biologics and increased demand for cost-effective therapies. Regulatory frameworks vary by region, influencing market competition and accessibility.

List of the Key Players in the Biosimilars Market:

Amgen Inc., Teva Pharmaceutical Industries Ltd., Novartis AG, Pfizer Inc., Biocon, Samsung Bioepis, Mylan NV, Celltrion, Biogen, and Intas Pharmaceutical Ltd.

Industry Development:

In May 2023, Gulf Pharmaceutical Industries PJSC (Julphar), one of the largest pharmaceutical manufacturers in the Middle East and Africa, announced a strategic licensing agreement with Sunshine Lake Pharma, a Chinese pharmaceutical company. This partnership positions Julphar as the first manufacturer of modern insulin biosimilars in the MENA region, marking a significant step in expanding access to affordable diabetes treatments.

Growth Forecast Projected:

The Global Biosimilars Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Biosimilars Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Segment Covered in the Biosimilars Market:

By Product: Monoclonal Antibodies,Recombinant Human Growth Hormone (rhGH), Insulin, Anti-coagulants, Erythropoietin, Fusion Proteins, Granulocyte Colony Stimulating Factor, Follitropin.

By Technology: Recombinant DNA Technology (rDNA technology), Monoclonal Antibodies (MAb) Technology.

By Application: Oncology, Chronic and Immune Diseases, Infectious Diseases, Growth Hormone Deficiency, Blood Disorders.

By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies.

Regional Analysis for Biosimilars Market:

The regional analysis of the Biosimilars Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Biosimilars market?

➠ Who are the leading manufacturers in the global Biosimilars industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?

➠ What opportunities and challenges do vendors in the global Biosimilars industry face?

➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?

➠ What are the key factors and limitations affecting the growth of the Biosimilars market?

➠ What are the various sales, marketing, and distribution channels in the global industry?

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