Biosimilar Market size was valued at CAGR of 17.02 % in the Forecast Period of 2024 to 2030

The Biosimilar Market size was valued at USD 24.86 Billion in 2023 and the total Biosimilars revenue is expected to grow at a CAGR of 17.02 % from 2024 to 2030, reaching nearly USD 74.70 Billion by 2030.

Biosimilar Market Overview:

The global biosimilar market is experiencing significant growth, driven by the expiration of patents for major biologic drugs, escalating healthcare costs, and the increasing demand for affordable treatment options. Biosimilars, which are highly similar and functionally identical versions of approved reference biologics, offer cost-effective alternatives without compromising efficacy or safety. Key industry players, including Pfizer, Sandoz (Novartis), Amgen, and Biocon, have made substantial advancements in this field. For instance, Pfizer's biosimilar portfolio features Ruxience (rituximab), approved for multiple indications, thereby expanding patient access to essential therapies. Amgen's Kanjinti (trastuzumab) addresses critical needs in breast cancer treatment. Strategic collaborations, such as the partnership between Biocon and Mylan, have further propelled biosimilar developments, aiming to meet unmet medical needs and broaden market reach.​

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Biosimilar Market Dynamics

The expiration of patents for biological drugs serves as a pivotal driver for the biosimilar market, creating opportunities for new entrants and fostering competition. For example, the patent expiry of Humira has led to the introduction of biosimilars like Amgen's Amjevita and Pfizer's Abrilada, offering cost-effective alternatives for autoimmune conditions. This increased competition results in reduced treatment costs, benefiting both patients and healthcare systems. Additionally, the rising incidence of chronic diseases has heightened the demand for affordable treatment options, further fueling the growth of biosimilars. Supportive regulatory frameworks, particularly in regions like Europe, have facilitated the approval and adoption of biosimilars, ensuring their quality and efficacy.​

Biosimilar Market Outlook and Future Trends :

The biosimilar market is poised for continued expansion, with projections indicating a compound annual growth rate (CAGR) of 17.02% from 2024 to 2030, reaching nearly USD 74.70 billion by 2030. Future trends include the development of biosimilars for a broader range of therapeutic areas, increased investments in research and development, and the formation of strategic alliances to enhance market penetration. The emphasis on cost containment in healthcare spending and the need for accessible treatments are expected to further drive the adoption of biosimilars globally.​

Key Recent Developments

Vietnam

In September 2024, Celltrion completed the establishment of its overseas corporation in Vietnam, marking a significant step in expanding its presence in the Southeast Asian biosimilar market. ​

Thailand

As of now, specific merger and acquisition activities in the biosimilar sector within Thailand have not been prominently reported.​

Japan

In November 2023, Ajinomoto acquired US-based Forge Biologics for $620 million, aiming to bolster its capabilities in the biologics sector and expand its global footprint. ​

South Korea

In November 2024, Celltrion acquired iQone Healthcare Switzerland for approximately 30 billion won ($21 million), enhancing its distribution channels and market access in Europe. ​

Singapore

In May 2023, Ajinomoto signed a letter of intent for a strategic alliance with Solar Foods, a company that developed Solein, a microbial protein feeding on CO2 as a nutrient source, and obtained a marketing license in Singapore.

United States

In November 2022, Viatris completed the sale of its biosimilars portfolio to Biocon Biologics for up to $3.335 billion, including a stake of at least 12.9% in Biocon Biologics. ​

Europe

In November 2024, Celltrion acquired iQone Healthcare Switzerland, a pharmaceutical company, for around 30 billion won ($21 million), aiming to strengthen its European market presence. ​

Biosimilar Market Segmentation

by Type

Human growth hormone
Erythropoietin
Monoclonal antibodies
Insulin
Granulocyte-colony stimulating factor
Others

by Technology

Recombinant DNA Technology
Monoclonal Antibodies (MAb) Technology

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Some of the current players in the Biosimilar Market are:

North America:
1. Pfizer Inc.
2. Amgen Inc.
3. Coherus BioSciences
4. Viatris (formerly Mylan)
5. Teva Pharmaceutical Industries
Europe:
1. Novartis AG (Sandoz)
2. Biocon Biologics
3. Samsung Bioepis
4. Fresenius Kabi
5. Biogen
Asia-Pacific:
1. Biocon Biologics
2. Samsung Bioepis
3. Celltrion Inc.
4. Dr. Reddy's Laboratories
5. Lupin Limited

Conclusion

The global biosimilar market is undergoing transformative growth, driven by patent expirations, the need for cost-effective therapies, and supportive regulatory environments. Strategic mergers and acquisitions across various countries are further shaping the competitive landscape, enhancing the accessibility and affordability of biologic treatments worldwide.

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