Global Biosimilars Market Size 2024, Forecast To 2033
11 Mar, 2024
The biosimilars market has witnessed rapid growth, with its size escalating from $15.86 billion in 2023 to $18.85 billion in 2024, reflecting a CAGR of 18.9%. The historic period's growth can be attributed to factors such as the rising prevalence of cancer, robust economic growth in emerging markets, increased pharmaceutical research and development expenditure, higher healthcare spending, government initiatives, a strong pipeline of drugs, low biosimilar costs, and patent expirations. Projected to maintain its momentum, the market is anticipated to reach $35.81 billion in 2028, exhibiting a CAGR of 17.4%. Drivers of growth in the forecast period encompass the increasing prevalence of cancer, rising demand for granulocyte colony-stimulating factor (g-csf) prophylaxis, augmented healthcare expenditure, the technological evolution, a high penetration of biological drugs, an aging population, and enhanced healthcare access. Key trends include a focus on robust research and development activities, mergers and acquisitions, strategic partnerships, increased investments, and the integration of artificial intelligence.
Global Biosimilars Market Key Driver
The biosimilars market is expected to witness significant growth due to the rising prevalence of chronic diseases such as arthritis, asthma, and cancer. Lifestyle factors like long working hours, limited physical activity, and unhealthy eating habits contribute to the increased incidence of chronic diseases. Biosimilars, increasingly used to treat these conditions, activate the immune system response against cancer cells, aiding in their elimination. According to a United Nations article, by 2030, the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. This burden of chronic disease is projected to reach around 60%, driving the demand for biosimilars and subsequently propelling the biosimilars market.
Get A Free Sample Of The Global Biosimilars Market ReportGlobal Biosimilars Market Segments
The biosimilars market covered in this report is segmented –
1) By Type: Monoclonal Antibodies, Insulin, Erythropoietin, Granulocyte-Colony Stimulating Factor, Other Hormones, Others
2) By Product: Recombinant Non-glycosylated Proteins, Recombinant Glycosylated Proteins
3) By Application: Oncology, Chronic And Autoimmune Diseases, Growth Hormone Deficiency, Infectious Diseases, Other Applications
By Geography:The regions covered in the biosimilars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
North America was the largest region in the global biosimilars market in 2023. Middle East is expected to be the fastest growing region in the forecast period. The regions covered in the biosimilars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Biosimilars Industry Players
Amgen, Pfizer, Novartis AG, Samsung Bioepis Co., Ltd., Viatris, Biocon, Celltrion, Inc., Coherus Biosciences, Elli Lilly and Company, Dr. Reddy's Laboratories, Roche India Pvt Ltd, Abbott India Limited, bioMérieux India, Becton Dickinson Private Limited, Danaher Corporation, Wuxi biologics, shanghai Henlius biotech, Innovent Biologics, Hisun Pharma, 3SBio, Beijing ShuangLu Pharmaceuticals, Qilu Pharmaceutical, Mylan, 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, HARMONIE MEDICAL SERVICE Saint-Benoît, INSULET FRANCE SAS Paris, Microgen, Geropharm, Valenta, NovaMedica, SynBio, Rani Therapeutics, Emisphere Technologies, Inc., Enteris BioPharma, Allena Pharmaceuticals, Abbvie, 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, Inqaba Biotechnical Industries (Pty)
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Biosimilars Market Overview
Biosimilars are medications made from living things, though they can be made in a variety of ways and with slightly different materials. Due to the intricacy and high cost of their creation, as well as their molecular size and structure, biosimilars are fundamentally distinct from generic drugs.
Biosimilars Global Market Report 2023 provides data on the global biosimilars market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biosimilars market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.