Analysis of Key Market Segments Driving the Biosimilars Market

The biosimilars market is on the brink of significant expansion as increasing healthcare demands and technological advancements drive its growth. With rising incidences of chronic diseases and improved healthcare access worldwide, this sector is set to evolve rapidly in the coming years. Let's explore the market's projected size, key players, emerging trends, and segmentation to understand its trajectory.

Projected Expansion of the Biosimilars Market by 2029
The biosimilars market is anticipated to grow swiftly, reaching a valuation of $41.34 billion by 2029, with a compound annual growth rate (CAGR) of 17.3%. Several factors contribute to this upward trend, including the growing number of cancer cases and increased demand for prophylaxis using granulocyte colony-stimulating factor (G-CSF). Additionally, higher healthcare spending, the rapid development in emerging economies, advancements in technology, widespread adoption of biological drugs, an aging population, and improved accessibility to healthcare services collectively fuel this market's growth. Important trends shaping the market include intensified research and development efforts aimed at innovative drug creation, a focus on mergers and acquisitions, strategic partnerships, rising investments, and the integration of artificial intelligence.

Download a free sample of the biosimilars market report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2807&type=smp

Primary Companies Leading the Biosimilars Industry
The biosimilars market features several dominant players such as 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 dic*kinson 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, and Inqaba Biotechnical Industries (Pty).

Significant Acquisition Highlighting Market Expansion
In November 2022, Biocon Biologics Ltd., a biopharmaceutical firm based in India, announced its $3 billion purchase of Viatris Inc.'s biosimilars business. This acquisition strengthens Biocon Biologics' capacity to serve patients, customers, and payors by adding direct commercial capabilities and infrastructure across advanced and emerging markets. The merger combines Viatris' global biosimilars expertise with Biocon Biologics' strengths in research and development, large-scale manufacturing, and commercialization. Viatris Inc., headquartered in the U.S., is known for developing, licensing, manufacturing, marketing, and distributing both generic and branded medicines.

View the full biosimilars market report:
https://www.thebusinessresearchcompany.com/report/biosimilar-global-market-report

Innovative Developments Positively Influencing Biosimilars Market Growth
Leading companies in the biosimilars sector are focusing on launching novel products to maintain competitive advantages. A notable example is AMJEVITA, the first biosimilar to Humira approved in the U.S., which treats serious inflammatory diseases affecting over a million patients. In January 2023, Amgen Inc., a biotechnology company based in the U.S., released AMJEVITA (adalimumab-atto) in the U.S. market. AMJEVITA is priced at a list price 55% lower than the current wholesale acquisition cost of Humira and 5% below Humira's current list price, making it a cost-effective alternative.

Overview of Biosimilars Market Segmentation
This market is categorized according to various criteria:
1) By Type: Monoclonal Antibodies, Insulin, Erythropoietin, Granulocyte-Colony Stimulating Factor, Other Hormones, and Others.
2) By Product: Recombinant Non-glycosylated Proteins and Recombinant Glycosylated Proteins.
3) By Application: Oncology, Chronic and Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, and Other Applications.

Further breakdowns within the segments include:
- Monoclonal Antibodies: IgG Biosimilars and Non-IgG Biosimilars.
- Insulin: Rapid-Acting, Long-Acting, and Premixed Insulin Biosimilars.
- Erythropoietin: Epoetin Alfa and Darbepoetin Alfa Biosimilars.
- Granulocyte-Colony Stimulating Factor (G-CSF): Filgrastim and Pegfilgrastim Biosimilars.
- Other Hormones: Growth Hormones and Hormonal Replacement Therapy Biosimilars.
- Others: Enzyme Biosimilars, Vaccines, and Additional Biologics.

This comprehensive segmentation helps illustrate the wide-ranging applications and product diversity within the biosimilars market.

Reach out to us:
The Business Research Company: https://www.thebusinessresearchcompany.com/,
Americas +1 310-496-7795,
Europe +44 7882 955267,
Asia & Others +44 7882 955267 & +91 8897263534,
Email us at info@tbrc.info.

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
With over 17500+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.