Biosimilars Market Forecasted to Grow at 14.1% CAGR Through 2032 - Persistence Market Research

The global biosimilars market is evolving rapidly, driven by rising healthcare costs and an increasing need for affordable biologic treatments. Biosimilars, essentially biologic medical products highly similar to an approved reference product, are gaining traction in the healthcare industry due to their cost-effectiveness and ability to treat a wide range of chronic diseases. By 2032, the global market for biosimilars is projected to grow at a significant compound annual growth rate (CAGR) of 14.1%, reaching an estimated value of US$ 100.5 billion from US$ 39.1 billion in 2024. The increasing adoption of biosimilars, regulatory advancements, and growing geriatric populations worldwide are some of the key drivers of this market expansion.

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Overview of the Market

Biosimilars are gaining popularity as a more affordable alternative to traditional biologics, which are often expensive and subject to patent expirations. As the healthcare industry continues to deal with the burden of chronic diseases like cancer, autoimmune diseases, and diabetes, biosimilars offer a solution that not only reduces treatment costs but also expands access to life-saving therapies. This growing demand is reflected in the market's projected value of US$ 100.5 billion by 2032, with an annual growth rate of 14.1%.

The market has experienced significant growth in recent years, driven by factors such as increased healthcare awareness, strategic partnerships, and initiatives from private and public organizations to promote biosimilar adoption. The hematology vertical, which accounts for nearly 45% of the market revenue, is particularly prominent, fueled by the widespread use of biosimilars to treat blood-related conditions. The growing number of geriatric individuals, who are more susceptible to chronic illnesses, also contributes significantly to the demand for biosimilars.

Key Highlights from the Report:

➤ The global biosimilars market is projected to reach US$ 100.5 Bn by 2032.
➤ The market is expanding at a 14.1% CAGR from 2024 to 2032.
➤ Hematology remains the leading segment in the biosimilars market, with 45% of total revenue share.
➤ The U.S. biosimilars market is expected to be valued at US$ 21 Bn by 2032.
➤ Biosimilars are increasingly used for the treatment of chronic conditions like cancer, diabetes, and autoimmune diseases.
➤ The adoption of biosimilars is significantly aided by lower treatment costs and increased healthcare awareness.

Market Segmentation

The biosimilars market can be segmented based on product type, application, and distribution channels. This segmentation helps identify the diverse opportunities within the market, each targeting specific therapeutic areas or demographics.

Product Type

In terms of product type, the biosimilars market is primarily divided into recombinant glycosylated proteins and recombinant non-glycosylated proteins. Glycosylated proteins, which are used in oncology and hematology treatments, have a major share of the market due to their efficacy in mimicking the functions of biologic drugs. Non-glycosylated proteins, while relatively smaller in market share, are significant for applications such as growth hormone deficiency and diabetes.

Application Areas

The applications of biosimilars are broad and range across several therapeutic areas, including oncology, hematology, growth hormone deficiency, autoimmune diseases, and diabetes. Hematology, with its nearly 45% share in market revenue, remains the most dominant application, owing to the growing prevalence of blood-related disorders such as anemia and hemophilia. The increasing adoption of biosimilars in oncology, driven by the affordability factor, is another key growth driver for the market.

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Regional Insights

The biosimilars market is geographically diverse, with notable growth across several regions. Europe has long been the leader in biosimilars adoption, thanks to the approval of the first biosimilar by the European Medicines Agency (EMA) in 2006. Over the years, European countries have been early adopters of biosimilars, and they continue to lead in terms of market value and product variety. However, North America, particularly the United States, is expected to show significant growth, with the market projected to reach US$ 21 billion by 2032.

In Asia, the market for biosimilars is expanding rapidly. Countries like China, India, and Korea are making strides in both manufacturing and consumption of biosimilars. Lower manufacturing costs, a skilled workforce, and favorable regulatory conditions make Asia a key region for biosimilar production. Companies from Asia are increasingly receiving approvals from Western regulators like the U.S. FDA and EMA, which could further boost the market in the region.

Market Drivers

The growing adoption of biosimilars is largely driven by the increasing prevalence of chronic diseases such as diabetes, autoimmune diseases, cancer, and heart diseases. As the global population ages, the demand for affordable treatment options rises. Biosimilars are seen as a viable and economical alternative to traditional biologics, which are often prohibitively expensive. Furthermore, healthcare systems around the world are under pressure to provide affordable therapies, which makes biosimilars an attractive choice.

Increased government and organizational initiatives aimed at promoting biosimilars also play a key role in their growing acceptance. Countries are implementing regulatory frameworks that ensure biosimilarity between biologics and their biosimilar counterparts, offering more confidence to healthcare providers in using these products.

Market Restraints

Despite their potential, several factors are slowing down the growth of the biosimilars market. One of the main restraints is the high manufacturing cost involved in producing biosimilars. The complex production process requires advanced facilities and technologies, leading to substantial investment. Additionally, the need for rigorous regulatory approval, including detailed testing to establish biosimilarity, adds another layer of cost and complexity.

The availability of cheaper generic drugs also presents a challenge. While biosimilars offer a cost-effective alternative to biologics, they still tend to be more expensive than generics, which can limit their widespread adoption, especially in developing markets.

Market Opportunities

The biosimilars market offers significant opportunities for manufacturers, especially in developing regions. As the demand for affordable treatments increases, companies have a chance to tap into markets in Asia and Latin America. Strategic partnerships, joint ventures, and collaborations are expected to be key drivers for growth in these regions.

Moreover, manufacturers can explore cost-effective production techniques and scale up production volumes to reduce costs. The growing trend of discounted biosimilars will further open doors for wider adoption, particularly in low- and middle-income countries.

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Reasons to Buy the Report

✔ Comprehensive analysis of global biosimilars market trends and forecasts till 2032.
✔ In-depth segmentation of the market by product type, application, and region.
✔ Key insights on market drivers, restraints, and opportunities that affect biosimilar adoption.
✔ Detailed analysis of the competitive landscape and leading players in the market.
✔ Extensive coverage of regional market dynamics, including growth prospects in Asia and North America.

Key Players in the Biosimilars Market

✦ Pfizer Inc.
✦ Sandoz International GMBH
✦ Eli Lilly & Company
✦ Hospira Inc.
✦ Amgen, Inc.
✦ Biocon Ltd.
✦ Actavis, Inc.
✦ Cipla Ltd.
✦ Teva Pharmaceutical Industries Ltd.
✦ Dr. Reddy's Laboratories Ltd.
✦ Celltrion, Inc.
✦ Stada Arzneimittel Ag
✦ Mylan, Inc.
✦ Wockhardt Ltd.

Recent Market Developments

In May 2023, Biocon Biologics and Viatris Inc. launched Abevmy in Canada, a biosimilar to Avastin, which is expected to expand access to affordable oncology treatments.

The U.S. FDA recently granted approval for multiple biosimilars to treat conditions such as rheumatoid arthritis and cancer, further encouraging the adoption of biosimilars in the U.S. market.

Conclusion

The biosimilars market is poised for remarkable growth, driven by the increasing demand for cost-effective biologic therapies, aging populations, and improving healthcare systems worldwide. The ongoing regulatory advancements and rising competition in biologics are expected to enhance biosimilar adoption in the coming years. While there are challenges related to high manufacturing costs and competition from generic drugs, the future outlook remains optimistic. Investing in the biosimilars market presents substantial opportunities for both new and established players.

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