According to Latest Report Study, the global biosimilars market size is expected to worth around USD 66.2 billion by 2030 and growing at a registered CAGR 17.5% over the forecast period 2021 to 2030.
According to Latest Report Study, the global biosimilars market size is expected to worth around USD 66.2 billion by 2030 and growing at a registered CAGR 17.5% over the forecast period 2021 to 2030.
A biosimilar is a medicine similar to biologic medicine in structure and function. It is made in a living system, such as yeast, bacteria, or animal cells. It is made from a natural source. It goes through different paths for FDA approval. Once the FDA approves, it needs to get special approval. It is an approved version of “innovator” products. It can be produced when the original product’s patent expires. It must maintain consistent quality and clinical performance throughout its lifecycle. It is used in the treatment of various inflammatory and autoimmune diseases. It is also used to treat other conditions like cancer, colitis, diabetes, rheumatoid arthritis, psoriasis, etc.
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Growth Factors
Factors such as the increasing prevalence of chronic conditions and rapid technological advancements significantly contribute to global market growth. In line with this, products’ cost-effectiveness in treating chronic diseases positively influences market growth worldwide. Furthermore, the rising Geriatric population and changing lifestyles of people are driving the market growth. Apart from this, clinicians’ rapid adoption of biosimilars catalyzes market growth worldwide.
The Covid 19 pandemic affected every industry, including biosimilars. The biosimilar market growth suffered due to the disruption in the supply chain and shut down of manufacturing facilities. Small and medium-scale companies involved in biosimilar production were adversely affected. The market growth was further affected due to the restricted movement of goods and people. Governments across the countries are focusing on decreasing healthcare expenditure, thus driving market expansion. The biosimilar is the preferred choice for the treatment of various chronic conditions due to its cost-effectiveness. Hence, cost-effectiveness is the primary factor driving the adoption of the biosimilar. A strong product pipeline and the expiry of blockbuster biologics are propelling market growth across the globe. Moreover, biosimilar product approvals in developed countries are strengthening the market growth. Besides, the manufacturers focus on developing novel products, thus driving market growth worldwide.
Regional Snapshot
Based on region, Europe dominated the market and accounted for the largest revenue share. It’s expected to sustain its dominance during the forecast period. The increasing demand for a biosimilar is significantly contributing to the market growth across the region. The emergence of market players, strong product pipeline, and rising product approvals are positively influencing market growth across the region. On the other hand, North America is expected to witness a promising CAGR in the coming years. Factors such as the rapid adoption of the biosimilar, increasing cases of cancer, the presence of numerous market players, and heavy investments in research and development activities of biosimilars are significantly contributing to the market growth across the region. All these factors are expected to catalyze market growth.
Report Highlights:
- Based on product, the monoclonal antibodies dominated the market and accounted for the largest revenue share. It’s expected to maintain its dominance in the coming years. Monoclonal antibodies are utilized in treating cancer, rheumatoid arthritis, cardiovascular diseases, and multiple sclerosis. It targets the particular infected cells and is used in the treatment of cancer. The erythropoietin is expected to witness a promising CAGR in the coming years. It helps in the production of RBC. It helps in the treatment of anemia. It is also used in the treatment of kidney-related diseases.
- Based on application, oncology dominated the biosimilar market and accounted for the largest revenue share. It’s expected to maintain its dominance in the coming years. Biosimilar is widely used in the treatment of cancer, thus driving the segment’s growth. The Increasing Prevalence of cancer cases and the rising geriatric population are significantly contributing to the market growth. The prevalence of breast cancer is further driving the segment’s growth. Thus, the increasing demand for a biosimilar for cancer treatment is catalyzing the segment’s growth. On the other hand, the growth of hormonal deficiency is expected to witness a promising CAGR in the coming years. The increasing number of cases of kids getting affected by growth hormone deficiency is driving the segment’s growth.
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Digital Health Market Report Scope
| Report Coverage | Details |
| Market Size In 2022 | US$ 15.7 Billion |
| Market Size By 2030 | US$ 66.2 Billion |
| Growth Rate From 2022 to 2030 | CAGR of 17.5% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered |
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| Regions Covered |
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Market Dynamics for Biosimilar Market:
Market Driver: The rise in the prevalence of diseases
The rising prevalence of chronic and acute diseases is significantly contributing to market growth across the globe. The increasing geriatric population and growing cases of microscopic polyangiitis, Hodgkin’s lymphoma, and granulomatosis with polyangiitis are accelerating the market growth across the globe. Heavy investment in research and development activities is creating a positive outlook for the market. Rapid technological advancements and the development of novel drugs are catalyzing market growth across the globe. Governments across the countries are investing in the development of healthcare infrastructure, thus strengthening market growth. The rising awareness about the benefits of a biosimilar in the treatment of cancer is favoring the market growth.
Market Opportunity: Rising research and development activities
Rising research and development activities are offering numerous opportunities for market growth. The pharmaceutical and biopharma companies are heavily investing in research and development activities, thus driving market growth. They are focusing on research and development to drive long-term growth. The companies are also focusing on partnerships and collaborations to gain a competitive edge in the market and expand their existing product portfolios. Significant growth in the biotechnology industry is creating a positive outlook for the market.
Market challenges: High investment
The production of biosimilars involves high investment. This factor is challenging the market growth. The process of production of a biosimilar is significantly difficult and requires increased investment. It also requires the assistance of clinical experts, which is lacking in the market. This is further impeding the market growth. Furthermore, strict regulations are hampering the market growth.
Market Restraint: Availability of alternative medicine
The widespread availability of alternative medicine restricts the market growth worldwide. There are many drugs and medications available in the market for the effective treatment of cancer and other chronic conditions. These alternative medicines are proven to be more efficient and cost-effective. All these factors are hampering the market growth.
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Key Developments:
- In May 2022, a bevacizumab drug was launched in Canada by Biocon Biologics and Viatris Inc. The drugs were termed Abevmy.
- In September 2021, Sandoz announced the formation of a commercialization agreement with Bio-Thera Solutions. It was for the biosimilar BAT1706, bevacizumab.
Segments Covered in the Report
By Product
- Monoclonal Antibodies
- Glucagon
- Insulin
- Erythropoietin
- Interferon
- Calcitonin
- Others
By Application
- Oncology
- Growth Hormonal Deficiency
- Blood Disorders
- Chronic & Autoimmune Disorders
- Others
Regional Segmentation
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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