Biosimilars Market Size to Reach USD 69.07 Billion in 2028, Noted Reports and Data
Growing prevalence of several chronic diseases globally is driving the revenue growth of the market
The global biosimilars market size reached USD 11.9 Billion in 2020 and is expected to reach USD 69.07 Billion in 2028 and register a CAGR of 24.6% over the forecast period, according to latest analysis by Reports and Data. Market revenue growth is primarily driven by several factors including surging demand for biosimilars due to their cost-effectiveness, and rising prevalence of chronic diseases across the globe. Additionally, increasing pressure to minimize healthcare expenditure combined with patent expiry of various highly effective drugs, and growing number of biosimilar drug approvals by the FDA are some of the other factors propelling the revenue growth of the global market.
A biosimilar is mainly a biologic medical product resembles to another approved biological medicine. These highly similar medical products match the same standards of pharmaceutical quality, efficacy, and safety that apply to all other biological medicines. Biosimilars development as well as validation with reference biologics is a crucial aspect of the overall development process. Regulations for biosimilars play an important role in maintaining the viability and balance between original medicines and biosimilars products. Several regulatory authorities such as EMA and FDA take a part in actively regulating the biosimilars commercialization as well as development.
Market revenue growth is hampered by the high cost of reference biological products which further increases the financial burden on patients and reimbursement service providers. In addition, reduced demand for biosimilar products is another factor hindering the global market revenue growth.
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Further key findings in the report
- The blood disorders segment is expected to register robust revenue CAGR in the global market going ahead, due to growing prevalence of blood disorders globally and rapid adoption of biosimilars because of its low cost compared to other biologics which minimizes the overall treatment cost.
- The monoclonal antibody segment is expected to account for largest revenue share in the global market during the forecast period. High revenue growth of this segment is attributed to rising incidence of cancer worldwide, and increasing number of biosimilar product launches/approvals.
- Based on the monoclonal antibody, the infliximab segment registered the fastest revenue CAGR in the global market share in 2020. Increasing prevalence of autoimmune diseases across the globe is a major factor contributing to the segment revenue growth.
- North America market holds the major revenue share in the global market and is also expected to dominate other regional markets in terms of revenue share going ahead. The major factors fueling the revenue growth of this regional market include high incidence of different types of chronic diseases, such as cancers, along with rising investment by the major market players in the research and development activities.
- Leading companies operating in the market are Pfizer (US), Sandoz (Germany), Biocon (India), Fresenius Kabi AG (Germany), Boehringer Ingelheim (Germany), Mylan (US), Eli Lilly (US), Teva Pharmaceutical (Israel), Dr. Reddy's Laboratories (India), Amgen (US), Celltrion (South Korea), Samsung Biologics (South Korea), Amega Biotech (Argentina).
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For the purpose of this report, Reports and Data has segmented the global biosimilars market on the basis of product, manufacturing, indication, and region:
Product Outlook (Revenue, USD Billion, 2018 - 2028)
- Recombinant human growth hormone (rhGH)
- Granulocyte colony-stimulating factor
- Monoclonal antibodies
- Other Monoclonal Antibodies
- Enoxaparin Sodium
Manufacturing Outlook (Revenue, USD Billion, 2018 - 2028)
- In-House Manufacturing
- Contract Manufacturing
Indication Outlook (Revenue, USD Billion, 2018 - 2028)
- Offsite Treatment
- Chronic Disorder
- Autoimmune Disease
- Blood Disorders
- Infectious Disease
- Other Diseases
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Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- South Africa
- Rest of MEA
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