Biosimilar Market Size, Share, Growth, Industry Report, Price, Trends, Analysis, Major Segments and Forecast Period 2023-2028
Global Biosimilar Market Size To Grow At A CAGR Of 18.1% In The Forecast Period Of 2023-2028
The ‘Global Biosimilar Market Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global biosimilar market, assessing the market on the basis of its segments like molecule, type of manufacturing, indication, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Biosimilar Market Size, Share, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 16.6 billion
- Forecast CAGR (2023-2028): 18.1%
|Market Size in 2021||USD 16.6 billion|
|Growth Rate CAGR||18.1%|
|Major Players||Pfizer Inc., Celltrion Inc., Novartis AG, AMGen Inc., Teva Pharmaceutical Industries Ltd.,
Samsung Bioepis, Biocon Ltd. and others.
Biosimilar drugs offer a variety treatment options for patients suffering from chronic conditions such as multiple sclerosis, inflammatory bowel disease, diabetes mellitus, psoriasis, and rheumatoid arthritis, among others. The increasing cases of rheumatoid arthritis among women above 40 years of age is propelling the demand for biosimilars. The growing geriatric population is further escalating the burden of chronic diseases leading to an acceleration of the biosimilar market.
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The increasing awareness pertaining to the efficacy and safety of biosimilars, as well as their reduced costs as compared to referred drugs, are some of the crucial advantages bolstering the sale of biosimilars. Meanwhile, the patent expiry of biologics is likely to be a crucial driving factor of the market, increasing the reliance on approved, high-quality biosimilars.
Over the forecast period, the expected increase in healthcare expenditure across emerging economies, increasing in health awareness, and surge in cases of diabetes mellitus induced by sedentary lifestyles, are some of the factors propelling the global biosimilar market growth.
Biosimilar Industry Definition and Major Segments
A biosimilar is a biological drug which exhibits the same bio-active properties as that of a licensed drug. It is made up of slightly different substances as compared to the original ones, and is considered as cheap, safe, and efficient. The low cost of biosimilars, as well as lack of clinical difference between biosimilars and original drugs, in terms of purity and potency, is driving the growth of the global market for biosimilars.
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Based on molecule, the market can be segmented into:
- Insulin Glargine
- Epoetin Alfa
- Follitropin Alfa
On the basis of type of manufacturing, the market has been classified into:
- In-house Manufacturing
- Contract Manufacturing
Based on indication, the market can be broadly segmented into:
- Auto-Immune Diseases
- Blood Disorder
- Growth Deficiency
- Female Infertility
On the basis of region, the market can be categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Biosimilar Market Trends
The key trends in the global biosimilar market include the growing research and development activities by major pharmaceutical companies aimed towards launching ranges of biosimilar products with enhanced efficacy and more affordable prices. In addition, the increasing efforts by companies to bolster deep channel analytics and produce and test different biosimilar models are further escalating the market growth. Furthermore, the growing FDA approvals of biosimilars are guiding the market growth.
In geographical terms, Europe holds a significant share in the biosimilar market. The increasing production of biosimilars in the region, coupled with the increasing accessibility of the products via different sales channels, is improving growth in the maturing markets.
Key Market Players
The major players in the biosimilar market report are Pfizer Inc., Celltrion Inc., Novartis AG, AMGen Inc., Teva Pharmaceutical Industries Ltd., Samsung Bioepis, and Biocon Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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